Graco Beneish M-Score Historical Data
The historical data trend for Graco'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.
Graco Beneish M-Score Chart
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Graco Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.37 |
-2.48 |
-2.14 |
-2.64 |
-2.59 |
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Graco Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.81 |
-2.66 |
-2.61 |
-2.59 |
-2.47 |
Competitive Comparison of Graco's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Graco'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.
Graco's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Graco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Graco's Beneish M-Score falls into.
Graco 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 Graco 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 * 1.1622 | + | 0.528 * 1.003 | + | 0.404 * 1.3723 | + | 0.892 * 0.996 | + | 0.115 * 0.8603 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0794 | + | 4.679 * -0.053956 | - | 0.327 * 1.0119 |
| = | -2.47 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $373 Mil.
Revenue was 528.284 + 548.672 + 519.212 + 553.243 = $2,149 Mil.
Gross Profit was 277.733 + 279.28 + 276.13 + 300.854 = $1,134 Mil.
Total Current Assets was $1,369 Mil.
Total Assets was $3,008 Mil.
Property, Plant and Equipment(Net PPE) was $788 Mil.
Depreciation, Depletion and Amortization(DDA) was $92 Mil.
Selling, General, & Admin. Expense(SGA) was $468 Mil.
Total Current Liabilities was $380 Mil.
Long-Term Debt & Capital Lease Obligation was $15 Mil.
Net Income was 124.101 + 108.708 + 122.197 + 132.978 = $488 Mil.
Non Operating Income was 8.174 + 3.257 + 6.225 + 4.453 = $22 Mil.
Cash Flow from Operations was 125.416 + 185.214 + 178.564 + 138.999 = $628 Mil.
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Total Receivables was $322 Mil.
Revenue was 492.189 + 566.644 + 539.672 + 559.644 = $2,158 Mil.
Gross Profit was 266.197 + 299.942 + 284.524 + 291.415 = $1,142 Mil.
Total Current Assets was $1,444 Mil.
Total Assets was $2,787 Mil.
Property, Plant and Equipment(Net PPE) was $768 Mil.
Depreciation, Depletion and Amortization(DDA) was $76 Mil.
Selling, General, & Admin. Expense(SGA) was $435 Mil.
Total Current Liabilities was $352 Mil.
Long-Term Debt & Capital Lease Obligation was $9 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) |
| = | (372.73 / 2149.411) | / | (322 / 2158.149) |
| = | 0.17341 | / | 0.149202 |
| | = | 1.1622 |
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) |
| = | (1142.078 / 2158.149) | / | (1133.997 / 2149.411) |
| = | 0.529193 | / | 0.527585 |
| | = | 1.003 |
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 - (1369 + 787.753) / 3008.314) | / | (1 - (1444.228 + 767.747) / 2786.825) |
| = | 0.283069 | / | 0.206274 |
| | = | 1.3723 |
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 |
| = | 2149.411 | / | 2158.149 |
| | = | 0.996 |
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)) |
| = | (75.85 / (75.85 + 767.747)) | / | (91.941 / (91.941 + 787.753)) |
| = | 0.089913 | / | 0.104515 |
| | = | 0.8603 |
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) |
| = | (468.152 / 2149.411) | / | (435.492 / 2158.149) |
| = | 0.217805 | / | 0.20179 |
| | = | 1.0794 |
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) |
| = | ((14.856 + 379.644) / 3008.314) | / | ((9.458 + 351.687) / 2786.825) |
| = | 0.131137 | / | 0.12959 |
| | = | 1.0119 |
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 |
| = | (487.984 - 22.109 | - | 628.193) | / | 3008.314 |
| | = | -0.053956 |
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.
Graco has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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