Honeywell International Beneish M-Score Historical Data
The historical data trend for Honeywell International'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.
Honeywell International Beneish M-Score Chart
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Honeywell International Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.71 |
-2.62 |
-2.50 |
-2.47 |
-2.51 |
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Honeywell International 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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-2.47 |
-2.67 |
-2.59 |
-2.59 |
-2.51 |
Competitive Comparison of Honeywell International's Beneish M-Score
For the Conglomerates subindustry, Honeywell International'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.
Honeywell International's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Honeywell International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Honeywell International's Beneish M-Score falls into.
Honeywell International 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 Honeywell International 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 * 1.1101 | + | 0.528 * 0.9808 | + | 0.404 * 1.0389 | + | 0.892 * 1.1647 | + | 0.115 * 1.0647 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0137 | + | 4.679 * -0.009152 | - | 0.327 * 1.0833 |
| = | -2.29 |
* 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 R$47,704 Mil.
Revenue was 61546.888 + 53871.718 + 51582.68 + 45341.079 = R$212,342 Mil.
Gross Profit was 22390.67 + 20761.212 + 20041.678 + 17538.856 = R$80,732 Mil.
Total Current Assets was R$170,267 Mil.
Total Assets was R$458,771 Mil.
Property, Plant and Equipment(Net PPE) was R$37,790 Mil.
Depreciation, Depletion and Amortization(DDA) was R$7,390 Mil.
Selling, General, & Admin. Expense(SGA) was R$30,128 Mil.
Total Current Liabilities was R$129,683 Mil.
Long-Term Debt & Capital Lease Obligation was R$161,103 Mil.
Net Income was 7839.785 + 7824.911 + 8316.138 + 7285.447 = R$31,266 Mil.
Non Operating Income was -640.605 + 155.058 + 732.51 + 627.455 = R$874 Mil.
Cash Flow from Operations was 13916.381 + 11058.987 + 7384.343 + 2230.95 = R$34,591 Mil.
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Total Receivables was R$36,895 Mil.
Revenue was 46254.112 + 45495.304 + 44391.94 + 46169.03 = R$182,310 Mil.
Gross Profit was 15870.452 + 17492.875 + 17085.024 + 17532.148 = R$67,980 Mil.
Total Current Assets was R$115,155 Mil.
Total Assets was R$301,460 Mil.
Property, Plant and Equipment(Net PPE) was R$27,733 Mil.
Depreciation, Depletion and Amortization(DDA) was R$5,848 Mil.
Selling, General, & Admin. Expense(SGA) was R$25,518 Mil.
Total Current Liabilities was R$90,837 Mil.
Long-Term Debt & Capital Lease Obligation was R$85,546 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) |
| = | (47703.719 / 212342.365) | / | (36895.494 / 182310.386) |
| = | 0.224655 | / | 0.202377 |
| | = | 1.1101 |
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) |
| = | (67980.499 / 182310.386) | / | (80732.416 / 212342.365) |
| = | 0.372883 | / | 0.380199 |
| | = | 0.9808 |
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 - (170266.708 + 37789.594) / 458770.796) | / | (1 - (115155.1 + 27732.868) / 301460.195) |
| = | 0.546492 | / | 0.526014 |
| | = | 1.0389 |
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 |
| = | 212342.365 | / | 182310.386 |
| | = | 1.1647 |
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)) |
| = | (5848.445 / (5848.445 + 27732.868)) | / | (7390.499 / (7390.499 + 37789.594)) |
| = | 0.174158 | / | 0.163579 |
| | = | 1.0647 |
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) |
| = | (30127.931 / 212342.365) | / | (25518.488 / 182310.386) |
| = | 0.141884 | / | 0.139973 |
| | = | 1.0137 |
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) |
| = | ((161103.006 + 129682.856) / 458770.796) | / | ((85545.608 + 90837.392) / 301460.195) |
| = | 0.633837 | / | 0.585095 |
| | = | 1.0833 |
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 |
| = | (31266.281 - 874.418 | - | 34590.661) | / | 458770.796 |
| | = | -0.009152 |
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.
Honeywell International has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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