Astec Industries Beneish M-Score Historical Data
The historical data trend for Astec Industries'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.
Astec Industries Beneish M-Score Chart
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Astec Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-3.06 |
-2.41 |
-1.77 |
-2.61 |
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Astec Industries 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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-1.77 |
-1.66 |
-2.13 |
-2.17 |
-2.61 |
Competitive Comparison of Astec Industries's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Astec Industries'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.
Astec Industries's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Astec Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Astec Industries's Beneish M-Score falls into.
Astec Industries 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 Astec Industries 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 * 0.8408 | + | 0.528 * 0.8383 | + | 0.404 * 1.0093 | + | 0.892 * 1.05 | + | 0.115 * 1.1531 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0632 | + | 4.679 * 0.009912 | - | 0.327 * 1.009 |
| = | -2.61 |
* 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 $167 Mil.
Revenue was 337.2 + 303.1 + 350 + 347.9 = $1,338 Mil.
Gross Profit was 89.1 + 69.6 + 82.9 + 89.2 = $331 Mil.
Total Current Assets was $720 Mil.
Total Assets was $1,059 Mil.
Property, Plant and Equipment(Net PPE) was $188 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $276 Mil.
Total Current Liabilities was $299 Mil.
Long-Term Debt & Capital Lease Obligation was $72 Mil.
Net Income was 14.9 + -6.6 + 13.1 + 12.1 = $34 Mil.
Non Operating Income was 0 + -0.5 + -1 + -3.3 = $-5 Mil.
Cash Flow from Operations was 46.6 + -16.3 + 16.7 + -19.2 = $28 Mil.
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Total Receivables was $190 Mil.
Revenue was 349.9 + 315.2 + 318.2 + 291.2 = $1,275 Mil.
Gross Profit was 71 + 65.5 + 62.9 + 64.7 = $264 Mil.
Total Current Assets was $696 Mil.
Total Assets was $1,014 Mil.
Property, Plant and Equipment(Net PPE) was $174 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $248 Mil.
Total Current Liabilities was $274 Mil.
Long-Term Debt & Capital Lease Obligation was $78 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) |
| = | (167.3 / 1338.2) | / | (189.5 / 1274.5) |
| = | 0.125019 | / | 0.148686 |
| | = | 0.8408 |
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) |
| = | (264.1 / 1274.5) | / | (330.8 / 1338.2) |
| = | 0.207219 | / | 0.247198 |
| | = | 0.8383 |
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 - (719.5 + 187.6) / 1059.3) | / | (1 - (696.4 + 173.6) / 1014.4) |
| = | 0.14368 | / | 0.14235 |
| | = | 1.0093 |
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 |
| = | 1338.2 | / | 1274.5 |
| | = | 1.05 |
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)) |
| = | (27.9 / (27.9 + 173.6)) | / | (25.6 / (25.6 + 187.6)) |
| = | 0.138462 | / | 0.120075 |
| | = | 1.1531 |
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) |
| = | (276.4 / 1338.2) | / | (247.6 / 1274.5) |
| = | 0.206546 | / | 0.194272 |
| | = | 1.0632 |
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) |
| = | ((72 + 299) / 1059.3) | / | ((78.1 + 274) / 1014.4) |
| = | 0.350231 | / | 0.347102 |
| | = | 1.009 |
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 |
| = | (33.5 - -4.8 | - | 27.8) | / | 1059.3 |
| | = | 0.009912 |
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.
Astec Industries has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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