McGrath RentCorp Beneish M-Score Historical Data
The historical data trend for McGrath RentCorp'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.
McGrath RentCorp Beneish M-Score Chart
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McGrath RentCorp Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.76 |
-2.03 |
-2.70 |
-1.75 |
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McGrath RentCorp 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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-2.16 |
-2.20 |
-2.12 |
-1.75 |
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Competitive Comparison of McGrath RentCorp's Beneish M-Score
For the Rental & Leasing Services subindustry, McGrath RentCorp'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.
McGrath RentCorp's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, McGrath RentCorp's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where McGrath RentCorp's Beneish M-Score falls into.
McGrath RentCorp 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 McGrath RentCorp 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 * 0.9433 | + | 0.528 * 0.9594 | + | 0.404 * 0.9011 | + | 0.892 * 1.2693 | + | 0.115 * 1.1183 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9852 | + | 4.679 * 0.003008 | - | 0.327 * 1 |
| = | -2.32 |
* 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 $212.0 Mil.
Revenue was 187.827 + 221.588 + 243.506 + 203.03 = $856.0 Mil.
Gross Profit was 93.268 + 110.122 + 111.534 + 94.61 = $409.5 Mil.
Total Current Assets was $238.4 Mil.
Total Assets was $2,263.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,557.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $109.0 Mil.
Selling, General, & Admin. Expense(SGA) was $209.9 Mil.
Total Current Liabilities was $275.6 Mil.
Long-Term Debt & Capital Lease Obligation was $798.6 Mil.
Net Income was 22.848 + 32.016 + 40.366 + 30.582 = $125.8 Mil.
Non Operating Income was -0.132 + 0.144 + -0.042 + -0.018 = $-0.0 Mil.
Cash Flow from Operations was 59.42 + -23.56 + 47.452 + 35.74 = $119.1 Mil.
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Total Receivables was $177.0 Mil.
Revenue was 163.718 + 182.901 + 174.343 + 153.368 = $674.3 Mil.
Gross Profit was 77.367 + 88.375 + 76.842 + 66.956 = $309.5 Mil.
Total Current Assets was $177.7 Mil.
Total Assets was $2,061.6 Mil.
Property, Plant and Equipment(Net PPE) was $1,411.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $111.4 Mil.
Selling, General, & Admin. Expense(SGA) was $167.8 Mil.
Total Current Liabilities was $319.5 Mil.
Long-Term Debt & Capital Lease Obligation was $658.8 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) |
| = | (211.95 / 855.951) | / | (177.006 / 674.33) |
| = | 0.247619 | / | 0.262492 |
| | = | 0.9433 |
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) |
| = | (309.54 / 674.33) | / | (409.534 / 855.951) |
| = | 0.459033 | / | 0.478455 |
| | = | 0.9594 |
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 - (238.41 + 1557.708) / 2263.428) | / | (1 - (177.696 + 1411.563) / 2061.603) |
| = | 0.206461 | / | 0.229115 |
| | = | 0.9011 |
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 |
| = | 855.951 | / | 674.33 |
| | = | 1.2693 |
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)) |
| = | (111.35 / (111.35 + 1411.563)) | / | (108.972 / (108.972 + 1557.708)) |
| = | 0.073116 | / | 0.065383 |
| | = | 1.1183 |
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) |
| = | (209.859 / 855.951) | / | (167.807 / 674.33) |
| = | 0.245176 | / | 0.24885 |
| | = | 0.9852 |
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) |
| = | ((798.561 + 275.583) / 2263.428) | / | ((658.777 + 319.549) / 2061.603) |
| = | 0.474565 | / | 0.474546 |
| | = | 1 |
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 |
| = | (125.812 - -0.048 | - | 119.052) | / | 2263.428 |
| | = | 0.003008 |
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.
McGrath RentCorp has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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