Woodward Beneish M-Score Historical Data
The historical data trend for Woodward'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.
Woodward Beneish M-Score Chart
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Woodward Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.28 |
-2.63 |
-2.79 |
-2.41 |
-2.44 |
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Woodward 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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-2.41 |
-2.38 |
-2.44 |
-2.40 |
-2.49 |
Competitive Comparison of Woodward's Beneish M-Score
For the Aerospace & Defense subindustry, Woodward'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.
Woodward's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Woodward's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Woodward's Beneish M-Score falls into.
Woodward 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 Woodward 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 * 1.0261 | + | 0.528 * 0.8223 | + | 0.404 * 0.9254 | + | 0.892 * 1.1912 | + | 0.115 * 1.0205 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.005 | + | 4.679 * -0.026024 | - | 0.327 * 0.9326 |
| = | -2.51 |
* 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 €795 Mil.
Revenue was 768.516 + 721.431 + 728.115 + 739.012 = €2,957 Mil.
Gross Profit was 215.638 + 187.388 + 177.618 + 188.672 = €769 Mil.
Total Current Assets was €1,667 Mil.
Total Assets was €4,017 Mil.
Property, Plant and Equipment(Net PPE) was €848 Mil.
Depreciation, Depletion and Amortization(DDA) was €110 Mil.
Selling, General, & Admin. Expense(SGA) was €255 Mil.
Total Current Liabilities was €637 Mil.
Long-Term Debt & Capital Lease Obligation was €615 Mil.
Net Income was 89.752 + 82.57 + 77.445 + 78.085 = €328 Mil.
Non Operating Income was 13.233 + 18.926 + 5.915 + 12 = €50 Mil.
Cash Flow from Operations was 89.543 + 42.906 + 143.279 + 106.588 = €382 Mil.
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Total Receivables was €651 Mil.
Revenue was 670.812 + 583.976 + 646.433 + 581.158 = €2,482 Mil.
Gross Profit was 148.567 + 118.902 + 136.882 + 126.697 = €531 Mil.
Total Current Assets was €1,374 Mil.
Total Assets was €3,747 Mil.
Property, Plant and Equipment(Net PPE) was €859 Mil.
Depreciation, Depletion and Amortization(DDA) was €114 Mil.
Selling, General, & Admin. Expense(SGA) was €213 Mil.
Total Current Liabilities was €623 Mil.
Long-Term Debt & Capital Lease Obligation was €629 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) |
| = | (795.426 / 2957.074) | / | (650.723 / 2482.379) |
| = | 0.268991 | / | 0.262137 |
| | = | 1.0261 |
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) |
| = | (531.048 / 2482.379) | / | (769.316 / 2957.074) |
| = | 0.213927 | / | 0.260161 |
| | = | 0.8223 |
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 - (1667.016 + 847.647) / 4016.958) | / | (1 - (1373.622 + 858.974) / 3746.772) |
| = | 0.373988 | / | 0.404128 |
| | = | 0.9254 |
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 |
| = | 2957.074 | / | 2482.379 |
| | = | 1.1912 |
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)) |
| = | (113.614 / (113.614 + 858.974)) | / | (109.575 / (109.575 + 847.647)) |
| = | 0.116816 | / | 0.114472 |
| | = | 1.0205 |
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) |
| = | (255.144 / 2957.074) | / | (213.117 / 2482.379) |
| = | 0.086283 | / | 0.085852 |
| | = | 1.005 |
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) |
| = | ((614.782 + 636.507) / 4016.958) | / | ((628.565 + 622.926) / 3746.772) |
| = | 0.311502 | / | 0.334018 |
| | = | 0.9326 |
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 |
| = | (327.852 - 50.074 | - | 382.316) | / | 4016.958 |
| | = | -0.026024 |
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.
Woodward has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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