American Woodmark Beneish M-Score Historical Data
The historical data trend for American Woodmark'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.
American Woodmark Beneish M-Score Chart
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American Woodmark Annual Data
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Apr15 |
Apr16 |
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Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
Apr24 |
| Beneish M-Score |
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-2.87 |
-2.33 |
-2.34 |
-3.05 |
-2.79 |
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American Woodmark Quarterly Data
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Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
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Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
Apr24 |
Jul24 |
Oct24 |
| Beneish M-Score |
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-3.27 |
-3.12 |
-2.79 |
-2.64 |
-2.34 |
Competitive Comparison of American Woodmark's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, American Woodmark'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.
American Woodmark's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, American Woodmark's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where American Woodmark's Beneish M-Score falls into.
American Woodmark 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 American Woodmark 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 * 1.2151 | + | 0.528 * 1.0348 | + | 0.404 * 0.9655 | + | 0.892 * 0.924 | + | 0.115 * 1.6858 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8988 | + | 4.679 * -0.014969 | - | 0.327 * 1.0487 |
| = | -2.34 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was $136 Mil.
Revenue was 452.482 + 459.128 + 453.278 + 422.102 = $1,787 Mil.
Gross Profit was 85.711 + 92.866 + 84.099 + 80.94 = $344 Mil.
Total Current Assets was $403 Mil.
Total Assets was $1,610 Mil.
Property, Plant and Equipment(Net PPE) was $394 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General, & Admin. Expense(SGA) was $187 Mil.
Total Current Liabilities was $209 Mil.
Long-Term Debt & Capital Lease Obligation was $482 Mil.
Net Income was 27.686 + 29.633 + 26.798 + 21.227 = $105 Mil.
Non Operating Income was -5.835 + -5.24 + -1.742 + 2.498 = $-10 Mil.
Cash Flow from Operations was 11.922 + 40.811 + 43.317 + 43.711 = $140 Mil.
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Total Receivables was $121 Mil.
Revenue was 473.867 + 498.255 + 481.095 + 480.713 = $1,934 Mil.
Gross Profit was 103.159 + 109.609 + 96.703 + 75.34 = $385 Mil.
Total Current Assets was $402 Mil.
Total Assets was $1,534 Mil.
Property, Plant and Equipment(Net PPE) was $330 Mil.
Depreciation, Depletion and Amortization(DDA) was $92 Mil.
Selling, General, & Admin. Expense(SGA) was $225 Mil.
Total Current Liabilities was $181 Mil.
Long-Term Debt & Capital Lease Obligation was $446 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) |
| = | (135.568 / 1786.99) | / | (120.742 / 1933.93) |
| = | 0.075864 | / | 0.062433 |
| | = | 1.2151 |
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) |
| = | (384.811 / 1933.93) | / | (343.616 / 1786.99) |
| = | 0.198979 | / | 0.192288 |
| | = | 1.0348 |
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 - (402.643 + 394.355) / 1609.875) | / | (1 - (402.065 + 329.773) / 1534.105) |
| = | 0.504932 | / | 0.522954 |
| | = | 0.9655 |
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 |
| = | 1786.99 | / | 1933.93 |
| | = | 0.924 |
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)) |
| = | (92.372 / (92.372 + 329.773)) | / | (58.823 / (58.823 + 394.355)) |
| = | 0.218816 | / | 0.129801 |
| | = | 1.6858 |
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) |
| = | (186.75 / 1786.99) | / | (224.862 / 1933.93) |
| = | 0.104505 | / | 0.116272 |
| | = | 0.8988 |
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) |
| = | ((481.93 + 208.568) / 1609.875) | / | ((445.925 + 181.489) / 1534.105) |
| = | 0.428914 | / | 0.408977 |
| | = | 1.0487 |
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 |
| = | (105.344 - -10.319 | - | 139.761) | / | 1609.875 |
| | = | -0.014969 |
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.
American Woodmark has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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