Evoqua Water Technologies Beneish M-Score Historical Data
The historical data trend for Evoqua Water Technologies'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.
Evoqua Water Technologies Beneish M-Score Chart
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Evoqua Water Technologies Annual Data
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Sep15 |
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Sep22 |
| Beneish M-Score |
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-2.60 |
-2.84 |
-2.63 |
-2.75 |
-2.57 |
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Evoqua Water Technologies Quarterly Data
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Jun18 |
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Mar23 |
| Beneish M-Score |
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-2.45 |
-2.52 |
-2.57 |
-2.37 |
-2.62 |
Competitive Comparison of Evoqua Water Technologies's Beneish M-Score
For the Pollution & Treatment Controls subindustry, Evoqua Water Technologies'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.
Evoqua Water Technologies's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Evoqua Water Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Evoqua Water Technologies's Beneish M-Score falls into.
Evoqua Water Technologies 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 Evoqua Water Technologies 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 * 0.8729 | + | 0.528 * 0.9998 | + | 0.404 * 0.9483 | + | 0.892 * 1.2916 | + | 0.115 * 0.914 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9824 | + | 4.679 * -0.050865 | - | 0.327 * 0.953 |
| = | -2.59 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was €395 Mil.
Revenue was 446.262 + 411.439 + 509.803 + 415.601 = €1,783 Mil.
Gross Profit was 141.871 + 123.012 + 162.058 + 128.781 = €556 Mil.
Total Current Assets was €789 Mil.
Total Assets was €2,064 Mil.
Property, Plant and Equipment(Net PPE) was €440 Mil.
Depreciation, Depletion and Amortization(DDA) was €128 Mil.
Selling, General, & Admin. Expense(SGA) was €428 Mil.
Total Current Liabilities was €443 Mil.
Long-Term Debt & Capital Lease Obligation was €840 Mil.
Net Income was 9.93 + 8.749 + 41.731 + 16.615 = €77 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 33.12 + -1.202 + 95.413 + 54.666 = €182 Mil.
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Total Receivables was €350 Mil.
Revenue was 387.469 + 324.147 + 362.092 + 306.835 = €1,381 Mil.
Gross Profit was 117.028 + 97.8 + 118.2 + 97.134 = €430 Mil.
Total Current Assets was €706 Mil.
Total Assets was €1,936 Mil.
Property, Plant and Equipment(Net PPE) was €404 Mil.
Depreciation, Depletion and Amortization(DDA) was €104 Mil.
Selling, General, & Admin. Expense(SGA) was €337 Mil.
Total Current Liabilities was €391 Mil.
Long-Term Debt & Capital Lease Obligation was €872 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) |
| = | (394.859 / 1783.105) | / | (350.235 / 1380.543) |
| = | 0.221445 | / | 0.253694 |
| | = | 0.8729 |
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) |
| = | (430.162 / 1380.543) | / | (555.722 / 1783.105) |
| = | 0.311589 | / | 0.31166 |
| | = | 0.9998 |
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 - (788.708 + 439.585) / 2063.738) | / | (1 - (705.999 + 403.774) / 1936.365) |
| = | 0.404821 | / | 0.426878 |
| | = | 0.9483 |
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 |
| = | 1783.105 | / | 1380.543 |
| | = | 1.2916 |
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)) |
| = | (104.487 / (104.487 + 403.774)) | / | (127.565 / (127.565 + 439.585)) |
| = | 0.205577 | / | 0.224923 |
| | = | 0.914 |
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) |
| = | (428.017 / 1783.105) | / | (337.315 / 1380.543) |
| = | 0.24004 | / | 0.244335 |
| | = | 0.9824 |
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) |
| = | ((839.899 + 443.175) / 2063.738) | / | ((871.987 + 391.202) / 1936.365) |
| = | 0.621723 | / | 0.652351 |
| | = | 0.953 |
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 |
| = | (77.025 - 0 | - | 181.997) | / | 2063.738 |
| | = | -0.050865 |
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.
Evoqua Water Technologies has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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