Standard Motor Products Beneish M-Score Historical Data
The historical data trend for Standard Motor Products'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.
Standard Motor Products Beneish M-Score Chart
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Standard Motor Products Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-2.15 |
-2.51 |
-2.26 |
-2.92 |
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Standard Motor Products 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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-2.26 |
-2.56 |
-2.75 |
-3.07 |
-2.92 |
Competitive Comparison of Standard Motor Products's Beneish M-Score
For the Auto Parts subindustry, Standard Motor Products'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.
Standard Motor Products's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Standard Motor Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Standard Motor Products's Beneish M-Score falls into.
Standard Motor Products 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 Standard Motor Products 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 * 0.9656 | + | 0.528 * 0.9741 | + | 0.404 * 0.9456 | + | 0.892 * 0.9901 | + | 0.115 * 1.3207 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0719 | + | 4.679 * -0.084513 | - | 0.327 * 0.9634 |
| = | -2.92 |
* 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 $160 Mil.
Revenue was 290.756 + 386.413 + 353.075 + 328.028 = $1,358 Mil.
Gross Profit was 81.53 + 114.76 + 101.269 + 91.267 = $389 Mil.
Total Current Assets was $744 Mil.
Total Assets was $1,293 Mil.
Property, Plant and Equipment(Net PPE) was $222 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $294 Mil.
Total Current Liabilities was $304 Mil.
Long-Term Debt & Capital Lease Obligation was $240 Mil.
Net Income was 6.434 + 6.659 + 9.137 + 11.918 = $34 Mil.
Non Operating Income was -2.209 + 1.555 + 0.508 + -0.687 = $-1 Mil.
Cash Flow from Operations was 11.367 + 93.523 + 59.812 + -20.442 = $144 Mil.
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Total Receivables was $168 Mil.
Revenue was 308.199 + 381.373 + 359.412 + 322.831 = $1,372 Mil.
Gross Profit was 89.564 + 106.784 + 96.351 + 89.84 = $383 Mil.
Total Current Assets was $762 Mil.
Total Assets was $1,255 Mil.
Property, Plant and Equipment(Net PPE) was $157 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $277 Mil.
Total Current Liabilities was $323 Mil.
Long-Term Debt & Capital Lease Obligation was $225 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) |
| = | (160.282 / 1358.272) | / | (167.638 / 1371.815) |
| = | 0.118004 | / | 0.122202 |
| | = | 0.9656 |
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) |
| = | (382.539 / 1371.815) | / | (388.826 / 1358.272) |
| = | 0.278856 | / | 0.286265 |
| | = | 0.9741 |
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 - (744.223 + 221.937) / 1293.047) | / | (1 - (762.439 + 156.986) / 1254.929) |
| = | 0.252804 | / | 0.267349 |
| | = | 0.9456 |
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 |
| = | 1358.272 | / | 1371.815 |
| | = | 0.9901 |
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)) |
| = | (28.298 / (28.298 + 156.986)) | / | (29.022 / (29.022 + 221.937)) |
| = | 0.152728 | / | 0.115644 |
| | = | 1.3207 |
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) |
| = | (293.583 / 1358.272) | / | (276.626 / 1371.815) |
| = | 0.216144 | / | 0.20165 |
| | = | 1.0719 |
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) |
| = | ((240.156 + 304.263) / 1293.047) | / | ((225.298 + 323.131) / 1254.929) |
| = | 0.421036 | / | 0.43702 |
| | = | 0.9634 |
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 |
| = | (34.148 - -0.833 | - | 144.26) | / | 1293.047 |
| | = | -0.084513 |
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.
Standard Motor Products has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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