Metaldyne Performance Group Beneish M-Score Historical Data
The historical data trend for Metaldyne Performance Group'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.
Metaldyne Performance Group Beneish M-Score Chart
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Metaldyne Performance Group Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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- |
- |
- |
-2.87 |
-2.81 |
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Metaldyne Performance Group Quarterly Data
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Dec11 |
Dec12 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
| Beneish M-Score |
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-2.87 |
- |
-2.94 |
-2.83 |
-2.81 |
Competitive Comparison of Metaldyne Performance Group's Beneish M-Score
For the Auto Parts subindustry, Metaldyne Performance Group'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.
Metaldyne Performance Group's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Metaldyne Performance Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Metaldyne Performance Group's Beneish M-Score falls into.
Metaldyne Performance Group 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 Metaldyne Performance Group 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 * 1.1077 | + | 0.528 * 1.0072 | + | 0.404 * 0.9428 | + | 0.892 * 0.9158 | + | 0.115 * 1.0763 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0596 | + | 4.679 * -0.073405 | - | 0.327 * 0.9861 |
| = | -2.82 |
* 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 (Dec16) TTM: | Last Year (Dec15) TTM: |
Total Receivables was $349 Mil.
Revenue was 646.6 + 676.2 + 728.4 + 739.5 = $2,791 Mil.
Gross Profit was 96 + 106.4 + 130.3 + 136.5 = $469 Mil.
Total Current Assets was $792 Mil.
Total Assets was $3,191 Mil.
Property, Plant and Equipment(Net PPE) was $832 Mil.
Depreciation, Depletion and Amortization(DDA) was $221 Mil.
Selling, General, & Admin. Expense(SGA) was $242 Mil.
Total Current Liabilities was $401 Mil.
Long-Term Debt & Capital Lease Obligation was $1,832 Mil.
Net Income was 16.6 + 19.3 + 35.5 + 24.9 = $96 Mil.
Non Operating Income was 22.6 + -2 + 6.3 + -15 = $12 Mil.
Cash Flow from Operations was 122.2 + 69.1 + 66.7 + 60.6 = $319 Mil.
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Total Receivables was $344 Mil.
Revenue was 735.213 + 746.64 + 800.235 + 765.167 = $3,047 Mil.
Gross Profit was 119.167 + 126.241 + 142.063 + 128.539 = $516 Mil.
Total Current Assets was $736 Mil.
Total Assets was $3,177 Mil.
Property, Plant and Equipment(Net PPE) was $786 Mil.
Depreciation, Depletion and Amortization(DDA) was $230 Mil.
Selling, General, & Admin. Expense(SGA) was $250 Mil.
Total Current Liabilities was $386 Mil.
Long-Term Debt & Capital Lease Obligation was $1,869 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) |
| = | (349.4 / 2790.7) | / | (344.43 / 3047.255) |
| = | 0.125202 | / | 0.11303 |
| | = | 1.1077 |
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) |
| = | (516.01 / 3047.255) | / | (469.2 / 2790.7) |
| = | 0.169336 | / | 0.16813 |
| | = | 1.0072 |
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 - (791.7 + 831.6) / 3190.5) | / | (1 - (735.955 + 785.953) / 3177.185) |
| = | 0.491208 | / | 0.520989 |
| | = | 0.9428 |
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 |
| = | 2790.7 | / | 3047.255 |
| | = | 0.9158 |
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)) |
| = | (229.772 / (229.772 + 785.953)) | / | (221.3 / (221.3 + 831.6)) |
| = | 0.226215 | / | 0.210181 |
| | = | 1.0763 |
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) |
| = | (242.3 / 2790.7) | / | (249.696 / 3047.255) |
| = | 0.086824 | / | 0.081941 |
| | = | 1.0596 |
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) |
| = | ((1831.9 + 401.4) / 3190.5) | / | ((1869.235 + 385.987) / 3177.185) |
| = | 0.699984 | / | 0.709818 |
| | = | 0.9861 |
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 |
| = | (96.3 - 11.9 | - | 318.6) | / | 3190.5 |
| | = | -0.073405 |
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.
Metaldyne Performance Group has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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