Alamo Group Beneish M-Score Historical Data
The historical data trend for Alamo Group'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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Alamo Group 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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-2.43 |
-3.10 |
-2.28 |
-1.91 |
-2.36 |
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Alamo Group 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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-1.91 |
-2.17 |
-2.23 |
-2.25 |
-2.36 |
Competitive Comparison
For the Farm & Heavy Construction Machinery subindustry, Alamo Group'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.
Alamo Group Beneish M-Score Distribution
For the Farm & Heavy Construction Machinery industry and Industrials sector, Alamo Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alamo Group's Beneish M-Score falls into.
Alamo Group 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 Alamo Group 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 * 1.0183 | + | 0.528 * 0.9265 | + | 0.404 * 0.9448 | + | 0.892 * 1.1163 | + | 0.115 * 1.0496 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0117 | + | 4.679 * 0.002303 | - | 0.327 * 0.8443 |
| = | -2.36 |
* 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 $362 Mil.
Revenue was 417.542 + 419.644 + 440.694 + 411.771 = $1,690 Mil.
Gross Profit was 108.92 + 114.143 + 118.074 + 112.507 = $454 Mil.
Total Current Assets was $804 Mil.
Total Assets was $1,409 Mil.
Property, Plant and Equipment(Net PPE) was $206 Mil.
Depreciation, Depletion and Amortization(DDA) was $48 Mil.
Selling, General, & Admin. Expense(SGA) was $240 Mil.
Total Current Liabilities was $214 Mil.
Long-Term Debt & Capital Lease Obligation was $220 Mil.
Net Income was 31.523 + 34.915 + 36.374 + 33.349 = $136 Mil.
Non Operating Income was 1.667 + 0.138 + -1.046 + 1.002 = $2 Mil.
Cash Flow from Operations was 54.123 + 39.847 + 35.978 + 1.206 = $131 Mil.
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Total Receivables was $318 Mil.
Revenue was 386.604 + 368.793 + 396.214 + 362.005 = $1,514 Mil.
Gross Profit was 97.795 + 92.365 + 99.717 + 86.641 = $377 Mil.
Total Current Assets was $727 Mil.
Total Assets was $1,309 Mil.
Property, Plant and Equipment(Net PPE) was $189 Mil.
Depreciation, Depletion and Amortization(DDA) was $47 Mil.
Selling, General, & Admin. Expense(SGA) was $213 Mil.
Total Current Liabilities was $191 Mil.
Long-Term Debt & Capital Lease Obligation was $287 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) |
| = | (362.061 / 1689.651) | / | (318.497 / 1513.616) |
| = | 0.214282 | / | 0.210421 |
| | = | 1.0183 |
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) |
| = | (376.518 / 1513.616) | / | (453.644 / 1689.651) |
| = | 0.248754 | / | 0.268484 |
| | = | 0.9265 |
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 - (803.957 + 205.924) / 1409.386) | / | (1 - (727.21 + 188.73) / 1308.508) |
| = | 0.28346 | / | 0.300012 |
| | = | 0.9448 |
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 |
| = | 1689.651 | / | 1513.616 |
| | = | 1.1163 |
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)) |
| = | (46.689 / (46.689 + 188.73)) | / | (47.973 / (47.973 + 205.924)) |
| = | 0.198323 | / | 0.188947 |
| | = | 1.0496 |
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) |
| = | (240.158 / 1689.651) | / | (212.649 / 1513.616) |
| = | 0.142135 | / | 0.140491 |
| | = | 1.0117 |
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) |
| = | ((220.269 + 213.926) / 1409.386) | / | ((286.943 + 190.506) / 1308.508) |
| = | 0.308074 | / | 0.36488 |
| | = | 0.8443 |
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 |
| = | (136.161 - 1.761 | - | 131.154) | / | 1409.386 |
| | = | 0.002303 |
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.
Alamo Group has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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