GMS Beneish M-Score Historical Data
The historical data trend for GMS'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.
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GMS Annual Data
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Apr14 |
Apr15 |
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Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-2.54 |
-3.01 |
-2.30 |
-1.99 |
-2.60 |
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GMS Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.54 |
-2.60 |
-2.62 |
-2.67 |
-2.64 |
Competitive Comparison
For the Building Products & Equipment subindustry, GMS'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.
GMS Beneish M-Score Distribution
For the Construction industry and Industrials sector, GMS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GMS's Beneish M-Score falls into.
GMS 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 GMS 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 * 1.0102 | + | 0.528 * 0.9951 | + | 0.404 * 0.9916 | + | 0.892 * 1.0149 | + | 0.115 * 1.1529 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0626 | + | 4.679 * -0.044628 | - | 0.327 * 0.9124 |
| = | -2.64 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $795 Mil.
Revenue was 1258.348 + 1420.93 + 1409.6 + 1304.102 = $5,393 Mil.
Gross Profit was 414.72 + 458.629 + 450.554 + 424.476 = $1,748 Mil.
Total Current Assets was $1,501 Mil.
Total Assets was $3,272 Mil.
Property, Plant and Equipment(Net PPE) was $630 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General, & Admin. Expense(SGA) was $1,163 Mil.
Total Current Liabilities was $624 Mil.
Long-Term Debt & Capital Lease Obligation was $1,129 Mil.
Net Income was 51.905 + 80.957 + 86.83 + 75.593 = $295 Mil.
Non Operating Income was 1.932 + 2.106 + 0.738 + 2.677 = $7 Mil.
Cash Flow from Operations was 104.279 + 118.1 + 6.647 + 204.81 = $434 Mil.
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Total Receivables was $775 Mil.
Revenue was 1234.618 + 1430.979 + 1359.553 + 1288.653 = $5,314 Mil.
Gross Profit was 402.248 + 464.5 + 434.721 + 412.8 = $1,714 Mil.
Total Current Assets was $1,568 Mil.
Total Assets was $3,233 Mil.
Property, Plant and Equipment(Net PPE) was $529 Mil.
Depreciation, Depletion and Amortization(DDA) was $128 Mil.
Selling, General, & Admin. Expense(SGA) was $1,079 Mil.
Total Current Liabilities was $620 Mil.
Long-Term Debt & Capital Lease Obligation was $1,279 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) |
| = | (794.721 / 5392.98) | / | (775.118 / 5313.803) |
| = | 0.147362 | / | 0.145869 |
| | = | 1.0102 |
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) |
| = | (1714.269 / 5313.803) | / | (1748.379 / 5392.98) |
| = | 0.322607 | / | 0.324195 |
| | = | 0.9951 |
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 - (1500.914 + 629.744) / 3271.553) | / | (1 - (1567.647 + 528.639) / 3233.457) |
| = | 0.348732 | / | 0.351689 |
| | = | 0.9916 |
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 |
| = | 5392.98 | / | 5313.803 |
| | = | 1.0149 |
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)) |
| = | (128.45 / (128.45 + 528.639)) | / | (128.581 / (128.581 + 629.744)) |
| = | 0.195483 | / | 0.169559 |
| | = | 1.1529 |
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) |
| = | (1163.145 / 5392.98) | / | (1078.536 / 5313.803) |
| = | 0.215678 | / | 0.202969 |
| | = | 1.0626 |
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) |
| = | ((1128.795 + 624.362) / 3271.553) | / | ((1279.498 + 619.55) / 3233.457) |
| = | 0.535879 | / | 0.587312 |
| | = | 0.9124 |
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 |
| = | (295.285 - 7.453 | - | 433.836) | / | 3271.553 |
| | = | -0.044628 |
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.
GMS has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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