Dover (FRA:DOV) Beneish M-Score : -1.97 (As of Apr. 04, 2025)

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What is Dover Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -1.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dover's Beneish M-Score or its related term are showing as below:

FRA:DOV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2.55 Max: -1.97
Current: -1.97

During the past 13 years, the highest Beneish M-Score of Dover was -1.97. The lowest was -2.75. And the median was -2.55.

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.

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Dover Beneish M-Score Chart

Dover Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.75

-2.39

-2.27

-2.68

-1.97

Dover Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.68	-2.59	-2.58	-2.67	-1.97

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.

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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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0509

0.528 * 0.9769

0.404 * 0.9146

0.892 * 1.0159

0.115 * 0.9622

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0485

4.679 * 0.104918

0.327 * 0.7973

-1.92

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €1,293 Mil.
Revenue was 1843.022 + 1787.171 + 2023.605 + 1926.426 = €7,580 Mil.
Gross Profit was 712.166 + 687.631 + 763.236 + 696.675 = €2,860 Mil.
Total Current Assets was €4,283 Mil.
Total Assets was €11,946 Mil.
Property, Plant and Equipment(Net PPE) was €943 Mil.
Depreciation, Depletion and Amortization(DDA) was €313 Mil.
Selling, General, & Admin. Expense(SGA) was €1,664 Mil.
Total Current Liabilities was €2,098 Mil.
Long-Term Debt & Capital Lease Obligation was €2,583 Mil.
Net Income was 1371.364 + 312.737 + 261.813 + 581.643 = €2,528 Mil.
Non Operating Income was 13.126 + 73.58 + 11.342 + 493.45 = €591 Mil.
Cash Flow from Operations was -8.391 + 348.606 + 189.202 + 153.266 = €683 Mil.

Total Receivables was €1,211 Mil.
Revenue was 1746.713 + 1835.047 + 1938.379 + 1941.807 = €7,462 Mil.
Gross Profit was 659.234 + 692.8 + 700.406 + 697.716 = €2,750 Mil.
Total Current Assets was €3,109 Mil.
Total Assets was €10,407 Mil.
Property, Plant and Equipment(Net PPE) was €897 Mil.
Depreciation, Depletion and Amortization(DDA) was €283 Mil.
Selling, General, & Admin. Expense(SGA) was €1,562 Mil.
Total Current Liabilities was €2,213 Mil.
Long-Term Debt & Capital Lease Obligation was €2,900 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)
	=	(1293.285 / 7580.224)	/	(1211.455 / 7461.946)
	=	0.170613	/	0.162351
	=	1.0509

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)
	=	(2750.156 / 7461.946)	/	(2859.708 / 7580.224)
	=	0.368557	/	0.377259
	=	0.9769

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 - (4282.695 + 943.467) / 11946.248)	/	(1 - (3108.845 + 897.259) / 10406.586)
	=	0.562527	/	0.615041
	=	0.9146

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
	=	7580.224	/	7461.946
	=	1.0159

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))
	=	(282.941 / (282.941 + 897.259))	/	(313.084 / (313.084 + 943.467))
	=	0.23974	/	0.249161
	=	0.9622

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)
	=	(1663.584 / 7580.224)	/	(1561.851 / 7461.946)
	=	0.219464	/	0.209309
	=	1.0485

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)
	=	((2582.56 + 2097.683) / 11946.248)	/	((2900.087 + 2213.427) / 10406.586)
	=	0.391775	/	0.491373
	=	0.7973

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
	=	(2527.557 - 591.498	-	682.683)	/	11946.248
	=	0.104918

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 -1.92 suggests that the company is unlikely to be a manipulator.

Dover Beneish M-Score Related Terms

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Dover Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Dover Corp (FRA:DOV) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

DOV:USA 0ICP:UK

Address

3005 Highland Parkway, Downers Grove, IL, USA, 60515

Website

https://www.dovercorporation.com

Founded in 1955 by George Ohrstrom, Dover has become an industrial behemoth through the acquisition of dozens of esteemed brands. The company is organized into five segments through which it designs and manufactures highly engineered components, such as vehicle repair, factory automation, welding, aerospace, fuel dispensing, printing, liquid handling, refrigeration, and can-making equipment. It has operations around the globe but generates over half of its revenue in the United States.