Worthington Enterprises Beneish M-Score Historical Data
The historical data trend for Worthington Enterprises'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.
Worthington Enterprises Beneish M-Score Chart
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Worthington Enterprises Annual Data
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May15 |
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May24 |
| Beneish M-Score |
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-3.41 |
-2.25 |
-0.91 |
-1.92 |
-3.07 |
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Worthington Enterprises Quarterly Data
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Nov19 |
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Aug24 |
| Beneish M-Score |
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-3.00 |
-3.14 |
-0.97 |
-3.07 |
-3.82 |
Competitive Comparison of Worthington Enterprises's Beneish M-Score
For the Metal Fabrication subindustry, Worthington Enterprises'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.
Worthington Enterprises's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Worthington Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Worthington Enterprises's Beneish M-Score falls into.
Worthington Enterprises 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 Worthington Enterprises 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 * 0.2813 | + | 0.528 * 0.9138 | + | 0.404 * 1.6512 | + | 0.892 * 0.8688 | + | 0.115 * 0.6902 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0654 | + | 4.679 * -0.178467 | - | 0.327 * 0.8192 |
| = | -3.86 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was €157 Mil.
Revenue was 233.378 + 294.891 + 293.632 + 1004.312 = €1,826 Mil.
Gross Profit was 56.683 + 73.074 + 67.775 + 114.312 = €312 Mil.
Total Current Assets was €523 Mil.
Total Assets was €1,492 Mil.
Property, Plant and Equipment(Net PPE) was €257 Mil.
Depreciation, Depletion and Amortization(DDA) was €59 Mil.
Selling, General, & Admin. Expense(SGA) was €287 Mil.
Total Current Liabilities was €151 Mil.
Long-Term Debt & Capital Lease Obligation was €290 Mil.
Net Income was 21.997 + -29.402 + 20.394 + 22.455 = €35 Mil.
Non Operating Income was 31.582 + -30.151 + 30.167 + 19.873 = €51 Mil.
Cash Flow from Operations was 37.319 + 41.781 + 46.462 + 124.731 = €250 Mil.
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Total Receivables was €643 Mil.
Revenue was 286.029 + 339.298 + 323.458 + 1153.206 = €2,102 Mil.
Gross Profit was 63.851 + 86.627 + 73.759 + 103.754 = €328 Mil.
Total Current Assets was €1,551 Mil.
Total Assets was €3,188 Mil.
Property, Plant and Equipment(Net PPE) was €715 Mil.
Depreciation, Depletion and Amortization(DDA) was €106 Mil.
Selling, General, & Admin. Expense(SGA) was €311 Mil.
Total Current Liabilities was €797 Mil.
Long-Term Debt & Capital Lease Obligation was €354 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) |
| = | (157.1 / 1826.213) | / | (642.707 / 2101.991) |
| = | 0.086025 | / | 0.305761 |
| | = | 0.2813 |
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) |
| = | (327.991 / 2101.991) | / | (311.844 / 1826.213) |
| = | 0.156038 | / | 0.17076 |
| | = | 0.9138 |
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 - (522.828 + 256.686) / 1492.261) | / | (1 - (1551.432 + 714.512) / 3188.127) |
| = | 0.477629 | / | 0.289255 |
| | = | 1.6512 |
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 |
| = | 1826.213 | / | 2101.991 |
| | = | 0.8688 |
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)) |
| = | (106.113 / (106.113 + 714.512)) | / | (59.176 / (59.176 + 256.686)) |
| = | 0.129308 | / | 0.187348 |
| | = | 0.6902 |
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) |
| = | (287.497 / 1826.213) | / | (310.608 / 2101.991) |
| = | 0.157428 | / | 0.147768 |
| | = | 1.0654 |
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) |
| = | ((290.399 + 150.778) / 1492.261) | / | ((353.695 + 796.817) / 3188.127) |
| = | 0.295643 | / | 0.360874 |
| | = | 0.8192 |
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 |
| = | (35.444 - 51.471 | - | 250.293) | / | 1492.261 |
| | = | -0.178467 |
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.
Worthington Enterprises has a M-score of -3.86 suggests that the company is unlikely to be a manipulator.
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