iRobot Beneish M-Score Historical Data
The historical data trend for iRobot'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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iRobot Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
|
|
|
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-2.35 |
-2.74 |
-2.98 |
-2.09 |
-4.08 |
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iRobot Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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|
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-1.27 |
-3.13 |
-4.08 |
-5.01 |
-5.52 |
Competitive Comparison
For the Furnishings, Fixtures & Appliances subindustry, iRobot'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.
iRobot Beneish M-Score Distribution
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, iRobot's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where iRobot's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
iRobot 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 iRobot 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 * 1.1513 | + | 0.528 * 1.3557 | + | 0.404 * 1.1627 | + | 0.892 * 0.7156 | + | 0.115 * 0.7298 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3341 | + | 4.679 * -0.639108 | - | 0.327 * 1.3197 |
| = | -5.52 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $72 Mil.
Revenue was 236.568 + 160.292 + 357.872 + 278.191 = $1,033 Mil.
Gross Profit was 53.502 + 36.551 + 85.226 + 76.407 = $252 Mil.
Total Current Assets was $348 Mil.
Total Assets was $634 Mil.
Property, Plant and Equipment(Net PPE) was $72 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $383 Mil.
Total Current Liabilities was $257 Mil.
Long-Term Debt & Capital Lease Obligation was $31 Mil.
Net Income was -80.8 + -81.112 + -84.102 + -128.366 = $-374 Mil.
Non Operating Income was -4.027 + -1.077 + -1.394 + -0.979 = $-7 Mil.
Cash Flow from Operations was 36.396 + -94.507 + 122.574 + -26.083 = $38 Mil.
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Total Receivables was $88 Mil.
Revenue was 255.351 + 291.969 + 455.448 + 440.682 = $1,443 Mil.
Gross Profit was 80.945 + 107.515 + 125.625 + 162.754 = $477 Mil.
Total Current Assets was $660 Mil.
Total Assets was $1,070 Mil.
Property, Plant and Equipment(Net PPE) was $99 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $402 Mil.
Total Current Liabilities was $332 Mil.
Long-Term Debt & Capital Lease Obligation was $35 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) |
| = | (72.306 / 1032.923) | / | (87.766 / 1443.45) |
| = | 0.070001 | / | 0.060803 |
| | = | 1.1513 |
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) |
| = | (476.839 / 1443.45) | / | (251.686 / 1032.923) |
| = | 0.330347 | / | 0.243664 |
| | = | 1.3557 |
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 - (348.245 + 71.614) / 634.139) | / | (1 - (659.841 + 99.169) / 1069.961) |
| = | 0.337907 | / | 0.290619 |
| | = | 1.1627 |
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 |
| = | 1032.923 | / | 1443.45 |
| | = | 0.7156 |
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)) |
| = | (37.389 / (37.389 + 99.169)) | / | (42.997 / (42.997 + 71.614)) |
| = | 0.273796 | / | 0.375156 |
| | = | 0.7298 |
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) |
| = | (383.413 / 1032.923) | / | (401.632 / 1443.45) |
| = | 0.371192 | / | 0.278244 |
| | = | 1.3341 |
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) |
| = | ((30.517 + 256.682) / 634.139) | / | ((35.066 + 332.117) / 1069.961) |
| = | 0.452896 | / | 0.343174 |
| | = | 1.3197 |
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 |
| = | (-374.38 - -7.477 | - | 38.38) | / | 634.139 |
| | = | -0.639108 |
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.
iRobot has a M-score of -5.52 suggests that the company is unlikely to be a manipulator.
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