Modine Manufacturing Co Beneish M-Score Historical Data
The historical data trend for Modine Manufacturing Co'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.
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Modine Manufacturing Co Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.48 |
-2.65 |
-3.31 |
-1.94 |
-2.24 |
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Modine Manufacturing Co 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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-2.36 |
-2.24 |
-2.22 |
-2.27 |
-2.42 |
Competitive Comparison
For the Auto Parts subindustry, Modine Manufacturing Co'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.
Modine Manufacturing Co Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Modine Manufacturing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Modine Manufacturing Co's Beneish M-Score falls into.
Modine Manufacturing Co 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 Modine Manufacturing Co 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 * 0.9761 | + | 0.528 * 0.7964 | + | 0.404 * 1.0775 | + | 0.892 * 1.0746 | + | 0.115 * 1.049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.061 | + | 4.679 * 0.010052 | - | 0.327 * 0.8382 |
| = | -2.42 |
* 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 $364 Mil.
Revenue was 561.4 + 620.5 + 622.4 + 618.1 = $2,422 Mil.
Gross Profit was 127.3 + 135.1 + 127.9 + 112.2 = $503 Mil.
Total Current Assets was $918 Mil.
Total Assets was $1,651 Mil.
Property, Plant and Equipment(Net PPE) was $317 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $260 Mil.
Total Current Liabilities was $476 Mil.
Long-Term Debt & Capital Lease Obligation was $314 Mil.
Net Income was 44.4 + 46.5 + 44.8 + 89.9 = $226 Mil.
Non Operating Income was 1.3 + -0.7 + -1.1 + -5.1 = $-6 Mil.
Cash Flow from Operations was 64.2 + 69.1 + 41.7 + 39.6 = $215 Mil.
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Total Receivables was $347 Mil.
Revenue was 560 + 578.8 + 541 + 574.4 = $2,254 Mil.
Gross Profit was 97.6 + 96.2 + 83.4 + 95.2 = $372 Mil.
Total Current Assets was $808 Mil.
Total Assets was $1,447 Mil.
Property, Plant and Equipment(Net PPE) was $301 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $228 Mil.
Total Current Liabilities was $466 Mil.
Long-Term Debt & Capital Lease Obligation was $359 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) |
| = | (364.4 / 2422.4) | / | (347.4 / 2254.2) |
| = | 0.150429 | / | 0.154112 |
| | = | 0.9761 |
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) |
| = | (372.4 / 2254.2) | / | (502.5 / 2422.4) |
| = | 0.165203 | / | 0.207439 |
| | = | 0.7964 |
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 - (918.2 + 317.3) / 1651.4) | / | (1 - (807.8 + 301) / 1447) |
| = | 0.251847 | / | 0.233725 |
| | = | 1.0775 |
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 |
| = | 2422.4 | / | 2254.2 |
| | = | 1.0746 |
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)) |
| = | (55.1 / (55.1 + 301)) | / | (54.9 / (54.9 + 317.3)) |
| = | 0.154732 | / | 0.147501 |
| | = | 1.049 |
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) |
| = | (259.5 / 2422.4) | / | (227.6 / 2254.2) |
| = | 0.107125 | / | 0.100967 |
| | = | 1.061 |
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) |
| = | ((313.5 + 475.5) / 1651.4) | / | ((358.9 + 465.9) / 1447) |
| = | 0.477776 | / | 0.570007 |
| | = | 0.8382 |
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 |
| = | (225.6 - -5.6 | - | 214.6) | / | 1651.4 |
| | = | 0.010052 |
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.
Modine Manufacturing Co has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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