Mohawk Industries Beneish M-Score Historical Data
The historical data trend for Mohawk Industries'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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Mohawk Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.71 |
-2.78 |
-2.55 |
-2.45 |
-2.88 |
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Mohawk Industries 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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-2.45 |
-2.58 |
-2.67 |
-2.88 |
-2.88 |
Competitive Comparison
For the Furnishings, Fixtures & Appliances subindustry, Mohawk Industries'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.
Mohawk Industries Beneish M-Score Distribution
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Mohawk Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mohawk Industries's Beneish M-Score falls into.
Mohawk Industries 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 Mohawk Industries 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 * 1.0374 | + | 0.528 * 1.0306 | + | 0.404 * 0.8307 | + | 0.892 * 0.9487 | + | 0.115 * 1.0129 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1152 | + | 4.679 * -0.066506 | - | 0.327 * 1.0102 |
| = | -2.88 |
* 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 $1,875 Mil.
Revenue was 2612.278 + 2766.186 + 2950.428 + 2806.223 = $11,135 Mil.
Gross Profit was 642.294 + 692.007 + 731.909 + 643.442 = $2,710 Mil.
Total Current Assets was $5,604 Mil.
Total Assets was $13,560 Mil.
Property, Plant and Equipment(Net PPE) was $5,422 Mil.
Depreciation, Depletion and Amortization(DDA) was $630 Mil.
Selling, General, & Admin. Expense(SGA) was $2,120 Mil.
Total Current Liabilities was $3,146 Mil.
Long-Term Debt & Capital Lease Obligation was $2,039 Mil.
Net Income was 139.488 + -760.459 + 101.217 + 80.238 = $-440 Mil.
Non Operating Income was 2.275 + -867.557 + -2.215 + 0.566 = $-867 Mil.
Cash Flow from Operations was 296.322 + 512.034 + 263.597 + 257.276 = $1,329 Mil.
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Total Receivables was $1,905 Mil.
Revenue was 2650.675 + 2917.539 + 3153.188 + 3015.663 = $11,737 Mil.
Gross Profit was 554.44 + 713.661 + 873.197 + 802.128 = $2,943 Mil.
Total Current Assets was $5,895 Mil.
Total Assets was $14,120 Mil.
Property, Plant and Equipment(Net PPE) was $5,049 Mil.
Depreciation, Depletion and Amortization(DDA) was $595 Mil.
Selling, General, & Admin. Expense(SGA) was $2,003 Mil.
Total Current Liabilities was $3,070 Mil.
Long-Term Debt & Capital Lease Obligation was $2,275 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) |
| = | (1874.656 / 11135.115) | / | (1904.786 / 11737.065) |
| = | 0.168355 | / | 0.162288 |
| | = | 1.0374 |
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) |
| = | (2943.426 / 11737.065) | / | (2709.652 / 11135.115) |
| = | 0.25078 | / | 0.243343 |
| | = | 1.0306 |
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 - (5604.217 + 5421.698) / 13559.869) | / | (1 - (5895.099 + 5048.994) / 14120.432) |
| = | 0.186872 | / | 0.224946 |
| | = | 0.8307 |
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 |
| = | 11135.115 | / | 11737.065 |
| | = | 0.9487 |
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)) |
| = | (595.464 / (595.464 + 5048.994)) | / | (630.327 / (630.327 + 5421.698)) |
| = | 0.105495 | / | 0.104151 |
| | = | 1.0129 |
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) |
| = | (2119.716 / 11135.115) | / | (2003.438 / 11737.065) |
| = | 0.190363 | / | 0.170693 |
| | = | 1.1152 |
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) |
| = | ((2039.291 + 3145.914) / 13559.869) | / | ((2274.699 + 3070.285) / 14120.432) |
| = | 0.382393 | / | 0.378528 |
| | = | 1.0102 |
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 |
| = | (-439.516 - -866.931 | - | 1329.229) | / | 13559.869 |
| | = | -0.066506 |
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.
Mohawk Industries has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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