Apogee Enterprises Beneish M-Score Historical Data
The historical data trend for Apogee Enterprises'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.
Apogee Enterprises Beneish M-Score Chart
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Apogee Enterprises Annual Data
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Feb23 |
| Beneish M-Score |
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-2.69 |
-2.73 |
-2.82 |
-2.80 |
-2.24 |
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Apogee Enterprises Quarterly Data
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Feb19 |
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| Beneish M-Score |
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-2.12 |
-2.24 |
-2.65 |
-2.89 |
-2.76 |
Competitive Comparison of Apogee Enterprises's Beneish M-Score
For the Building Products & Equipment subindustry, Apogee Enterprises'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.
Apogee Enterprises's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Apogee Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Apogee Enterprises's Beneish M-Score falls into.
Apogee Enterprises 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 Apogee Enterprises 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 * 1.1272 | + | 0.528 * 0.9661 | + | 0.404 * 0.9887 | + | 0.892 * 0.9822 | + | 0.115 * 1.0712 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0618 | + | 4.679 * -0.090503 | - | 0.327 * 0.7967 |
| = | -2.76 |
* 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 (Nov23) TTM: | Last Year (Nov22) TTM: |
Total Receivables was $246 Mil.
Revenue was 339.714 + 353.675 + 361.713 + 344.105 = $1,399 Mil.
Gross Profit was 90.305 + 95.371 + 92.986 + 78.112 = $357 Mil.
Total Current Assets was $372 Mil.
Total Assets was $895 Mil.
Property, Plant and Equipment(Net PPE) was $285 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General, & Admin. Expense(SGA) was $219 Mil.
Total Current Liabilities was $237 Mil.
Long-Term Debt & Capital Lease Obligation was $130 Mil.
Net Income was 26.974 + 33.327 + 23.576 + 20.222 = $104 Mil.
Non Operating Income was -0.89 + 4.9 + -0.288 + 0.528 = $4 Mil.
Cash Flow from Operations was 66.688 + 41.277 + 21.287 + 51.584 = $181 Mil.
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Total Receivables was $223 Mil.
Revenue was 367.847 + 372.109 + 356.635 + 327.957 = $1,425 Mil.
Gross Profit was 86.608 + 84.936 + 85.617 + 93.768 = $351 Mil.
Total Current Assets was $397 Mil.
Total Assets was $918 Mil.
Property, Plant and Equipment(Net PPE) was $275 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $210 Mil.
Total Current Liabilities was $232 Mil.
Long-Term Debt & Capital Lease Obligation was $241 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) |
| = | (246.395 / 1399.207) | / | (222.554 / 1424.548) |
| = | 0.176096 | / | 0.156228 |
| | = | 1.1272 |
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) |
| = | (350.929 / 1424.548) | / | (356.774 / 1399.207) |
| = | 0.246344 | / | 0.254983 |
| | = | 0.9661 |
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 - (372.459 + 285.055) / 894.855) | / | (1 - (396.69 + 275.371) / 918.446) |
| = | 0.265228 | / | 0.268263 |
| | = | 0.9887 |
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 |
| = | 1399.207 | / | 1424.548 |
| | = | 0.9822 |
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)) |
| = | (43.565 / (43.565 + 275.371)) | / | (41.663 / (41.663 + 285.055)) |
| = | 0.136595 | / | 0.12752 |
| | = | 1.0712 |
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) |
| = | (219.068 / 1399.207) | / | (210.046 / 1424.548) |
| = | 0.156566 | / | 0.147447 |
| | = | 1.0618 |
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) |
| = | ((130.213 + 236.575) / 894.855) | / | ((240.513 + 232.037) / 918.446) |
| = | 0.409885 | / | 0.51451 |
| | = | 0.7967 |
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 |
| = | (104.099 - 4.25 | - | 180.836) | / | 894.855 |
| | = | -0.090503 |
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.
Apogee Enterprises has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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