Emerson Electric Co Beneish M-Score Historical Data
The historical data trend for Emerson Electric Co'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.
Emerson Electric Co Beneish M-Score Chart
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Emerson Electric Co Annual Data
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Trend |
Sep15 |
Sep16 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.73 |
-2.54 |
-2.55 |
-1.01 |
-2.40 |
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Emerson Electric Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.01 |
-1.13 |
-1.25 |
-2.27 |
-2.40 |
Competitive Comparison of Emerson Electric Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Emerson Electric Co'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.
Emerson Electric Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Emerson Electric Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Emerson Electric Co's Beneish M-Score falls into.
Emerson Electric Co 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 Emerson Electric Co 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 * 1.0078 | + | 0.528 * 0.9642 | + | 0.404 * 1.1364 | + | 0.892 * 1.1534 | + | 0.115 * 0.8195 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.065 | + | 4.679 * -0.016092 | - | 0.327 * 0.9929 |
| = | -2.40 |
* 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 $2,927 Mil.
Revenue was 4619 + 4380 + 4376 + 4117 = $17,492 Mil.
Gross Profit was 2371 + 2314 + 2284 + 1916 = $8,885 Mil.
Total Current Assets was $10,192 Mil.
Total Assets was $44,246 Mil.
Property, Plant and Equipment(Net PPE) was $2,807 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,689 Mil.
Selling, General, & Admin. Expense(SGA) was $5,142 Mil.
Total Current Liabilities was $5,742 Mil.
Long-Term Debt & Capital Lease Obligation was $7,666 Mil.
Net Income was 996 + 329 + 501 + 142 = $1,968 Mil.
Non Operating Income was -93 + -309 + -37 + -213 = $-652 Mil.
Cash Flow from Operations was 1084 + 1090 + 743 + 415 = $3,332 Mil.
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Total Receivables was $2,518 Mil.
Revenue was 4090 + 3946 + 3756 + 3373 = $15,165 Mil.
Gross Profit was 2012 + 1994 + 1801 + 1620 = $7,427 Mil.
Total Current Assets was $13,819 Mil.
Total Assets was $42,746 Mil.
Property, Plant and Equipment(Net PPE) was $2,363 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,051 Mil.
Selling, General, & Admin. Expense(SGA) was $4,186 Mil.
Total Current Liabilities was $5,032 Mil.
Long-Term Debt & Capital Lease Obligation was $8,014 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) |
| = | (2927 / 17492) | / | (2518 / 15165) |
| = | 0.167334 | / | 0.16604 |
| | = | 1.0078 |
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) |
| = | (7427 / 15165) | / | (8885 / 17492) |
| = | 0.489746 | / | 0.507946 |
| | = | 0.9642 |
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 - (10192 + 2807) / 44246) | / | (1 - (13819 + 2363) / 42746) |
| = | 0.706211 | / | 0.621438 |
| | = | 1.1364 |
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 |
| = | 17492 | / | 15165 |
| | = | 1.1534 |
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)) |
| = | (1051 / (1051 + 2363)) | / | (1689 / (1689 + 2807)) |
| = | 0.30785 | / | 0.375667 |
| | = | 0.8195 |
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) |
| = | (5142 / 17492) | / | (4186 / 15165) |
| = | 0.293963 | / | 0.27603 |
| | = | 1.065 |
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) |
| = | ((7666 + 5742) / 44246) | / | ((8014 + 5032) / 42746) |
| = | 0.303033 | / | 0.305198 |
| | = | 0.9929 |
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 |
| = | (1968 - -652 | - | 3332) | / | 44246 |
| | = | -0.016092 |
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.
Emerson Electric Co has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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