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Marine Products (Marine Products) Beneish M-Score : -3.17 (As of Apr. 27, 2024)


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What is Marine Products Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Marine Products's Beneish M-Score or its related term are showing as below:

MPX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -2.5   Max: -1
Current: -3.17

During the past 13 years, the highest Beneish M-Score of Marine Products was -1.00. The lowest was -3.28. And the median was -2.50.


Marine Products Beneish M-Score Historical Data

The historical data trend for Marine Products'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.

* Premium members only.

Marine Products Beneish M-Score Chart

Marine Products Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.09 -3.28 -1.59 -2.39 -3.17

Marine Products Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.39 -3.13 -2.75 -2.75 -3.17

Competitive Comparison of Marine Products's Beneish M-Score

For the Recreational Vehicles subindustry, Marine Products'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.


Marine Products's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Marine Products's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Marine Products's Beneish M-Score falls into.



Marine Products 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 Marine Products 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 * 0.5246+0.528 * 1.0444+0.404 * 1.1417+0.892 * 1.0072+0.115 * 1.1625
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0235+4.679 * -0.088683-0.327 * 0.8081
=-3.17

* 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 $2.8 Mil.
Revenue was 70.871 + 77.786 + 116.158 + 118.914 = $383.7 Mil.
Gross Profit was 13.463 + 19.238 + 28.656 + 29.022 = $90.4 Mil.
Total Current Assets was $139.2 Mil.
Total Assets was $193.8 Mil.
Property, Plant and Equipment(Net PPE) was $22.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.4 Mil.
Selling, General, & Admin. Expense(SGA) was $43.2 Mil.
Total Current Liabilities was $22.6 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was 5.422 + 10.403 + 14.321 + 11.549 = $41.7 Mil.
Non Operating Income was 0.074 + 1.962 + 0 + 0 = $2.0 Mil.
Cash Flow from Operations was 16.668 + -0.607 + 13.839 + 26.946 = $56.8 Mil.
Total Receivables was $5.4 Mil.
Revenue was 108.509 + 100.061 + 95.813 + 76.612 = $381.0 Mil.
Gross Profit was 27.32 + 25.005 + 22.997 + 18.395 = $93.7 Mil.
Total Current Assets was $125.0 Mil.
Total Assets was $163.7 Mil.
Property, Plant and Equipment(Net PPE) was $15.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.9 Mil.
Selling, General, & Admin. Expense(SGA) was $41.9 Mil.
Total Current Liabilities was $23.6 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.




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)
=(2.836 / 383.729) / (5.368 / 380.995)
=0.007391 / 0.014089
=0.5246

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)
=(93.717 / 380.995) / (90.379 / 383.729)
=0.24598 / 0.235528
=1.0444

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 - (139.246 + 22.456) / 193.802) / (1 - (124.998 + 14.965) / 163.715)
=0.165633 / 0.145081
=1.1417

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
=383.729 / 380.995
=1.0072

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))
=(1.905 / (1.905 + 14.965)) / (2.416 / (2.416 + 22.456))
=0.112922 / 0.097137
=1.1625

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)
=(43.213 / 383.729) / (41.921 / 380.995)
=0.112613 / 0.11003
=1.0235

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)
=((0 + 22.567) / 193.802) / ((0 + 23.59) / 163.715)
=0.116444 / 0.144092
=0.8081

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
=(41.695 - 2.036 - 56.846) / 193.802
=-0.088683

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.

Marine Products has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.


Marine Products Beneish M-Score Related Terms

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Marine Products (Marine Products) Business Description

Traded in Other Exchanges
Address
2801 Buford Highway NE, Suite 300, Atlanta, GA, USA, 30329
Marine Products Corp is a manufacturer of fiberglass motorized boats distributed and marketed through its independent dealer network. It operates in the Powerboat Manufacturing business segment through Nashville, Georgia, Valdosta, and Georgia. Its product offerings include Chaparral sterndrive, outboard, and jet pleasure boats and Robalo outboard sport fishing boats. The company offers its products to the family recreational and cruiser markets through its Chaparral brand and to the sportfishing market through its Robalo brand.
Executives
Gary W. Rollins Voting Trust U/a Dated September 14, 1994 10 percent owner C/O RFA MANAGEMENT COMPANY, LLC, 1908 CLIFF VALLEY WAY, NE, ATLANTA GA 30329
Amy Rollins Kreisler director 2801 BUFORD HIGHWAY, NE, SUITE 520, ATLANTA GA 30329
Lor Inc 10 percent owner C/O RFA MANAGEMENT COMPANY, LLC, 1908 CLIFF VALLEY WAY NE, ATLANTA GA 30329
Michael Schmit officer: CFO and Corporate Secretary 3055 TORRINGTON DRIVE, BALL GROUND GA 30107
John F Wilson director 2170 PIEDMONT ROAD, NE, ATLANTA GA 30324
Ben M Palmer officer: VP, CFO and Treasurer C/O MARINE PRODUCTS CORP, 2170 PIEDMONT RD, NE, ATLANTA GA 30324
Susan R. Bell director 852 CASTLE FALLS DR., ATLANTA GA 30329
Patrick J. Gunning director 1958 CALDER COURT, DUNWOODY GA 30338
Harry J Cynkus director 2170 PIEDMONT RD, ATLANTA GA 30324
Jerry W Nix director 2999 WILDWOOD PARKWAY, ATLANTA GA 30339
2007 Gwr Grandchildren's Partnership 10 percent owner C/O RFA MANAGEMENT COMPANY, LLC, 1908 CLIFF VALLEY WAY NE, ATLANTA GA 30329
Rollins Holding Company, Inc. 10 percent owner C/O RFA MANAGEMENT COMPANY, LLC, 1908 CLIFF VALLEY WAY NE, ATLANTA GA 30329
1997 Rrr Grandchildren's Partnership 10 percent owner C/O RFA MANAGEMENT COMPANY, LLC, 1908 CLIFF VALLEY WAY NE, ATLANTA GA 30329
Rft Investment Company, Llc 10 percent owner C/O RFA MANAGEMENT COMPANY, LLC, 1908 CLIFF VALLEY WAY NE, ATLANTA GA 30329
Rctlor, Llc 10 percent owner C/O RFA MANAGEMENT COMPANY, 1908 CLIFF VALLEY WAY NE, ATLANTA GA 30329