Donaldson Co Beneish M-Score Historical Data
The historical data trend for Donaldson 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.
Donaldson Co Beneish M-Score Chart
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Donaldson Co Annual Data
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Jul23 |
| Beneish M-Score |
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-2.56 |
-2.83 |
-2.55 |
-2.24 |
-2.70 |
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Donaldson Co Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.67 |
-2.57 |
-2.70 |
-2.75 |
-2.66 |
Competitive Comparison of Donaldson Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Donaldson 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.
Donaldson Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Donaldson Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Donaldson Co's Beneish M-Score falls into.
Donaldson 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 Donaldson 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 * 1.0254 | + | 0.528 * 0.9612 | + | 0.404 * 1.2572 | + | 0.892 * 1.0174 | + | 0.115 * 0.98 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.037 | + | 4.679 * -0.066643 | - | 0.327 * 0.9576 |
| = | -2.66 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $599 Mil.
Revenue was 876.7 + 846.3 + 879.5 + 875.7 = $3,478 Mil.
Gross Profit was 308.6 + 300.9 + 300.1 + 288.8 = $1,198 Mil.
Total Current Assets was $1,317 Mil.
Total Assets was $2,784 Mil.
Property, Plant and Equipment(Net PPE) was $647 Mil.
Depreciation, Depletion and Amortization(DDA) was $96 Mil.
Selling, General, & Admin. Expense(SGA) was $615 Mil.
Total Current Liabilities was $894 Mil.
Long-Term Debt & Capital Lease Obligation was $352 Mil.
Net Income was 98.7 + 92.1 + 91.9 + 93.7 = $376 Mil.
Non Operating Income was 4.9 + 3.8 + 1.6 + 2.6 = $13 Mil.
Cash Flow from Operations was 87 + 138 + 190.8 + 133.2 = $549 Mil.
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Total Receivables was $575 Mil.
Revenue was 828.3 + 847.3 + 890 + 853.2 = $3,419 Mil.
Gross Profit was 284.4 + 287.2 + 291.6 + 269 = $1,132 Mil.
Total Current Assets was $1,349 Mil.
Total Assets was $2,579 Mil.
Property, Plant and Equipment(Net PPE) was $626 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $583 Mil.
Total Current Liabilities was $580 Mil.
Long-Term Debt & Capital Lease Obligation was $625 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) |
| = | (599.3 / 3478.2) | / | (574.5 / 3418.8) |
| = | 0.172302 | / | 0.168041 |
| | = | 1.0254 |
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) |
| = | (1132.2 / 3418.8) | / | (1198.4 / 3478.2) |
| = | 0.331169 | / | 0.344546 |
| | = | 0.9612 |
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 - (1317.2 + 647) / 2783.5) | / | (1 - (1349.1 + 625.8) / 2578.6) |
| = | 0.294342 | / | 0.234119 |
| | = | 1.2572 |
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 |
| = | 3478.2 | / | 3418.8 |
| | = | 1.0174 |
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)) |
| = | (91.1 / (91.1 + 625.8)) | / | (96.4 / (96.4 + 647)) |
| = | 0.127075 | / | 0.129674 |
| | = | 0.98 |
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) |
| = | (615.2 / 3478.2) | / | (583.1 / 3418.8) |
| = | 0.176873 | / | 0.170557 |
| | = | 1.037 |
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) |
| = | ((352 + 893.5) / 2783.5) | / | ((624.8 + 580.1) / 2578.6) |
| = | 0.447458 | / | 0.467269 |
| | = | 0.9576 |
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 |
| = | (376.4 - 12.9 | - | 549) | / | 2783.5 |
| | = | -0.066643 |
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.
Donaldson Co has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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