StoneMor Beneish M-Score Historical Data
The historical data trend for StoneMor'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.
StoneMor Beneish M-Score Chart
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StoneMor Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.61 |
-2.98 |
-2.90 |
-2.33 |
-2.43 |
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StoneMor Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.43 |
-2.42 |
-2.43 |
-2.44 |
-2.45 |
Competitive Comparison of StoneMor's Beneish M-Score
For the Personal Services subindustry, StoneMor'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.
StoneMor's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, StoneMor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where StoneMor's Beneish M-Score falls into.
StoneMor 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 StoneMor 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 * 1.0636 | + | 0.528 * 1.1107 | + | 0.404 * 1.0289 | + | 0.892 * 1.0435 | + | 0.115 * 1.1238 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1041 | + | 4.679 * -0.030188 | - | 0.327 * 0.9756 |
| = | -2.45 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $65.1 Mil.
Revenue was 80.047 + 80.977 + 79.253 + 82.295 = $322.6 Mil.
Gross Profit was 36.62 + 37.484 + 31.3 + 41.901 = $147.3 Mil.
Total Current Assets was $169.2 Mil.
Total Assets was $1,798.0 Mil.
Property, Plant and Equipment(Net PPE) was $388.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.0 Mil.
Selling, General, & Admin. Expense(SGA) was $152.5 Mil.
Total Current Liabilities was $62.9 Mil.
Long-Term Debt & Capital Lease Obligation was $390.0 Mil.
Net Income was -17.261 + -12.234 + -10.421 + -4.849 = $-44.8 Mil.
Non Operating Income was -0.058 + 0 + -0.497 + -0.675 = $-1.2 Mil.
Cash Flow from Operations was -2.204 + 8.755 + -7.801 + 11.994 = $10.7 Mil.
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Total Receivables was $58.7 Mil.
Revenue was 82.981 + 78.313 + 75.123 + 72.713 = $309.1 Mil.
Gross Profit was 43.262 + 39.627 + 36.16 + 37.743 = $156.8 Mil.
Total Current Assets was $187.7 Mil.
Total Assets was $1,712.2 Mil.
Property, Plant and Equipment(Net PPE) was $376.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.8 Mil.
Selling, General, & Admin. Expense(SGA) was $132.4 Mil.
Total Current Liabilities was $52.5 Mil.
Long-Term Debt & Capital Lease Obligation was $389.6 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) |
| = | (65.106 / 322.572) | / | (58.661 / 309.13) |
| = | 0.201834 | / | 0.189762 |
| | = | 1.0636 |
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) |
| = | (156.792 / 309.13) | / | (147.305 / 322.572) |
| = | 0.507204 | / | 0.456658 |
| | = | 1.1107 |
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 - (169.226 + 388.895) / 1798.035) | / | (1 - (187.723 + 376.921) / 1712.188) |
| = | 0.689594 | / | 0.670221 |
| | = | 1.0289 |
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 |
| = | 322.572 | / | 309.13 |
| | = | 1.0435 |
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)) |
| = | (8.771 / (8.771 + 376.921)) | / | (8.032 / (8.032 + 388.895)) |
| = | 0.022741 | / | 0.020235 |
| | = | 1.1238 |
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) |
| = | (152.493 / 322.572) | / | (132.355 / 309.13) |
| = | 0.472741 | / | 0.428153 |
| | = | 1.1041 |
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) |
| = | ((390.033 + 62.873) / 1798.035) | / | ((389.559 + 52.524) / 1712.188) |
| = | 0.251889 | / | 0.258198 |
| | = | 0.9756 |
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 |
| = | (-44.765 - -1.23 | - | 10.744) | / | 1798.035 |
| | = | -0.030188 |
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.
StoneMor has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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