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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Pure Cycle's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Pure Cycle was 12.46. The lowest was -5.88. And the median was -2.33.
The historical data trend for Pure Cycle'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.
Pure Cycle Annual Data | |||||||||||||||||||||
Trend | Aug14 | Aug15 | Aug16 | Aug17 | Aug18 | Aug19 | Aug20 | Aug21 | Aug22 | Aug23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.58 | -2.63 | 5.50 | -3.20 | -2.29 |
Pure Cycle Quarterly Data | ||||||||||||||||||||
May19 | Aug19 | Nov19 | Feb20 | May20 | Aug20 | Nov20 | Feb21 | May21 | Aug21 | Nov21 | Feb22 | May22 | Aug22 | Nov22 | Feb23 | May23 | Aug23 | Nov23 | Feb24 | |
Beneish M-Score | Get a 7-Day Free Trial | -4.03 | -3.84 | -2.29 | 0.85 | -2.79 |
For the Utilities - Regulated Water subindustry, Pure Cycle'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.
For the Utilities - Regulated industry and Utilities sector, Pure Cycle's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pure Cycle's Beneish M-Score falls into.
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 Pure Cycle 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 * 0.4483 | + | 0.528 * 1.0568 | + | 0.404 * 1.2893 | + | 0.892 * 1.0235 | + | 0.115 * 1.0969 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9287 | + | 4.679 * 0.015019 | - | 0.327 * 1.1932 | |||||||
= | -2.79 |
* 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 $1.71 Mil. Revenue was 3.197 + 5.386 + 3.377 + 6.879 = $18.84 Mil. Gross Profit was 1.777 + 3.342 + 1.764 + 4.673 = $11.56 Mil. Total Current Assets was $26.38 Mil. Total Assets was $135.23 Mil. Property, Plant and Equipment(Net PPE) was $68.99 Mil. Depreciation, Depletion and Amortization(DDA) was $2.07 Mil. Selling, General, & Admin. Expense(SGA) was $5.81 Mil. Total Current Liabilities was $6.44 Mil. Long-Term Debt & Capital Lease Obligation was $6.99 Mil. Net Income was 0.118 + 2.065 + 1.056 + 3.295 = $6.53 Mil. Non Operating Income was 0.137 + 0.122 + 0.31 + 0.102 = $0.67 Mil. Cash Flow from Operations was -0.457 + -1.228 + 0.631 + 4.886 = $3.83 Mil. |
Total Receivables was $3.73 Mil. Revenue was 2.999 + 1.34 + 10.88 + 3.187 = $18.41 Mil. Gross Profit was 1.589 + 0.014 + 8.536 + 1.793 = $11.93 Mil. Total Current Assets was $26.80 Mil. Total Assets was $125.41 Mil. Property, Plant and Equipment(Net PPE) was $69.94 Mil. Depreciation, Depletion and Amortization(DDA) was $2.31 Mil. Selling, General, & Admin. Expense(SGA) was $6.11 Mil. Total Current Liabilities was $6.47 Mil. Long-Term Debt & Capital Lease Obligation was $3.97 Mil. |
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) |
= | (1.712 / 18.839) | / | (3.731 / 18.406) | |
= | 0.090875 | / | 0.202706 | |
= | 0.4483 |
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) | |
= | (11.932 / 18.406) | / | (11.556 / 18.839) | |
= | 0.648267 | / | 0.613408 | |
= | 1.0568 |
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 - (26.376 + 68.987) / 135.226) | / | (1 - (26.803 + 69.936) / 125.414) | |
= | 0.294788 | / | 0.228643 | |
= | 1.2893 |
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 | |
= | 18.839 | / | 18.406 | |
= | 1.0235 |
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)) |
= | (2.313 / (2.313 + 69.936)) | / | (2.074 / (2.074 + 68.987)) | |
= | 0.032014 | / | 0.029186 | |
= | 1.0969 |
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) |
= | (5.81 / 18.839) | / | (6.112 / 18.406) | |
= | 0.308403 | / | 0.332066 | |
= | 0.9287 |
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) |
= | ((6.992 + 6.438) / 135.226) | / | ((3.97 + 6.469) / 125.414) | |
= | 0.099315 | / | 0.083236 | |
= | 1.1932 |
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 | |
= | (6.534 - 0.671 | - | 3.832) | / | 135.226 | |
= | 0.015019 |
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.
Pure Cycle has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Pure Cycle's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mark W Harding | director, officer: President and CFO | 8451 DELAWARE STREET, THORNTON CO 80260 |
Marc Stephen Spezialy | officer: Vice President and CFO | 34501 E. QUINCY AVE. BLDG 65, WATKINS CO 80137 |
Kevin Blain Mcneill | officer: Chief Financial Officer | 34501 E. QUINCY AVE, BLDG 34, WATKINS CO 80018 |
Plaisance Spv I, Llc | 10 percent owner | 250 FILLMORE, SUITE 525, DENVER CO 80206 |
Wanda J Abel | director | 34501 QUINCY AVENUE BLDG. 34, WATKINS CO 80109 |
Fendel Frederick A. Iii | director | C/O PURE CYCLE CORP., 34501 E. QUINCY AVE., BLDG. 34, WATKINS CO 80137 |
Plaisance Capital Llc | 10 percent owner | 250 FILLMORE, SUITE 525, DENVER CO 80206 |
Patrick Beirne | director | 8 VIKING DR, ENGLEWOOD CO 80113 |
Jeffrey G Sheets | director | 5291 E. YALE AVE., DENVER CO 80222 |
Par Investment Partners Lp | 10 percent owner | 200 CLARENDON STREET, FL 48, BOSTON MA 02116 |
Daniel R Kozlowski | 10 percent owner | 250 FILLMORE, SUITE 525, DENVER CO 80206 |
Par Capital Management Inc | 10 percent owner | 200 CLARENDON STREET, FL 48, BOSTON MA 02116 |
Par Group Ii, L.p. | 10 percent owner | 200 CLARENDON STREET, 48TH FLOOR, BOSTON MA 02116 |
Epker Arthur G Iii | director | C/O PURE CYCLE CORPORATION, 8451 DELAWARE ST., THORNTON CO 80260 |
Harrison E Augur | director | PO BOX 4389, ASPEN CO 81611 |
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