TNA
CyclicalsValuation Breakdown
Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.
Valuation Track Record
Retroactive intrinsic value vs actual close price — TNA
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
TNA exhibits several red flags indicating potential earnings manipulation, particularly with a Beneish M-Score of -0.3692, well above the manipulation threshold of -1.78. The earnings quality score of 39.9/100, coupled with high DSRI and SGAI ratios, suggests significant concerns regarding revenue recognition and expense management.
- Beneish M-Score of -0.3692 indicates potential earnings manipulation, as it is above the threshold of -1.78.
- DSRI of 4.9431 suggests significant increases in receivables relative to sales, indicating potential revenue recognition issues.
- SGAI of 2.2212 indicates that sales growth is not supported by corresponding growth in expenses, raising concerns about operational efficiency.
- The GMI of 0.2158 indicates a relatively low gross margin deterioration, which can be a positive sign in terms of cost management.
- The eq_accrual score of 84.9/100 suggests that the company has a relatively strong ability to convert earnings into cash, despite other weaknesses.
The ownership structure is highly concentrated with the top five shareholders holding 62.5% of the shares, which could lead to governance risks and potential conflicts of interest.
Investors should exercise caution and conduct further due diligence on TNA, particularly regarding revenue recognition practices. Consider monitoring future earnings reports closely for signs of improvement in earnings quality metrics.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
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