Flowserve Beneish M-Score Historical Data
The historical data trend for Flowserve'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.
Flowserve Beneish M-Score Chart
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Flowserve Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.69 |
-2.55 |
-2.07 |
-2.54 |
-2.54 |
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Flowserve Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.54 |
-2.51 |
-2.37 |
-2.48 |
-2.54 |
Competitive Comparison of Flowserve's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Flowserve'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.
Flowserve's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Flowserve's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Flowserve's Beneish M-Score falls into.
Flowserve 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 Flowserve 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 * 1.0846 | + | 0.528 * 0.9391 | + | 0.404 * 1.0113 | + | 0.892 * 1.054 | + | 0.115 * 1.0677 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9635 | + | 4.679 * -0.024122 | - | 0.327 * 1.0416 |
| = | -2.49 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €1,218 Mil.
Revenue was 1127.232 + 1020.911 + 1074.753 + 1000.481 = €4,223 Mil.
Gross Profit was 355.369 + 321.717 + 340.103 + 311.851 = €1,329 Mil.
Total Current Assets was €2,774 Mil.
Total Assets was €5,253 Mil.
Property, Plant and Equipment(Net PPE) was €668 Mil.
Depreciation, Depletion and Amortization(DDA) was €79 Mil.
Selling, General, & Admin. Expense(SGA) was €906 Mil.
Total Current Liabilities was €1,402 Mil.
Long-Term Debt & Capital Lease Obligation was €1,538 Mil.
Net Income was 74.052 + 52.602 + 67.46 + 68.282 = €262 Mil.
Non Operating Income was 4.221 + -0.694 + -10.617 + 1.523 = €-6 Mil.
Cash Flow from Operations was 188.467 + 160.815 + -11.874 + 57.276 = €395 Mil.
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Total Receivables was €1,066 Mil.
Revenue was 1068.468 + 1025.751 + 997.187 + 915.605 = €4,007 Mil.
Gross Profit was 311.361 + 297.679 + 297.907 + 277.239 = €1,184 Mil.
Total Current Assets was €2,479 Mil.
Total Assets was €4,685 Mil.
Property, Plant and Equipment(Net PPE) was €608 Mil.
Depreciation, Depletion and Amortization(DDA) was €78 Mil.
Selling, General, & Admin. Expense(SGA) was €892 Mil.
Total Current Liabilities was €1,319 Mil.
Long-Term Debt & Capital Lease Obligation was €1,198 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) |
| = | (1218.241 / 4223.377) | / | (1065.643 / 4007.011) |
| = | 0.288452 | / | 0.265945 |
| | = | 1.0846 |
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) |
| = | (1184.186 / 4007.011) | / | (1329.04 / 4223.377) |
| = | 0.295529 | / | 0.314687 |
| | = | 0.9391 |
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 - (2773.795 + 667.643) / 5253.284) | / | (1 - (2479.364 + 607.593) / 4684.695) |
| = | 0.344898 | / | 0.341055 |
| | = | 1.0113 |
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 |
| = | 4223.377 | / | 4007.011 |
| | = | 1.054 |
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)) |
| = | (77.699 / (77.699 + 607.593)) | / | (79.321 / (79.321 + 667.643)) |
| = | 0.113381 | / | 0.106191 |
| | = | 1.0677 |
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) |
| = | (905.839 / 4223.377) | / | (891.958 / 4007.011) |
| = | 0.214482 | / | 0.222599 |
| | = | 0.9635 |
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) |
| = | ((1537.521 + 1402.02) / 5253.284) | / | ((1197.576 + 1319.174) / 4684.695) |
| = | 0.559563 | / | 0.537228 |
| | = | 1.0416 |
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 |
| = | (262.396 - -5.567 | - | 394.684) | / | 5253.284 |
| | = | -0.024122 |
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.
Flowserve has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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