Invensys Beneish M-Score Historical Data
The historical data trend for Invensys'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.
Invensys Beneish M-Score Chart
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Invensys Annual Data
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Trend |
Mar04 |
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Mar08 |
Mar09 |
Mar10 |
Mar11 |
Mar12 |
Mar13 |
| Beneish M-Score |
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-2.56 |
-2.55 |
-2.34 |
-9.70 |
-2.82 |
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Invensys Semi-Annual Data
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Mar03 |
Sep04 |
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Sep13 |
| Beneish M-Score |
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-9.70 |
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-2.82 |
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Competitive Comparison of Invensys's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Invensys'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.
Invensys's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Invensys's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Invensys's Beneish M-Score falls into.
Invensys 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 Invensys 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 * 0.7197 | + | 0.528 * 0.9403 | + | 0.404 * 0.794 | + | 0.892 * 0.9876 | + | 0.115 * 0.9185 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9844 | + | 4.679 * -0.015744 | - | 0.327 * 0.6846 |
| = | -2.84 |
* 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 (Mar13) TTM: | Last Year (Mar12) TTM: |
Total Receivables was €339 Mil.
Revenue was €2,087 Mil.
Gross Profit was €720 Mil.
Total Current Assets was €1,782 Mil.
Total Assets was €2,588 Mil.
Property, Plant and Equipment(Net PPE) was €226 Mil.
Depreciation, Depletion and Amortization(DDA) was €76 Mil.
Selling, General, & Admin. Expense(SGA) was €480 Mil.
Total Current Liabilities was €760 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was €146 Mil.
Gross Profit was €-22 Mil.
Cash Flow from Operations was €208 Mil.
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Total Receivables was €477 Mil.
Revenue was €2,113 Mil.
Gross Profit was €685 Mil.
Total Current Assets was €1,442 Mil.
Total Assets was €2,390 Mil.
Property, Plant and Equipment(Net PPE) was €272 Mil.
Depreciation, Depletion and Amortization(DDA) was €81 Mil.
Selling, General, & Admin. Expense(SGA) was €493 Mil.
Total Current Liabilities was €1,025 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (338.842 / 2086.612) | / | (476.718 / 2112.892) |
| = | 0.162389 | / | 0.225623 |
| | = | 0.7197 |
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) |
| = | (685.133 / 2112.892) | / | (719.602 / 2086.612) |
| = | 0.324263 | / | 0.344866 |
| | = | 0.9403 |
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 - (1781.538 + 225.894) / 2588.471) | / | (1 - (1442.133 + 271.897) / 2389.581) |
| = | 0.224472 | / | 0.282707 |
| | = | 0.794 |
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 |
| = | 2086.612 | / | 2112.892 |
| | = | 0.9876 |
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)) |
| = | (81.449 / (81.449 + 271.897)) | / | (75.686 / (75.686 + 225.894)) |
| = | 0.230508 | / | 0.250965 |
| | = | 0.9185 |
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) |
| = | (479.735 / 2086.612) | / | (493.487 / 2112.892) |
| = | 0.229911 | / | 0.23356 |
| | = | 0.9844 |
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) |
| = | ((0 + 760.356) / 2588.471) | / | ((0 + 1025.304) / 2389.581) |
| = | 0.293747 | / | 0.429073 |
| | = | 0.6846 |
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 |
| = | (145.551 - -22.124 | - | 208.428) | / | 2588.471 |
| | = | -0.015744 |
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.
Invensys has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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