Matthews International Beneish M-Score Historical Data
The historical data trend for Matthews 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.
Matthews International Beneish M-Score Chart
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Matthews International Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.72 |
-2.95 |
-2.80 |
-2.88 |
-2.54 |
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Matthews International 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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-2.98 |
-2.61 |
-2.65 |
-2.54 |
-2.34 |
Competitive Comparison of Matthews International's Beneish M-Score
For the Conglomerates subindustry, Matthews 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.
Matthews International's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Matthews International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Matthews International's Beneish M-Score falls into.
Matthews 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 Matthews 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 * 1.2563 | + | 0.528 * 0.9841 | + | 0.404 * 0.9636 | + | 0.892 * 1.0612 | + | 0.115 * 1.0041 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9649 | + | 4.679 * -0.028276 | - | 0.327 * 0.9978 |
| = | -2.34 |
* 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 $295 Mil.
Revenue was 449.986 + 480.168 + 471.908 + 479.58 = $1,882 Mil.
Gross Profit was 132.353 + 150.814 + 138.305 + 149.623 = $571 Mil.
Total Current Assets was $658 Mil.
Total Assets was $1,903 Mil.
Property, Plant and Equipment(Net PPE) was $348 Mil.
Depreciation, Depletion and Amortization(DDA) was $96 Mil.
Selling, General, & Admin. Expense(SGA) was $449 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt & Capital Lease Obligation was $903 Mil.
Net Income was -2.303 + 17.723 + 8.738 + 9.127 = $33 Mil.
Non Operating Income was -0.88 + 0.479 + -2.487 + 1.503 = $-1 Mil.
Cash Flow from Operations was -27.266 + 2.618 + 32.195 + 80.935 = $88 Mil.
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Total Receivables was $222 Mil.
Revenue was 449.24 + 457.127 + 421.719 + 444.978 = $1,773 Mil.
Gross Profit was 138.93 + 145.257 + 120.865 + 124.519 = $530 Mil.
Total Current Assets was $633 Mil.
Total Assets was $1,903 Mil.
Property, Plant and Equipment(Net PPE) was $339 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $439 Mil.
Total Current Liabilities was $367 Mil.
Long-Term Debt & Capital Lease Obligation was $888 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) |
| = | (295.469 / 1881.642) | / | (221.613 / 1773.064) |
| = | 0.157027 | / | 0.124989 |
| | = | 1.2563 |
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) |
| = | (529.571 / 1773.064) | / | (571.095 / 1881.642) |
| = | 0.298676 | / | 0.303509 |
| | = | 0.9841 |
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 - (658.063 + 348.443) / 1903.125) | / | (1 - (633.244 + 339.297) / 1902.942) |
| = | 0.47113 | / | 0.488928 |
| | = | 0.9636 |
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 |
| = | 1881.642 | / | 1773.064 |
| | = | 1.0612 |
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)) |
| = | (94.284 / (94.284 + 339.297)) | / | (96.324 / (96.324 + 348.443)) |
| = | 0.217454 | / | 0.216572 |
| | = | 1.0041 |
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) |
| = | (449.258 / 1881.642) | / | (438.725 / 1773.064) |
| = | 0.238758 | / | 0.247439 |
| | = | 0.9649 |
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) |
| = | ((903.108 + 349.203) / 1903.125) | / | ((888.18 + 366.744) / 1902.942) |
| = | 0.658029 | / | 0.659465 |
| | = | 0.9978 |
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 |
| = | (33.285 - -1.385 | - | 88.482) | / | 1903.125 |
| | = | -0.028276 |
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.
Matthews International has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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