IES Holdings Beneish M-Score Historical Data
The historical data trend for IES Holdings'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.
IES Holdings Beneish M-Score Chart
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IES Holdings Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.39 |
-2.68 |
-2.00 |
-2.03 |
-2.87 |
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IES Holdings 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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-2.32 |
-2.48 |
-2.80 |
-2.87 |
-2.79 |
Competitive Comparison of IES Holdings's Beneish M-Score
For the Engineering & Construction subindustry, IES Holdings'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.
IES Holdings's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, IES Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IES Holdings's Beneish M-Score falls into.
IES Holdings 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 IES Holdings 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 * 1.0219 | + | 0.528 * 0.7316 | + | 0.404 * 0.815 | + | 0.892 * 1.0777 | + | 0.115 * 0.9746 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0841 | + | 4.679 * -0.043456 | - | 0.327 * 0.8731 |
| = | -2.79 |
* 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 $510 Mil.
Revenue was 634.444 + 649.021 + 584.451 + 568.881 = $2,437 Mil.
Gross Profit was 143.804 + 140.566 + 107.609 + 100.926 = $493 Mil.
Total Current Assets was $728 Mil.
Total Assets was $1,042 Mil.
Property, Plant and Equipment(Net PPE) was $128 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General, & Admin. Expense(SGA) was $317 Mil.
Total Current Liabilities was $422 Mil.
Long-Term Debt & Capital Lease Obligation was $42 Mil.
Net Income was 40.956 + 37.789 + 22.546 + 21.551 = $123 Mil.
Non Operating Income was 0.253 + 0.36 + 1.199 + 1.801 = $4 Mil.
Cash Flow from Operations was 24.953 + 57.28 + 36.563 + 45.715 = $165 Mil.
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Total Receivables was $463 Mil.
Revenue was 574.874 + 617.405 + 567.301 + 501.593 = $2,261 Mil.
Gross Profit was 95.438 + 97.896 + 82.8 + 58.507 = $335 Mil.
Total Current Assets was $589 Mil.
Total Assets was $897 Mil.
Property, Plant and Equipment(Net PPE) was $111 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $271 Mil.
Total Current Liabilities was $377 Mil.
Long-Term Debt & Capital Lease Obligation was $81 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) |
| = | (509.983 / 2436.797) | / | (463.079 / 2261.173) |
| = | 0.209284 | / | 0.204796 |
| | = | 1.0219 |
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) |
| = | (334.641 / 2261.173) | / | (492.905 / 2436.797) |
| = | 0.147994 | / | 0.202276 |
| | = | 0.7316 |
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 - (727.591 + 127.983) / 1042.019) | / | (1 - (589.342 + 110.578) / 896.816) |
| = | 0.178927 | / | 0.21955 |
| | = | 0.815 |
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 |
| = | 2436.797 | / | 2261.173 |
| | = | 1.0777 |
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)) |
| = | (25.642 / (25.642 + 110.578)) | / | (30.636 / (30.636 + 127.983)) |
| = | 0.18824 | / | 0.193142 |
| | = | 0.9746 |
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) |
| = | (316.707 / 2436.797) | / | (271.08 / 2261.173) |
| = | 0.129969 | / | 0.119885 |
| | = | 1.0841 |
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) |
| = | ((42.337 + 421.909) / 1042.019) | / | ((80.76 + 376.889) / 896.816) |
| = | 0.445525 | / | 0.510304 |
| | = | 0.8731 |
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 |
| = | (122.842 - 3.613 | - | 164.511) | / | 1042.019 |
| | = | -0.043456 |
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.
IES Holdings has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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