Polaris Beneish M-Score Historical Data
The historical data trend for Polaris'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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Polaris Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.86 |
-2.94 |
-2.30 |
-2.13 |
-2.94 |
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Polaris 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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|
|
|
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|
|
|
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|
|
|
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|
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-2.13 |
-2.46 |
-2.74 |
-2.48 |
-2.94 |
Competitive Comparison
For the Recreational Vehicles subindustry, Polaris'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.
Polaris Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Polaris's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Polaris's Beneish M-Score falls into.
Polaris 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 Polaris 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 * 0.8346 | + | 0.528 * 1.04 | + | 0.404 * 1.0593 | + | 0.892 * 1.0402 | + | 0.115 * 1.059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1089 | + | 4.679 * -0.084749 | - | 0.327 * 0.9419 |
| = | -2.94 |
* 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 $315 Mil.
Revenue was 2289.2 + 2248.9 + 2216.6 + 2179.7 = $8,934 Mil.
Gross Profit was 476.9 + 508.8 + 505 + 469.2 = $1,960 Mil.
Total Current Assets was $2,692 Mil.
Total Assets was $5,516 Mil.
Property, Plant and Equipment(Net PPE) was $1,345 Mil.
Depreciation, Depletion and Amortization(DDA) was $259 Mil.
Selling, General, & Admin. Expense(SGA) was $965 Mil.
Total Current Liabilities was $1,934 Mil.
Long-Term Debt & Capital Lease Obligation was $1,970 Mil.
Net Income was 103.4 + 151.7 + 134.3 + 113.4 = $503 Mil.
Non Operating Income was 10.9 + 13.1 + 8.1 + 12.4 = $45 Mil.
Cash Flow from Operations was 549.8 + 28.1 + 223.7 + 124.2 = $926 Mil.
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Total Receivables was $363 Mil.
Revenue was 2404.1 + 2340.6 + 2062.8 + 1781.5 = $8,589 Mil.
Gross Profit was 573 + 559.2 + 474.4 + 352.9 = $1,960 Mil.
Total Current Assets was $2,768 Mil.
Total Assets was $5,218 Mil.
Property, Plant and Equipment(Net PPE) was $1,129 Mil.
Depreciation, Depletion and Amortization(DDA) was $233 Mil.
Selling, General, & Admin. Expense(SGA) was $837 Mil.
Total Current Liabilities was $2,329 Mil.
Long-Term Debt & Capital Lease Obligation was $1,591 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) |
| = | (315.4 / 8934.4) | / | (363.3 / 8589) |
| = | 0.035302 | / | 0.042298 |
| | = | 0.8346 |
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) |
| = | (1959.5 / 8589) | / | (1959.9 / 8934.4) |
| = | 0.228141 | / | 0.219366 |
| | = | 1.04 |
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 - (2691.7 + 1345.4) / 5516.3) | / | (1 - (2767.6 + 1129.4) / 5217.9) |
| = | 0.268151 | / | 0.253148 |
| | = | 1.0593 |
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 |
| = | 8934.4 | / | 8589 |
| | = | 1.0402 |
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)) |
| = | (232.8 / (232.8 + 1129.4)) | / | (258.9 / (258.9 + 1345.4)) |
| = | 0.1709 | / | 0.161379 |
| | = | 1.059 |
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) |
| = | (965.1 / 8934.4) | / | (836.7 / 8589) |
| = | 0.108021 | / | 0.097415 |
| | = | 1.1089 |
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) |
| = | ((1969.5 + 1933.8) / 5516.3) | / | ((1591.2 + 2328.6) / 5217.9) |
| = | 0.707594 | / | 0.751222 |
| | = | 0.9419 |
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 |
| = | (502.8 - 44.5 | - | 925.8) | / | 5516.3 |
| | = | -0.084749 |
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.
Polaris has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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