Greenbrier Beneish M-Score Historical Data
The historical data trend for Greenbrier'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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Greenbrier Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.08 |
-3.31 |
-1.15 |
-1.75 |
-2.29 |
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Greenbrier Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-1.99 |
-2.48 |
-2.29 |
-2.74 |
-2.74 |
Competitive Comparison
For the Railroads subindustry, Greenbrier'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.
Greenbrier Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Greenbrier's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Greenbrier's Beneish M-Score falls into.
Greenbrier 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 Greenbrier 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 * 0.8862 | + | 0.528 * 0.8028 | + | 0.404 * 1.0211 | + | 0.892 * 1.026 | + | 0.115 * 1.153 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9919 | + | 4.679 * -0.022826 | - | 0.327 * 0.9824 |
| = | -2.74 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $540 Mil.
Revenue was 862.7 + 808.8 + 1017.4 + 1038.1 = $3,727 Mil.
Gross Profit was 122.2 + 121.3 + 126.7 + 128.1 = $498 Mil.
Total Current Assets was $1,639 Mil.
Total Assets was $4,044 Mil.
Property, Plant and Equipment(Net PPE) was $2,002 Mil.
Depreciation, Depletion and Amortization(DDA) was $108 Mil.
Selling, General, & Admin. Expense(SGA) was $243 Mil.
Total Current Liabilities was $878 Mil.
Long-Term Debt & Capital Lease Obligation was $1,494 Mil.
Net Income was 33.4 + 31.2 + 24.8 + 21.3 = $111 Mil.
Non Operating Income was 4.2 + -1.4 + -4.9 + -16.9 = $-19 Mil.
Cash Flow from Operations was 99.1 + -44.7 + 70 + 97.6 = $222 Mil.
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Total Receivables was $594 Mil.
Revenue was 1122 + 766.5 + 950.7 + 793.5 = $3,633 Mil.
Gross Profit was 116.8 + 69.5 + 127.3 + 76.3 = $390 Mil.
Total Current Assets was $1,904 Mil.
Total Assets was $3,953 Mil.
Property, Plant and Equipment(Net PPE) was $1,663 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $239 Mil.
Total Current Liabilities was $981 Mil.
Long-Term Debt & Capital Lease Obligation was $1,379 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) |
| = | (540 / 3727) | / | (593.9 / 3632.7) |
| = | 0.144889 | / | 0.163487 |
| | = | 0.8862 |
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) |
| = | (389.9 / 3632.7) | / | (498.3 / 3727) |
| = | 0.107331 | / | 0.1337 |
| | = | 0.8028 |
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 - (1639.3 + 2001.7) / 4043.6) | / | (1 - (1904.4 + 1662.7) / 3952.5) |
| = | 0.099565 | / | 0.097508 |
| | = | 1.0211 |
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 |
| = | 3727 | / | 3632.7 |
| | = | 1.026 |
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)) |
| = | (104 / (104 + 1662.7)) | / | (107.7 / (107.7 + 2001.7)) |
| = | 0.058867 | / | 0.051057 |
| | = | 1.153 |
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) |
| = | (242.8 / 3727) | / | (238.6 / 3632.7) |
| = | 0.065146 | / | 0.065681 |
| | = | 0.9919 |
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) |
| = | ((1493.7 + 878.2) / 4043.6) | / | ((1379 + 980.9) / 3952.5) |
| = | 0.586581 | / | 0.597065 |
| | = | 0.9824 |
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 |
| = | (110.7 - -19 | - | 222) | / | 4043.6 |
| | = | -0.022826 |
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.
Greenbrier has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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