Dorman Products Beneish M-Score Historical Data
The historical data trend for Dorman Products'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.
Dorman Products Beneish M-Score Chart
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Dorman Products Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.64 |
-2.11 |
-2.23 |
-2.49 |
-2.57 |
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Dorman Products 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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-2.49 |
-2.58 |
-2.56 |
-2.49 |
-2.57 |
Competitive Comparison of Dorman Products's Beneish M-Score
For the Auto Parts subindustry, Dorman Products'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.
Dorman Products's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Dorman Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dorman Products's Beneish M-Score falls into.
Dorman Products 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 Dorman Products 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 * 1.0904 | + | 0.528 * 0.8845 | + | 0.404 * 0.9177 | + | 0.892 * 1.0402 | + | 0.115 * 1.0674 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0474 | + | 4.679 * -0.017943 | - | 0.327 * 0.9479 |
| = | -2.52 |
* 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 €548 Mil.
Revenue was 509.752 + 453.899 + 467.241 + 431.205 = €1,862 Mil.
Gross Profit was 211.732 + 183.627 + 185.244 + 166.93 = €748 Mil.
Total Current Assets was €1,308 Mil.
Total Assets was €2,315 Mil.
Property, Plant and Equipment(Net PPE) was €270 Mil.
Depreciation, Depletion and Amortization(DDA) was €52 Mil.
Selling, General, & Admin. Expense(SGA) was €476 Mil.
Total Current Liabilities was €538 Mil.
Long-Term Debt & Capital Lease Obligation was €520 Mil.
Net Income was 52.06 + 49.783 + 44.044 + 30.202 = €176 Mil.
Non Operating Income was 1.298 + 1.455 + 0.126 + -0.037 = €3 Mil.
Cash Flow from Operations was 68.211 + 39.908 + 58.851 + 47.822 = €215 Mil.
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Total Receivables was €483 Mil.
Revenue was 453.269 + 457.43 + 443.564 + 435.933 = €1,790 Mil.
Gross Profit was 178.102 + 171.675 + 150.916 + 134.942 = €636 Mil.
Total Current Assets was €1,131 Mil.
Total Assets was €2,102 Mil.
Property, Plant and Equipment(Net PPE) was €242 Mil.
Depreciation, Depletion and Amortization(DDA) was €51 Mil.
Selling, General, & Admin. Expense(SGA) was €437 Mil.
Total Current Liabilities was €502 Mil.
Long-Term Debt & Capital Lease Obligation was €512 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) |
| = | (547.967 / 1862.097) | / | (483.137 / 1790.196) |
| = | 0.294274 | / | 0.269879 |
| | = | 1.0904 |
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) |
| = | (635.635 / 1790.196) | / | (747.533 / 1862.097) |
| = | 0.355064 | / | 0.401447 |
| | = | 0.8845 |
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 - (1308.121 + 270.263) / 2315.418) | / | (1 - (1131.311 + 241.711) / 2102.137) |
| = | 0.318316 | / | 0.346845 |
| | = | 0.9177 |
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 |
| = | 1862.097 | / | 1790.196 |
| | = | 1.0402 |
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)) |
| = | (50.774 / (50.774 + 241.711)) | / | (52.491 / (52.491 + 270.263)) |
| = | 0.173595 | / | 0.162635 |
| | = | 1.0674 |
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) |
| = | (475.874 / 1862.097) | / | (436.775 / 1790.196) |
| = | 0.255558 | / | 0.243982 |
| | = | 1.0474 |
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) |
| = | ((520.146 + 538.431) / 2315.418) | / | ((512.145 + 501.737) / 2102.137) |
| = | 0.457186 | / | 0.48231 |
| | = | 0.9479 |
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 |
| = | (176.089 - 2.842 | - | 214.792) | / | 2315.418 |
| | = | -0.017943 |
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.
Dorman Products has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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