Masonite International Beneish M-Score Historical Data
The historical data trend for Masonite International'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.
Masonite International Beneish M-Score Chart
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Masonite International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-3.05 |
-2.23 |
-2.34 |
-2.50 |
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Masonite International 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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-2.37 |
-2.59 |
-2.73 |
-2.50 |
-3.26 |
Competitive Comparison of Masonite International's Beneish M-Score
For the Building Products & Equipment subindustry, Masonite International'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.
Masonite International's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Masonite International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Masonite International's Beneish M-Score falls into.
Masonite International 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 Masonite International 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 * 0.9467 | + | 0.528 * 0.9583 | + | 0.404 * 1.1715 | + | 0.892 * 0.9248 | + | 0.115 * 0.8283 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3297 | + | 4.679 * -0.140468 | - | 0.327 * 0.9823 |
| = | -3.28 |
* 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 €335 Mil.
Revenue was 614.872 + 605.752 + 658.005 + 684.759 = €2,563 Mil.
Gross Profit was 152.232 + 138.614 + 155.26 + 164.633 = €611 Mil.
Total Current Assets was €967 Mil.
Total Assets was €2,564 Mil.
Property, Plant and Equipment(Net PPE) was €901 Mil.
Depreciation, Depletion and Amortization(DDA) was €123 Mil.
Selling, General, & Admin. Expense(SGA) was €427 Mil.
Total Current Liabilities was €392 Mil.
Long-Term Debt & Capital Lease Obligation was €1,165 Mil.
Net Income was 56.171 + -9.165 + 38.872 + 44.53 = €130 Mil.
Non Operating Income was 77.148 + -31.218 + -0.766 + -2.321 = €43 Mil.
Cash Flow from Operations was 122.656 + 89.242 + 86.765 + 149.032 = €448 Mil.
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Total Receivables was €383 Mil.
Revenue was 678.069 + 638.116 + 734.902 + 720.733 = €2,772 Mil.
Gross Profit was 159.239 + 134.97 + 168.856 + 169.793 = €633 Mil.
Total Current Assets was €1,030 Mil.
Total Assets was €2,411 Mil.
Property, Plant and Equipment(Net PPE) was €822 Mil.
Depreciation, Depletion and Amortization(DDA) was €91 Mil.
Selling, General, & Admin. Expense(SGA) was €347 Mil.
Total Current Liabilities was €304 Mil.
Long-Term Debt & Capital Lease Obligation was €1,186 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) |
| = | (335.248 / 2563.388) | / | (382.933 / 2771.82) |
| = | 0.130783 | / | 0.138152 |
| | = | 0.9467 |
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) |
| = | (632.858 / 2771.82) | / | (610.739 / 2563.388) |
| = | 0.228319 | / | 0.238255 |
| | = | 0.9583 |
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 - (967.197 + 900.963) / 2563.781) | / | (1 - (1030.356 + 822.04) / 2410.707) |
| = | 0.271326 | / | 0.231596 |
| | = | 1.1715 |
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 |
| = | 2563.388 | / | 2771.82 |
| | = | 0.9248 |
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)) |
| = | (91.166 / (91.166 + 822.04)) | / | (123.467 / (123.467 + 900.963)) |
| = | 0.099831 | / | 0.120523 |
| | = | 0.8283 |
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) |
| = | (427.152 / 2563.388) | / | (347.362 / 2771.82) |
| = | 0.166636 | / | 0.125319 |
| | = | 1.3297 |
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) |
| = | ((1165.266 + 391.619) / 2563.781) | / | ((1186.061 + 304.24) / 2410.707) |
| = | 0.607261 | / | 0.618201 |
| | = | 0.9823 |
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 |
| = | (130.408 - 42.843 | - | 447.695) | / | 2563.781 |
| | = | -0.140468 |
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.
Masonite International has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
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