Dover Beneish M-Score Historical Data
The historical data trend for Dover'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.
Dover Beneish M-Score Chart
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Dover Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.76 |
-2.39 |
-2.26 |
-2.63 |
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Dover Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.44 |
-2.43 |
-2.48 |
-2.63 |
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Competitive Comparison of Dover's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Dover'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.
Dover's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Dover's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dover's Beneish M-Score falls into.
Dover 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 Dover 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 * 1.0501 | + | 0.528 * 0.9816 | + | 0.404 * 0.9815 | + | 0.892 * 0.9904 | + | 0.115 * 0.9668 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0557 | + | 4.679 * -0.029632 | - | 0.327 * 0.9818 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,519 Mil.
Revenue was 2093.941 + 2105.757 + 2153.268 + 2100.086 = $8,453 Mil.
Gross Profit was 757.255 + 785.763 + 793.015 + 758.836 = $3,095 Mil.
Total Current Assets was $3,910 Mil.
Total Assets was $11,987 Mil.
Property, Plant and Equipment(Net PPE) was $1,024 Mil.
Depreciation, Depletion and Amortization(DDA) was $324 Mil.
Selling, General, & Admin. Expense(SGA) was $1,749 Mil.
Total Current Liabilities was $2,984 Mil.
Long-Term Debt & Capital Lease Obligation was $2,973 Mil.
Net Income was 632.221 + 296.262 + 289.753 + 242.239 = $1,460 Mil.
Non Operating Income was 536.359 + 0.713 + 10.273 + 6.678 = $554 Mil.
Cash Flow from Operations was 166.593 + 516.35 + 383.457 + 195.254 = $1,262 Mil.
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Total Receivables was $1,461 Mil.
Revenue was 2079.023 + 2139.181 + 2158.291 + 2158.715 = $8,535 Mil.
Gross Profit was 747.019 + 766.329 + 772.75 + 781.283 = $3,067 Mil.
Total Current Assets was $3,316 Mil.
Total Assets was $10,805 Mil.
Property, Plant and Equipment(Net PPE) was $1,012 Mil.
Depreciation, Depletion and Amortization(DDA) was $306 Mil.
Selling, General, & Admin. Expense(SGA) was $1,673 Mil.
Total Current Liabilities was $2,508 Mil.
Long-Term Debt & Capital Lease Obligation was $2,961 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) |
| = | (1519.458 / 8453.052) | / | (1460.97 / 8535.21) |
| = | 0.179753 | / | 0.17117 |
| | = | 1.0501 |
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) |
| = | (3067.381 / 8535.21) | / | (3094.869 / 8453.052) |
| = | 0.35938 | / | 0.366124 |
| | = | 0.9816 |
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 - (3909.941 + 1024.338) / 11987.033) | / | (1 - (3315.85 + 1011.707) / 10804.645) |
| = | 0.588365 | / | 0.599473 |
| | = | 0.9815 |
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 |
| = | 8453.052 | / | 8535.21 |
| | = | 0.9904 |
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)) |
| = | (306.431 / (306.431 + 1011.707)) | / | (324.276 / (324.276 + 1024.338)) |
| = | 0.232473 | / | 0.240451 |
| | = | 0.9668 |
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) |
| = | (1749 / 8453.052) | / | (1672.797 / 8535.21) |
| = | 0.206908 | / | 0.195988 |
| | = | 1.0557 |
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) |
| = | ((2973.485 + 2984.435) / 11987.033) | / | ((2961.362 + 2508.493) / 10804.645) |
| = | 0.49703 | / | 0.50625 |
| | = | 0.9818 |
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 |
| = | (1460.475 - 554.023 | - | 1261.654) | / | 11987.033 |
| | = | -0.029632 |
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.
Dover has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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