Brunswick Beneish M-Score Historical Data
The historical data trend for Brunswick'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.
Brunswick Beneish M-Score Chart
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Brunswick Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.97 |
-3.00 |
-2.00 |
-2.34 |
-2.76 |
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Brunswick Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.58 |
-2.76 |
-2.72 |
-2.73 |
-2.65 |
Competitive Comparison of Brunswick's Beneish M-Score
For the Recreational Vehicles subindustry, Brunswick'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.
Brunswick's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Brunswick's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brunswick's Beneish M-Score falls into.
Brunswick 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 Brunswick 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 * 1.0721 | + | 0.528 * 1.0408 | + | 0.404 * 1.0233 | + | 0.892 * 0.8221 | + | 0.115 * 0.9401 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1648 | + | 4.679 * -0.015523 | - | 0.327 * 1.0016 |
| = | -2.65 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $501 Mil.
Revenue was 1273.3 + 1443.9 + 1365 + 1361.9 = $5,444 Mil.
Gross Profit was 333 + 391 + 373.6 + 364.4 = $1,462 Mil.
Total Current Assets was $2,348 Mil.
Total Assets was $6,024 Mil.
Property, Plant and Equipment(Net PPE) was $1,441 Mil.
Depreciation, Depletion and Amortization(DDA) was $284 Mil.
Selling, General, & Admin. Expense(SGA) was $765 Mil.
Total Current Liabilities was $1,194 Mil.
Long-Term Debt & Capital Lease Obligation was $2,517 Mil.
Net Income was 44.6 + 100 + 68 + 60.9 = $274 Mil.
Non Operating Income was -11.7 + -5.8 + -11 + -12.8 = $-41 Mil.
Cash Flow from Operations was 67.4 + 211 + -153.4 + 283.3 = $408 Mil.
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Total Receivables was $568 Mil.
Revenue was 1593.6 + 1702.3 + 1743.6 + 1582.7 = $6,622 Mil.
Gross Profit was 444.7 + 472.3 + 505.6 + 428.3 = $1,851 Mil.
Total Current Assets was $2,441 Mil.
Total Assets was $6,101 Mil.
Property, Plant and Equipment(Net PPE) was $1,448 Mil.
Depreciation, Depletion and Amortization(DDA) was $265 Mil.
Selling, General, & Admin. Expense(SGA) was $799 Mil.
Total Current Liabilities was $1,659 Mil.
Long-Term Debt & Capital Lease Obligation was $2,094 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) |
| = | (500.8 / 5444.1) | / | (568.2 / 6622.2) |
| = | 0.091989 | / | 0.085802 |
| | = | 1.0721 |
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) |
| = | (1850.9 / 6622.2) | / | (1462 / 5444.1) |
| = | 0.279499 | / | 0.268548 |
| | = | 1.0408 |
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 - (2348 + 1440.8) / 6023.5) | / | (1 - (2441.3 + 1447.8) / 6100.9) |
| = | 0.370997 | / | 0.362537 |
| | = | 1.0233 |
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 |
| = | 5444.1 | / | 6622.2 |
| | = | 0.8221 |
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)) |
| = | (264.7 / (264.7 + 1447.8)) | / | (283.5 / (283.5 + 1440.8)) |
| = | 0.154569 | / | 0.164415 |
| | = | 0.9401 |
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) |
| = | (764.9 / 5444.1) | / | (798.8 / 6622.2) |
| = | 0.140501 | / | 0.120625 |
| | = | 1.1648 |
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) |
| = | ((2516.8 + 1194.1) / 6023.5) | / | ((2093.5 + 1659.2) / 6100.9) |
| = | 0.61607 | / | 0.615106 |
| | = | 1.0016 |
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 |
| = | (273.5 - -41.3 | - | 408.3) | / | 6023.5 |
| | = | -0.015523 |
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.
Brunswick has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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