Blue Bird Beneish M-Score Historical Data
The historical data trend for Blue Bird'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.
Blue Bird Beneish M-Score Chart
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Blue Bird Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.46 |
-1.41 |
-1.88 |
-3.72 |
0.27 |
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Blue Bird Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.02 |
-3.31 |
-1.04 |
0.27 |
-2.56 |
Competitive Comparison of Blue Bird's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Blue Bird'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.
Blue Bird's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Blue Bird's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Blue Bird's Beneish M-Score falls into.
Blue Bird 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 Blue Bird 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 * 1.1394 | + | 0.528 * 0.8524 | + | 0.404 * 0.9318 | + | 0.892 * 1.1059 | + | 0.115 * 1.0872 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1166 | + | 4.679 * -0.05405 | - | 0.327 * 0.8066 |
| = | -2.56 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $14 Mil.
Revenue was 313.872 + 350.212 + 333.367 + 345.915 = $1,343 Mil.
Gross Profit was 60.317 + 59.606 + 69.353 + 63.639 = $253 Mil.
Total Current Assets was $331 Mil.
Total Assets was $535 Mil.
Property, Plant and Equipment(Net PPE) was $99 Mil.
Depreciation, Depletion and Amortization(DDA) was $15 Mil.
Selling, General, & Admin. Expense(SGA) was $118 Mil.
Total Current Liabilities was $229 Mil.
Long-Term Debt & Capital Lease Obligation was $89 Mil.
Net Income was 28.722 + 24.663 + 28.711 + 26.023 = $108 Mil.
Non Operating Income was 2.916 + 1.524 + -2.729 + -1.968 = $-0 Mil.
Cash Flow from Operations was 26.41 + 55.352 + 0.989 + 54.554 = $137 Mil.
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Total Receivables was $11 Mil.
Revenue was 317.66 + 302.963 + 294.284 + 299.814 = $1,215 Mil.
Gross Profit was 63.558 + 49.994 + 45.75 + 35.649 = $195 Mil.
Total Current Assets was $243 Mil.
Total Assets was $431 Mil.
Property, Plant and Equipment(Net PPE) was $96 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $96 Mil.
Total Current Liabilities was $188 Mil.
Long-Term Debt & Capital Lease Obligation was $130 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) |
| = | (13.996 / 1343.366) | / | (11.107 / 1214.721) |
| = | 0.010419 | / | 0.009144 |
| | = | 1.1394 |
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) |
| = | (194.951 / 1214.721) | / | (252.915 / 1343.366) |
| = | 0.16049 | / | 0.18827 |
| | = | 0.8524 |
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 - (330.858 + 98.54) / 535.222) | / | (1 - (243.345 + 96.421) / 431.278) |
| = | 0.19772 | / | 0.212188 |
| | = | 0.9318 |
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 |
| = | 1343.366 | / | 1214.721 |
| | = | 1.1059 |
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)) |
| = | (16.235 / (16.235 + 96.421)) | / | (15.058 / (15.058 + 98.54)) |
| = | 0.144111 | / | 0.132555 |
| | = | 1.0872 |
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) |
| = | (118.498 / 1343.366) | / | (95.963 / 1214.721) |
| = | 0.08821 | / | 0.079 |
| | = | 1.1166 |
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) |
| = | ((88.834 + 229.427) / 535.222) | / | ((130.151 + 187.797) / 431.278) |
| = | 0.594634 | / | 0.737223 |
| | = | 0.8066 |
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 |
| = | (108.119 - -0.257 | - | 137.305) | / | 535.222 |
| | = | -0.05405 |
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.
Blue Bird has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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