Allegion Beneish M-Score Historical Data
The historical data trend for Allegion's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Allegion Beneish M-Score Chart
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Allegion Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.54 |
-2.64 |
-2.17 |
-2.51 |
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Allegion Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.14 |
-2.16 |
-2.45 |
-2.51 |
-2.52 |
Competitive Comparison of Allegion's Beneish M-Score
For the Security & Protection Services subindustry, Allegion's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Allegion's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Allegion's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Allegion's Beneish M-Score falls into.
Allegion Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Allegion for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9649 | + | 0.528 * 0.9396 | + | 0.404 * 0.9754 | + | 0.892 * 1.0433 | + | 0.115 * 1.0518 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.057 | + | 4.679 * -0.007021 | - | 0.327 * 0.9093 |
| = | -2.52 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $448 Mil.
Revenue was 893.9 + 897.4 + 917.9 + 912.5 = $3,622 Mil.
Gross Profit was 391.4 + 385.3 + 403.3 + 401.9 = $1,582 Mil.
Total Current Assets was $1,338 Mil.
Total Assets was $4,287 Mil.
Property, Plant and Equipment(Net PPE) was $362 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General, & Admin. Expense(SGA) was $865 Mil.
Total Current Liabilities was $1,025 Mil.
Long-Term Debt & Capital Lease Obligation was $1,600 Mil.
Net Income was 123.8 + 118.6 + 156.3 + 142 = $541 Mil.
Non Operating Income was 0.1 + -10.8 + -1.6 + 0.4 = $-12 Mil.
Cash Flow from Operations was 51.1 + 219.5 + 151 + 161.1 = $583 Mil.
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Total Receivables was $445 Mil.
Revenue was 923 + 861.5 + 913.7 + 773.1 = $3,471 Mil.
Gross Profit was 391 + 350.7 + 368 + 315 = $1,425 Mil.
Total Current Assets was $1,253 Mil.
Total Assets was $4,124 Mil.
Property, Plant and Equipment(Net PPE) was $320 Mil.
Depreciation, Depletion and Amortization(DDA) was $106 Mil.
Selling, General, & Admin. Expense(SGA) was $784 Mil.
Total Current Liabilities was $669 Mil.
Long-Term Debt & Capital Lease Obligation was $2,109 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (448 / 3621.7) | / | (445 / 3471.3) |
| = | 0.123699 | / | 0.128194 |
| | = | 0.9649 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (1424.7 / 3471.3) | / | (1581.9 / 3621.7) |
| = | 0.410423 | / | 0.436784 |
| | = | 0.9396 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1338.3 + 362) / 4286.9) | / | (1 - (1253.4 + 319.6) / 4124.4) |
| = | 0.603373 | / | 0.618611 |
| | = | 0.9754 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 3621.7 | / | 3471.3 |
| | = | 1.0433 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (105.8 / (105.8 + 319.6)) | / | (112.1 / (112.1 + 362)) |
| = | 0.248707 | / | 0.236448 |
| | = | 1.0518 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (864.9 / 3621.7) | / | (784.3 / 3471.3) |
| = | 0.238811 | / | 0.225938 |
| | = | 1.057 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1600.1 + 1025.4) / 4286.9) | / | ((2109.3 + 668.5) / 4124.4) |
| = | 0.612447 | / | 0.673504 |
| | = | 0.9093 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (540.7 - -11.9 | - | 582.7) | / | 4286.9 |
| | = | -0.007021 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Allegion has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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