Malibu Boats (MEX:MBUU) Beneish M-Score : -3.12 (As of Dec. 15, 2024)

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What is Malibu Boats Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Malibu Boats's Beneish M-Score or its related term are showing as below:

MEX:MBUU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.72 Med: -2.45 Max: -0.91
Current: -3.12

During the past 13 years, the highest Beneish M-Score of Malibu Boats was -0.91. The lowest was -3.72. And the median was -2.45.

Malibu Boats Beneish M-Score Historical Data

The historical data trend for Malibu Boats'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.

* Premium members only.

Malibu Boats Beneish M-Score Chart

Malibu Boats Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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-3.19

-0.91

-2.40

-2.72

-3.02

Malibu Boats Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.35	-3.56	-3.72	-3.02	-3.12

Competitive Comparison of Malibu Boats's Beneish M-Score

For the Recreational Vehicles subindustry, Malibu Boats'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.

Malibu Boats's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Malibu Boats's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Malibu Boats's Beneish M-Score falls into.

Malibu Boats 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 Malibu Boats for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1075

0.528 * 1.5705

0.404 * 0.9138

0.892 * 0.5472

0.115 * 1.0205

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9739

4.679 * -0.092222

0.327 * 0.9543

-2.93

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was MXN685 Mil.
Revenue was 3378.462 + 2907.62 + 3375.994 + 3582.822 = MXN13,245 Mil.
Gross Profit was 555.444 + 228.873 + 669.377 + 636.11 = MXN2,090 Mil.
Total Current Assets was MXN4,363 Mil.
Total Assets was MXN14,948 Mil.
Property, Plant and Equipment(Net PPE) was MXN4,834 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN611 Mil.
Selling, General, & Admin. Expense(SGA) was MXN1,891 Mil.
Total Current Liabilities was MXN2,811 Mil.
Long-Term Debt & Capital Lease Obligation was MXN551 Mil.
Net Income was -99.397 + -352.131 + -1109.144 + 167.723 = MXN-1,393 Mil.
Non Operating Income was 0.197 + -160.557 + -1466.694 + 0.153 = MXN-1,627 Mil.
Cash Flow from Operations was -165.438 + 299.296 + 390.211 + 1088.389 = MXN1,612 Mil.

Total Receivables was MXN1,130 Mil.
Revenue was 4456.276 + 6382.725 + 6761.52 + 6603.919 = MXN24,204 Mil.
Gross Profit was 989.289 + 1756.598 + 1776.796 + 1474.95 = MXN5,998 Mil.
Total Current Assets was MXN5,165 Mil.
Total Assets was MXN16,067 Mil.
Property, Plant and Equipment(Net PPE) was MXN4,138 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN535 Mil.
Selling, General, & Admin. Expense(SGA) was MXN3,549 Mil.
Total Current Liabilities was MXN2,655 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,132 Mil.

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)
	=	(684.573 / 13244.898)	/	(1129.546 / 24204.44)
	=	0.051686	/	0.046667
	=	1.1075

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)
	=	(5997.633 / 24204.44)	/	(2089.804 / 13244.898)
	=	0.247791	/	0.157782
	=	1.5705

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 - (4362.937 + 4833.811) / 14947.635)	/	(1 - (5165.034 + 4137.824) / 16067.313)
	=	0.384736	/	0.421007
	=	0.9138

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
	=	13244.898	/	24204.44
	=	0.5472

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))
	=	(535.192 / (535.192 + 4137.824))	/	(611.042 / (611.042 + 4833.811))
	=	0.114528	/	0.112224
	=	1.0205

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)
	=	(1891.391 / 13244.898)	/	(3548.993 / 24204.44)
	=	0.142801	/	0.146626
	=	0.9739

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)
	=	((551.328 + 2811.007) / 14947.635)	/	((1132.228 + 2655.041) / 16067.313)
	=	0.224941	/	0.235713
	=	0.9543

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
	=	(-1392.949 - -1626.901	-	1612.458)	/	14947.635
	=	-0.092222

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.

Malibu Boats has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.

Malibu Boats Beneish M-Score Related Terms

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Malibu Boats Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Malibu Boats Inc (MEX:MBUU) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

MBUU:USA M05:Germany

Address

5075 Kimberly Way, Loudon, TN, USA, 37774

Website

https://www.malibuboats.com

Malibu Boats is a leading designer and manufacturer of power boats in the United States. It is the market leader in performance sport boats, sold under its Malibu and Axis brands. It acquired Cobalt Boats, a leading producer of sterndrive boats in the us in the 24- to 29-foot segment, in 2017 and Pursuit Boats, which makes high-end offshore and outboard motorboats, in 2018. In 2021, it purchased Maverick Boat Group, a leading seller of flat fishing boats, including bay, dual-console, and center-console boats. Malibu has also expanded into boat trailers and accessories and in 2020 began producing its own engines (Monsoon) for its performance sport boats and now for Cobalt. Malibu's target market includes a wide range of water enthusiasts who embrace the active outdoor lifestyle.