Rockwell Automation Beneish M-Score Historical Data
The historical data trend for Rockwell Automation'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.
Rockwell Automation Beneish M-Score Chart
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Rockwell Automation Annual Data
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| Beneish M-Score |
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-2.37 |
-2.46 |
-2.20 |
-2.34 |
-2.44 |
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Rockwell Automation Quarterly Data
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Dec24 |
| Beneish M-Score |
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-2.44 |
-2.37 |
-2.51 |
-2.44 |
-2.61 |
Competitive Comparison of Rockwell Automation's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Rockwell Automation'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.
Rockwell Automation's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Rockwell Automation's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rockwell Automation's Beneish M-Score falls into.
Rockwell Automation 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 Rockwell Automation 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 * 0.9765 | + | 0.528 * 1.0506 | + | 0.404 * 1.0812 | + | 0.892 * 0.8865 | + | 0.115 * 0.939 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0548 | + | 4.679 * -0.028463 | - | 0.327 * 0.7589 |
| = | -2.61 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $1,675 Mil.
Revenue was 1881 + 2035.5 + 2050.6 + 2126 = $8,093 Mil.
Gross Profit was 722 + 770.6 + 794.8 + 833.4 = $3,121 Mil.
Total Current Assets was $3,380 Mil.
Total Assets was $10,944 Mil.
Property, Plant and Equipment(Net PPE) was $1,151 Mil.
Depreciation, Depletion and Amortization(DDA) was $319 Mil.
Selling, General, & Admin. Expense(SGA) was $1,946 Mil.
Total Current Liabilities was $1,838 Mil.
Long-Term Debt & Capital Lease Obligation was $2,890 Mil.
Net Income was 184 + 239.1 + 232 + 266.2 = $921 Mil.
Non Operating Income was 6 + 12.2 + 1.8 + 17.6 = $38 Mil.
Cash Flow from Operations was 364 + 432.3 + 279.1 + 119.8 = $1,195 Mil.
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Total Receivables was $1,935 Mil.
Revenue was 2052 + 2562.9 + 2238.7 + 2275.4 = $9,129 Mil.
Gross Profit was 795 + 1055.5 + 915.4 + 932.5 = $3,698 Mil.
Total Current Assets was $4,136 Mil.
Total Assets was $11,333 Mil.
Property, Plant and Equipment(Net PPE) was $1,055 Mil.
Depreciation, Depletion and Amortization(DDA) was $270 Mil.
Selling, General, & Admin. Expense(SGA) was $2,081 Mil.
Total Current Liabilities was $3,311 Mil.
Long-Term Debt & Capital Lease Obligation was $3,141 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) |
| = | (1675 / 8093.1) | / | (1934.9 / 9129) |
| = | 0.206966 | / | 0.211951 |
| | = | 0.9765 |
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) |
| = | (3698.4 / 9129) | / | (3120.8 / 8093.1) |
| = | 0.405127 | / | 0.385612 |
| | = | 1.0506 |
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 - (3380 + 1151) / 10944) | / | (1 - (4135.9 + 1055.1) / 11333.3) |
| = | 0.585983 | / | 0.541969 |
| | = | 1.0812 |
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 |
| = | 8093.1 | / | 9129 |
| | = | 0.8865 |
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)) |
| = | (269.6 / (269.6 + 1055.1)) | / | (318.5 / (318.5 + 1151)) |
| = | 0.203518 | / | 0.21674 |
| | = | 0.939 |
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) |
| = | (1945.6 / 8093.1) | / | (2080.6 / 9129) |
| = | 0.240402 | / | 0.227911 |
| | = | 1.0548 |
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) |
| = | ((2890 + 1838) / 10944) | / | ((3140.9 + 3310.9) / 11333.3) |
| = | 0.432018 | / | 0.569278 |
| | = | 0.7589 |
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 |
| = | (921.3 - 37.6 | - | 1195.2) | / | 10944 |
| | = | -0.028463 |
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.
Rockwell Automation has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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