Berkshire Grey (Berkshire Grey) Beneish M-Score : -2.21 (As of Jun. 07, 2024)

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What is Berkshire Grey Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Berkshire Grey's Beneish M-Score or its related term are showing as below:

BGRYW' s Beneish M-Score Range Over the Past 10 Years
Min: -2.21 Med: -1.74 Max: 0.03
Current: -2.21

During the past 4 years, the highest Beneish M-Score of Berkshire Grey was 0.03. The lowest was -2.21. And the median was -1.74.

Berkshire Grey Beneish M-Score Historical Data

The historical data trend for Berkshire Grey'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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Berkshire Grey Beneish M-Score Chart

Berkshire Grey Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

-1.64

Berkshire Grey Quarterly Data
	Dec19	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23
Beneish M-Score	Get a 7-Day Free Trial								-	0.03	-1.83	-1.64	-2.21

Competitive Comparison of Berkshire Grey's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Berkshire Grey'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.

Berkshire Grey's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Berkshire Grey's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Berkshire Grey's Beneish M-Score falls into.

Berkshire Grey 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 Berkshire Grey for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0296

0.528 * 1.8307

0.404 * 1.5177

0.892 * 1.2728

0.115 * 0.8103

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4808

4.679 * -0.106609

0.327 * 1.6669

-2.21

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was $19.99 Mil.
Revenue was 6.309 + 13.313 + 23.597 + 23.448 = $66.67 Mil.
Gross Profit was -1.997 + 0.113 + -1.214 + -2.963 = $-6.06 Mil.
Total Current Assets was $84.54 Mil.
Total Assets was $102.96 Mil.
Property, Plant and Equipment(Net PPE) was $17.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.71 Mil.
Selling, General, & Admin. Expense(SGA) was $42.72 Mil.
Total Current Liabilities was $47.60 Mil.
Long-Term Debt & Capital Lease Obligation was $8.31 Mil.
Net Income was -36.489 + -23.362 + -26.882 + -28.984 = $-115.72 Mil.
Non Operating Income was -3.98 + 0.458 + 0.895 + 2.505 = $-0.12 Mil.
Cash Flow from Operations was -25.931 + -16.988 + -30.602 + -31.098 = $-104.62 Mil.

Total Receivables was $15.25 Mil.
Revenue was 5.492 + 23.59 + 18.794 + 4.503 = $52.38 Mil.
Gross Profit was -1.204 + -4.028 + -2.749 + -0.737 = $-8.72 Mil.
Total Current Assets was $190.11 Mil.
Total Assets was $209.39 Mil.
Property, Plant and Equipment(Net PPE) was $17.57 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.96 Mil.
Selling, General, & Admin. Expense(SGA) was $69.80 Mil.
Total Current Liabilities was $58.79 Mil.
Long-Term Debt & Capital Lease Obligation was $9.43 Mil.

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)
	=	(19.989 / 66.667)	/	(15.253 / 52.379)
	=	0.299834	/	0.291204
	=	1.0296

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)
	=	(-8.718 / 52.379)	/	(-6.061 / 66.667)
	=	-0.166441	/	-0.090915
	=	1.8307

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 - (84.537 + 17.142) / 102.956)	/	(1 - (190.11 + 17.565) / 209.386)
	=	0.012403	/	0.008172
	=	1.5177

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
	=	66.667	/	52.379
	=	1.2728

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))
	=	(2.959 / (2.959 + 17.565))	/	(3.71 / (3.71 + 17.142))
	=	0.144173	/	0.177921
	=	0.8103

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)
	=	(42.716 / 66.667)	/	(69.799 / 52.379)
	=	0.640737	/	1.332576
	=	0.4808

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)
	=	((8.314 + 47.598) / 102.956)	/	((9.429 + 58.787) / 209.386)
	=	0.543067	/	0.325791
	=	1.6669

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
	=	(-115.717 - -0.122	-	-104.619)	/	102.956
	=	-0.106609

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.

Berkshire Grey has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

Berkshire Grey Beneish M-Score Related Terms

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Berkshire Grey (Berkshire Grey) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Berkshire Grey Inc (NAS:BGRYW) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

140 South Road, Bedford, MA, USA, 01730

Website

https://www.berkshiregrey.com

Berkshire Grey Inc helps customers delivering game-changing technology that combines AI and robotics to automate fulfillment, supply chain, and logistics operations. Its solutions are a fundamental engine of change that transforms pick, pack, move, store, organize and sort operations to deliver a competitive advantage for enterprises. Majority of the revenue is derived from North America.