Crane Co Beneish M-Score Historical Data
The historical data trend for Crane Co'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.
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Crane Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.78 |
-1.97 |
-2.39 |
-2.41 |
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Crane Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.11 |
-1.71 |
-2.62 |
-2.41 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, Crane Co'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.
Crane Co Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, Crane Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crane Co's Beneish M-Score falls into.
Crane Co 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 Crane Co 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 * 1.1136 | + | 0.528 * 0.9219 | + | 0.404 * 0.7651 | + | 0.892 * 1.0202 | + | 0.115 * 1.0843 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0113 | + | 4.679 * 0.012341 | - | 0.327 * 0.9446 |
| = | -2.41 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $306 Mil.
Revenue was 532.9 + 530.1 + 509.6 + 842.9 = $2,416 Mil.
Gross Profit was 193.8 + 203.2 + 201.1 + 361.6 = $960 Mil.
Total Current Assets was $1,091 Mil.
Total Assets was $2,334 Mil.
Property, Plant and Equipment(Net PPE) was $271 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $601 Mil.
Total Current Liabilities was $467 Mil.
Long-Term Debt & Capital Lease Obligation was $305 Mil.
Net Income was 49.4 + 55.2 + 45.6 + 105.7 = $256 Mil.
Non Operating Income was 1.3 + 1.3 + -1.3 + -2.4 = $-1 Mil.
Cash Flow from Operations was 159.7 + 86.9 + 52.4 + -70.8 = $228 Mil.
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Total Receivables was $270 Mil.
Revenue was 485.9 + 480 + 530.3 + 871.5 = $2,368 Mil.
Gross Profit was 175.1 + 169.3 + 177.5 + 345.3 = $867 Mil.
Total Current Assets was $1,752 Mil.
Total Assets was $4,392 Mil.
Property, Plant and Equipment(Net PPE) was $248 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $583 Mil.
Total Current Liabilities was $1,488 Mil.
Long-Term Debt & Capital Lease Obligation was $50 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) |
| = | (306.4 / 2415.5) | / | (269.7 / 2367.7) |
| = | 0.126847 | / | 0.113908 |
| | = | 1.1136 |
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) |
| = | (867.2 / 2367.7) | / | (959.7 / 2415.5) |
| = | 0.366263 | / | 0.397309 |
| | = | 0.9219 |
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 - (1090.8 + 270.5) / 2333.6) | / | (1 - (1751.9 + 248.3) / 4391.6) |
| = | 0.416652 | / | 0.54454 |
| | = | 0.7651 |
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 |
| = | 2415.5 | / | 2367.7 |
| | = | 1.0202 |
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)) |
| = | (39.6 / (39.6 + 248.3)) | / | (39.3 / (39.3 + 270.5)) |
| = | 0.137548 | / | 0.126856 |
| | = | 1.0843 |
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) |
| = | (601.2 / 2415.5) | / | (582.7 / 2367.7) |
| = | 0.248893 | / | 0.246104 |
| | = | 1.0113 |
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) |
| = | ((304.8 + 467.1) / 2333.6) | / | ((49.7 + 1488.2) / 4391.6) |
| = | 0.330776 | / | 0.350191 |
| | = | 0.9446 |
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 |
| = | (255.9 - -1.1 | - | 228.2) | / | 2333.6 |
| | = | 0.012341 |
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.
Crane Co has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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