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 Annual Data
|
|
Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.69 |
-2.73 |
-2.54 |
-2.55 |
-0.99 |
|
Emerson Electric Co Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.13 |
-1.93 |
-1.22 |
-0.99 |
-1.12 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 1.0899 | + | 0.528 * 0.9566 | + | 0.404 * 1.0956 | + | 0.892 * 1.1347 | + | 0.115 * 0.957 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0295 | + | 4.679 * 0.228904 | - | 0.327 * 0.7434 |
| = | -1.12 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $2,759 Mil.
Revenue was 4117 + 4090 + 3946 + 3756 = $15,909 Mil.
Gross Profit was 1916 + 2012 + 1994 + 1801 = $7,723 Mil.
Total Current Assets was $8,666 Mil.
Total Assets was $46,513 Mil.
Property, Plant and Equipment(Net PPE) was $3,336 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,213 Mil.
Selling, General, & Admin. Expense(SGA) was $4,433 Mil.
Total Current Liabilities was $7,765 Mil.
Long-Term Debt & Capital Lease Obligation was $8,097 Mil.
Net Income was 142 + 744 + 9352 + 792 = $11,030 Mil.
Non Operating Income was -213 + 23 + -71 + 10 = $-251 Mil.
Cash Flow from Operations was 415 + -643 + 794 + 68 = $634 Mil.
|
Total Receivables was $2,231 Mil.
Revenue was 3373 + 3892 + 3465 + 3291 = $14,021 Mil.
Gross Profit was 1620 + 1829 + 1586 + 1476 = $6,511 Mil.
Total Current Assets was $9,000 Mil.
Total Assets was $36,241 Mil.
Property, Plant and Equipment(Net PPE) was $2,697 Mil.
Depreciation, Depletion and Amortization(DDA) was $924 Mil.
Selling, General, & Admin. Expense(SGA) was $3,795 Mil.
Total Current Liabilities was $8,160 Mil.
Long-Term Debt & Capital Lease Obligation was $8,465 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) |
| = | (2759 / 15909) | / | (2231 / 14021) |
| = | 0.173424 | / | 0.159118 |
| | = | 1.0899 |
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) |
| = | (6511 / 14021) | / | (7723 / 15909) |
| = | 0.464375 | / | 0.485448 |
| | = | 0.9566 |
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 - (8666 + 3336) / 46513) | / | (1 - (9000 + 2697) / 36241) |
| = | 0.741965 | / | 0.677244 |
| | = | 1.0956 |
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 |
| = | 15909 | / | 14021 |
| | = | 1.1347 |
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)) |
| = | (924 / (924 + 2697)) | / | (1213 / (1213 + 3336)) |
| = | 0.255178 | / | 0.266652 |
| | = | 0.957 |
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) |
| = | (4433 / 15909) | / | (3795 / 14021) |
| = | 0.278647 | / | 0.270665 |
| | = | 1.0295 |
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) |
| = | ((8097 + 7765) / 46513) | / | ((8465 + 8160) / 36241) |
| = | 0.341023 | / | 0.458735 |
| | = | 0.7434 |
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 |
| = | (11030 - -251 | - | 634) | / | 46513 |
| | = | 0.228904 |
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 -1.12 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
EMR has been successfully added to your