Worthington Enterprises Beneish M-Score Historical Data
The historical data trend for Worthington Enterprises'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.
Worthington Enterprises Beneish M-Score Chart
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Worthington Enterprises Annual Data
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May14 |
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May19 |
May20 |
May21 |
May22 |
May23 |
| Beneish M-Score |
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-2.69 |
-3.41 |
-2.25 |
-1.57 |
-3.12 |
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Worthington Enterprises Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
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Feb21 |
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Feb23 |
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Feb24 |
| Beneish M-Score |
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-3.05 |
-3.12 |
-3.18 |
-3.19 |
-3.56 |
Competitive Comparison of Worthington Enterprises's Beneish M-Score
For the Metal Fabrication subindustry, Worthington Enterprises'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.
Worthington Enterprises's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Worthington Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Worthington Enterprises's Beneish M-Score falls into.
Worthington Enterprises 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 Worthington Enterprises 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 * 0.2088 | + | 0.528 * 0.915 | + | 0.404 * 1.4821 | + | 0.892 * 1.4522 | + | 0.115 * 0.5025 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8941 | + | 4.679 * -0.203021 | - | 0.327 * 0.7306 |
| = | -3.56 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $222 Mil.
Revenue was 316.755 + 1086.918 + 1193.256 + 3866.698 = $6,464 Mil.
Gross Profit was 73.112 + 123.714 + 197.489 + 433.884 = $828 Mil.
Total Current Assets was $691 Mil.
Total Assets was $1,705 Mil.
Property, Plant and Equipment(Net PPE) was $290 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $503 Mil.
Total Current Liabilities was $202 Mil.
Long-Term Debt & Capital Lease Obligation was $313 Mil.
Net Income was 22 + 24.302 + 96.106 + 129.903 = $272 Mil.
Non Operating Income was 32.543 + 21.508 + 46.422 + 43.884 = $144 Mil.
Cash Flow from Operations was 50.121 + 134.99 + 59.696 + 229.234 = $474 Mil.
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Total Receivables was $732 Mil.
Revenue was 346.315 + 1175.541 + 1408.665 + 1520.305 = $4,451 Mil.
Gross Profit was 78.971 + 105.763 + 169.374 + 167.723 = $522 Mil.
Total Current Assets was $1,711 Mil.
Total Assets was $3,498 Mil.
Property, Plant and Equipment(Net PPE) was $785 Mil.
Depreciation, Depletion and Amortization(DDA) was $113 Mil.
Selling, General, & Admin. Expense(SGA) was $387 Mil.
Total Current Liabilities was $665 Mil.
Long-Term Debt & Capital Lease Obligation was $782 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) |
| = | (221.787 / 6463.627) | / | (731.518 / 4450.826) |
| = | 0.034313 | / | 0.164356 |
| | = | 0.2088 |
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) |
| = | (521.831 / 4450.826) | / | (828.199 / 6463.627) |
| = | 0.117244 | / | 0.128132 |
| | = | 0.915 |
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 - (691.111 + 289.667) / 1704.689) | / | (1 - (1710.766 + 784.703) / 3497.672) |
| = | 0.424659 | / | 0.286534 |
| | = | 1.4821 |
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 |
| = | 6463.627 | / | 4450.826 |
| | = | 1.4522 |
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)) |
| = | (112.756 / (112.756 + 784.703)) | / | (96.573 / (96.573 + 289.667)) |
| = | 0.125639 | / | 0.250034 |
| | = | 0.5025 |
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) |
| = | (502.834 / 6463.627) | / | (387.262 / 4450.826) |
| = | 0.077794 | / | 0.087009 |
| | = | 0.8941 |
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) |
| = | ((312.798 + 202.288) / 1704.689) | / | ((781.82 + 664.809) / 3497.672) |
| = | 0.302158 | / | 0.413598 |
| | = | 0.7306 |
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 |
| = | (272.311 - 144.357 | - | 474.041) | / | 1704.689 |
| | = | -0.203021 |
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.
Worthington Enterprises has a M-score of -3.56 suggests that the company is unlikely to be a manipulator.
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