Ingersoll Rand Beneish M-Score Historical Data
The historical data trend for Ingersoll Rand'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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Ingersoll Rand Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-1.64 |
-2.43 |
-2.37 |
-2.56 |
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Ingersoll Rand Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.34 |
-2.40 |
-2.43 |
-2.56 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, Ingersoll Rand'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.
Ingersoll Rand Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, Ingersoll Rand's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ingersoll Rand's Beneish M-Score falls into.
Ingersoll Rand 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 Ingersoll Rand 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 * 0.9465 | + | 0.528 * 0.9378 | + | 0.404 * 1.0073 | + | 0.892 * 1.1622 | + | 0.115 * 1.0437 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9993 | + | 4.679 * -0.034831 | - | 0.327 * 0.9769 |
| = | -2.56 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,234 Mil.
Revenue was 1821.4 + 1738.9 + 1686.5 + 1629.3 = $6,876 Mil.
Gross Profit was 781.2 + 739.3 + 697.5 + 664.2 = $2,882 Mil.
Total Current Assets was $4,050 Mil.
Total Assets was $15,564 Mil.
Property, Plant and Equipment(Net PPE) was $711 Mil.
Depreciation, Depletion and Amortization(DDA) was $459 Mil.
Selling, General, & Admin. Expense(SGA) was $1,273 Mil.
Total Current Liabilities was $1,827 Mil.
Long-Term Debt & Capital Lease Obligation was $2,693 Mil.
Net Income was 229.8 + 208.3 + 179.5 + 161.1 = $779 Mil.
Non Operating Income was -16.3 + -18.3 + -12.5 + -9.5 = $-57 Mil.
Cash Flow from Operations was 581.4 + 397.3 + 228.4 + 170.3 = $1,377 Mil.
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Total Receivables was $1,122 Mil.
Revenue was 1623.7 + 1515.7 + 1439.9 + 1337 = $5,916 Mil.
Gross Profit was 654.4 + 575.3 + 569.8 + 526.1 = $2,326 Mil.
Total Current Assets was $3,967 Mil.
Total Assets was $14,766 Mil.
Property, Plant and Equipment(Net PPE) was $624 Mil.
Depreciation, Depletion and Amortization(DDA) was $433 Mil.
Selling, General, & Admin. Expense(SGA) was $1,096 Mil.
Total Current Liabilities was $1,674 Mil.
Long-Term Debt & Capital Lease Obligation was $2,716 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) |
| = | (1234.2 / 6876.1) | / | (1122 / 5916.3) |
| = | 0.179491 | / | 0.189646 |
| | = | 0.9465 |
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) |
| = | (2325.6 / 5916.3) | / | (2882.2 / 6876.1) |
| = | 0.393084 | / | 0.419162 |
| | = | 0.9378 |
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 - (4050.4 + 711.4) / 15563.5) | / | (1 - (3967.3 + 624.4) / 14765.9) |
| = | 0.694041 | / | 0.689034 |
| | = | 1.0073 |
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 |
| = | 6876.1 | / | 5916.3 |
| | = | 1.1622 |
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)) |
| = | (432.8 / (432.8 + 624.4)) | / | (459.1 / (459.1 + 711.4)) |
| = | 0.409383 | / | 0.392226 |
| | = | 1.0437 |
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) |
| = | (1272.7 / 6876.1) | / | (1095.8 / 5916.3) |
| = | 0.18509 | / | 0.185217 |
| | = | 0.9993 |
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) |
| = | ((2693 + 1827.3) / 15563.5) | / | ((2716.1 + 1674) / 14765.9) |
| = | 0.290442 | / | 0.297313 |
| | = | 0.9769 |
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 |
| = | (778.7 - -56.6 | - | 1377.4) | / | 15563.5 |
| | = | -0.034831 |
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.
Ingersoll Rand has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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