Albany International Beneish M-Score Historical Data
The historical data trend for Albany International'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.
Albany International Beneish M-Score Chart
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Albany International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.47 |
-2.83 |
-2.34 |
-2.32 |
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Albany International 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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-2.34 |
-2.27 |
-2.26 |
-2.34 |
-2.32 |
Competitive Comparison of Albany International's Beneish M-Score
For the Textile Manufacturing subindustry, Albany International'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.
Albany International's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Albany International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Albany International's Beneish M-Score falls into.
Albany International 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 Albany International 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 * 1.2161 | + | 0.528 * 1.0204 | + | 0.404 * 0.8872 | + | 0.892 * 1.1092 | + | 0.115 * 1.1866 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1484 | + | 4.679 * -0.023432 | - | 0.327 * 0.9607 |
| = | -2.32 |
* 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 $481 Mil.
Revenue was 323.584 + 281.106 + 274.123 + 269.096 = $1,148 Mil.
Gross Profit was 119.861 + 101.835 + 102.704 + 99.318 = $424 Mil.
Total Current Assets was $878 Mil.
Total Assets was $1,835 Mil.
Property, Plant and Equipment(Net PPE) was $602 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $215 Mil.
Total Current Liabilities was $249 Mil.
Long-Term Debt & Capital Lease Obligation was $503 Mil.
Net Income was 30.45 + 27.109 + 26.672 + 26.889 = $111 Mil.
Non Operating Income was 1.238 + -0.089 + 4.419 + 0.494 = $6 Mil.
Cash Flow from Operations was 74.244 + 59.137 + 31.068 + -16.393 = $148 Mil.
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Total Receivables was $357 Mil.
Revenue was 268.786 + 260.563 + 261.369 + 244.169 = $1,035 Mil.
Gross Profit was 97.092 + 100.493 + 100.593 + 91.604 = $390 Mil.
Total Current Assets was $838 Mil.
Total Assets was $1,642 Mil.
Property, Plant and Equipment(Net PPE) was $446 Mil.
Depreciation, Depletion and Amortization(DDA) was $69 Mil.
Selling, General, & Admin. Expense(SGA) was $169 Mil.
Total Current Liabilities was $211 Mil.
Long-Term Debt & Capital Lease Obligation was $489 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) |
| = | (481.105 / 1147.909) | / | (356.651 / 1034.887) |
| = | 0.419114 | / | 0.344628 |
| | = | 1.2161 |
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) |
| = | (389.782 / 1034.887) | / | (423.718 / 1147.909) |
| = | 0.376642 | / | 0.369122 |
| | = | 1.0204 |
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 - (877.964 + 601.989) / 1835.014) | / | (1 - (838.439 + 445.658) / 1642.255) |
| = | 0.193492 | / | 0.218089 |
| | = | 0.8872 |
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 |
| = | 1147.909 | / | 1034.887 |
| | = | 1.1092 |
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)) |
| = | (69.049 / (69.049 + 445.658)) | / | (76.733 / (76.733 + 601.989)) |
| = | 0.134152 | / | 0.113055 |
| | = | 1.1866 |
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) |
| = | (214.915 / 1147.909) | / | (168.713 / 1034.887) |
| = | 0.187223 | / | 0.163026 |
| | = | 1.1484 |
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) |
| = | ((503.304 + 248.679) / 1835.014) | / | ((489.19 + 211.316) / 1642.255) |
| = | 0.409797 | / | 0.426551 |
| | = | 0.9607 |
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 |
| = | (111.12 - 6.062 | - | 148.056) | / | 1835.014 |
| | = | -0.023432 |
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.
Albany International has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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