PACCAR Beneish M-Score Historical Data
The historical data trend for PACCAR'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.
PACCAR Beneish M-Score Chart
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PACCAR Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-2.66 |
-2.43 |
-2.27 |
-2.30 |
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PACCAR 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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-2.27 |
-2.30 |
-2.28 |
-2.33 |
-2.30 |
Competitive Comparison of PACCAR's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, PACCAR'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.
PACCAR's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, PACCAR's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PACCAR's Beneish M-Score falls into.
PACCAR 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 PACCAR 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 * 1.0323 | + | 0.528 * 0.8349 | + | 0.404 * 1.0484 | + | 0.892 * 1.2189 | + | 0.115 * 0.8486 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8509 | + | 4.679 * 0.002905 | - | 0.327 * 1.002 |
| = | -2.30 |
* 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 $19,770 Mil.
Revenue was 9076.6 + 8696.4 + 8881.1 + 8473.3 = $35,127 Mil.
Gross Profit was 1963 + 1906.5 + 1893.5 + 1867.5 = $7,631 Mil.
Total Current Assets was $32,031 Mil.
Total Assets was $40,823 Mil.
Property, Plant and Equipment(Net PPE) was $6,083 Mil.
Depreciation, Depletion and Amortization(DDA) was $924 Mil.
Selling, General, & Admin. Expense(SGA) was $753 Mil.
Total Current Liabilities was $12,813 Mil.
Long-Term Debt & Capital Lease Obligation was $9,308 Mil.
Net Income was 1417.3 + 1228.5 + 1221.1 + 733.9 = $4,601 Mil.
Non Operating Income was 99.7 + 80.8 + 62.7 + 49 = $292 Mil.
Cash Flow from Operations was 1186.7 + 1343 + 975.5 + 684.8 = $4,190 Mil.
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Total Receivables was $15,712 Mil.
Revenue was 8129.5 + 7058.9 + 7158.7 + 6472.6 = $28,820 Mil.
Gross Profit was 1531.2 + 1299.1 + 1279.9 + 1116.3 = $5,227 Mil.
Total Current Assets was $24,898 Mil.
Total Assets was $33,276 Mil.
Property, Plant and Equipment(Net PPE) was $6,272 Mil.
Depreciation, Depletion and Amortization(DDA) was $790 Mil.
Selling, General, & Admin. Expense(SGA) was $726 Mil.
Total Current Liabilities was $9,579 Mil.
Long-Term Debt & Capital Lease Obligation was $8,415 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) |
| = | (19769.8 / 35127.4) | / | (15711.7 / 28819.7) |
| = | 0.562803 | / | 0.545172 |
| | = | 1.0323 |
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) |
| = | (5226.5 / 28819.7) | / | (7630.5 / 35127.4) |
| = | 0.181352 | / | 0.217224 |
| | = | 0.8349 |
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 - (32031.4 + 6083.1) / 40823.4) | / | (1 - (24897.6 + 6271.7) / 33275.5) |
| = | 0.066357 | / | 0.063296 |
| | = | 1.0484 |
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 |
| = | 35127.4 | / | 28819.7 |
| | = | 1.2189 |
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)) |
| = | (790.2 / (790.2 + 6271.7)) | / | (923.9 / (923.9 + 6083.1)) |
| = | 0.111896 | / | 0.131854 |
| | = | 0.8486 |
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) |
| = | (753.3 / 35127.4) | / | (726.3 / 28819.7) |
| = | 0.021445 | / | 0.025202 |
| | = | 0.8509 |
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) |
| = | ((9308.2 + 12812.5) / 40823.4) | / | ((8415.3 + 9578.6) / 33275.5) |
| = | 0.541863 | / | 0.540755 |
| | = | 1.002 |
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 |
| = | (4600.8 - 292.2 | - | 4190) | / | 40823.4 |
| | = | 0.002905 |
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.
PACCAR has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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