Rockwell Automation Beneish M-Score Historical Data
The historical data trend for Rockwell Automation'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.
Rockwell Automation Beneish M-Score Chart
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Rockwell Automation Annual Data
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Sep24 |
| Beneish M-Score |
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-2.37 |
-2.46 |
-2.20 |
-2.34 |
-2.44 |
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Rockwell Automation Quarterly Data
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Dec24 |
| Beneish M-Score |
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-2.44 |
-2.37 |
-2.51 |
-2.44 |
-2.61 |
Competitive Comparison of Rockwell Automation's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Rockwell Automation'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.
Rockwell Automation's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Rockwell Automation's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rockwell Automation's Beneish M-Score falls into.
Rockwell Automation 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 Rockwell Automation 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 * 1.0199 | + | 0.528 * 1.0507 | + | 0.404 * 1.0812 | + | 0.892 * 0.884 | + | 0.115 * 0.9707 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0561 | + | 4.679 * -0.027711 | - | 0.327 * 0.7589 |
| = | -2.57 |
* 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 €1,600 Mil.
Revenue was 1796.355 + 1833.986 + 1905.007 + 1955.92 = €7,491 Mil.
Gross Profit was 689.51 + 694.311 + 738.369 + 766.728 = €2,889 Mil.
Total Current Assets was €3,228 Mil.
Total Assets was €10,452 Mil.
Property, Plant and Equipment(Net PPE) was €1,099 Mil.
Depreciation, Depletion and Amortization(DDA) was €295 Mil.
Selling, General, & Admin. Expense(SGA) was €1,802 Mil.
Total Current Liabilities was €1,755 Mil.
Long-Term Debt & Capital Lease Obligation was €2,760 Mil.
Net Income was 175.72 + 215.429 + 215.528 + 244.904 = €852 Mil.
Non Operating Income was 5.73 + 10.992 + 1.672 + 16.192 = €35 Mil.
Cash Flow from Operations was 347.62 + 389.502 + 259.284 + 110.216 = €1,107 Mil.
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Total Receivables was €1,774 Mil.
Revenue was 1881.684 + 2401.437 + 2066.32 + 2125.224 = €8,475 Mil.
Gross Profit was 729.015 + 989.004 + 844.914 + 870.955 = €3,434 Mil.
Total Current Assets was €3,793 Mil.
Total Assets was €10,393 Mil.
Property, Plant and Equipment(Net PPE) was €968 Mil.
Depreciation, Depletion and Amortization(DDA) was €250 Mil.
Selling, General, & Admin. Expense(SGA) was €1,930 Mil.
Total Current Liabilities was €3,036 Mil.
Long-Term Debt & Capital Lease Obligation was €2,880 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) |
| = | (1599.625 / 7491.268) | / | (1774.303 / 8474.665) |
| = | 0.213532 | / | 0.209366 |
| | = | 1.0199 |
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) |
| = | (3433.888 / 8474.665) | / | (2888.918 / 7491.268) |
| = | 0.405195 | / | 0.385638 |
| | = | 1.0507 |
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 - (3227.9 + 1099.205) / 10451.52) | / | (1 - (3792.62 + 967.527) / 10392.636) |
| = | 0.585983 | / | 0.541969 |
| | = | 1.0812 |
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 |
| = | 7491.268 | / | 8474.665 |
| | = | 0.884 |
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)) |
| = | (250.019 / (250.019 + 967.527)) | / | (294.914 / (294.914 + 1099.205)) |
| = | 0.205347 | / | 0.211541 |
| | = | 0.9707 |
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) |
| = | (1802.233 / 7491.268) | / | (1930.48 / 8474.665) |
| = | 0.240578 | / | 0.227794 |
| | = | 1.0561 |
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) |
| = | ((2759.95 + 1755.29) / 10451.52) | / | ((2880.205 + 3036.095) / 10392.636) |
| = | 0.432018 | / | 0.569278 |
| | = | 0.7589 |
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 |
| = | (851.581 - 34.586 | - | 1106.622) | / | 10451.52 |
| | = | -0.027711 |
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.
Rockwell Automation has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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