Interface Beneish M-Score Historical Data
The historical data trend for Interface'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.
Interface Beneish M-Score Chart
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Interface Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.92 |
-2.37 |
-2.37 |
-2.92 |
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Interface Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.60 |
-2.70 |
-2.96 |
-2.92 |
Competitive Comparison of Interface's Beneish M-Score
For the Building Products & Equipment subindustry, Interface'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.
Interface's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Interface's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Interface's Beneish M-Score falls into.
Interface 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 Interface 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 * 0.918 | + | 0.528 * 0.9638 | + | 0.404 * 1.0209 | + | 0.892 * 0.9457 | + | 0.115 * 0.9951 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0772 | + | 4.679 * -0.075271 | - | 0.327 * 0.8999 |
| = | -2.95 |
* 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 €150 Mil.
Revenue was 298.133 + 291.413 + 304.204 + 276.27 = €1,170 Mil.
Gross Profit was 112.93 + 103.312 + 103.178 + 89.545 = €409 Mil.
Total Current Assets was €535 Mil.
Total Assets was €1,128 Mil.
Property, Plant and Equipment(Net PPE) was €347 Mil.
Depreciation, Depletion and Amortization(DDA) was €43 Mil.
Selling, General, & Admin. Expense(SGA) was €314 Mil.
Total Current Liabilities was €197 Mil.
Long-Term Debt & Capital Lease Obligation was €446 Mil.
Net Income was 17.932 + 9.257 + 14.581 + -0.667 = €41 Mil.
Non Operating Income was -1.29 + -6.28 + 2.928 + -1.534 = €-6 Mil.
Cash Flow from Operations was 25.508 + 62.117 + 16.928 + 27.631 = €132 Mil.
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Total Receivables was €173 Mil.
Revenue was 316.764 + 331.035 + 327.888 + 261.506 = €1,237 Mil.
Gross Profit was 99.538 + 109.873 + 110.404 + 96.973 = €417 Mil.
Total Current Assets was €582 Mil.
Total Assets was €1,196 Mil.
Property, Plant and Equipment(Net PPE) was €358 Mil.
Depreciation, Depletion and Amortization(DDA) was €44 Mil.
Selling, General, & Admin. Expense(SGA) was €309 Mil.
Total Current Liabilities was €208 Mil.
Long-Term Debt & Capital Lease Obligation was €550 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) |
| = | (149.825 / 1170.02) | / | (172.57 / 1237.193) |
| = | 0.128053 | / | 0.139485 |
| | = | 0.918 |
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) |
| = | (416.788 / 1237.193) | / | (408.965 / 1170.02) |
| = | 0.336882 | / | 0.349537 |
| | = | 0.9638 |
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 - (535.398 + 347.23) / 1127.997) | / | (1 - (582.483 + 358.361) / 1195.579) |
| = | 0.217526 | / | 0.213064 |
| | = | 1.0209 |
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 |
| = | 1170.02 | / | 1237.193 |
| | = | 0.9457 |
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)) |
| = | (44.061 / (44.061 + 358.361)) | / | (42.927 / (42.927 + 347.23)) |
| = | 0.10949 | / | 0.110025 |
| | = | 0.9951 |
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) |
| = | (314.473 / 1170.02) | / | (308.708 / 1237.193) |
| = | 0.268776 | / | 0.249523 |
| | = | 1.0772 |
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) |
| = | ((446.496 + 196.899) / 1127.997) | / | ((549.699 + 208.124) / 1195.579) |
| = | 0.570387 | / | 0.633854 |
| | = | 0.8999 |
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 |
| = | (41.103 - -6.176 | - | 132.184) | / | 1127.997 |
| | = | -0.075271 |
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.
Interface has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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