The Middleby Beneish M-Score Historical Data
The historical data trend for The Middleby'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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The Middleby Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.38 |
-2.86 |
-2.11 |
-2.28 |
-2.53 |
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The Middleby 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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|
|
|
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|
|
|
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|
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-2.28 |
-2.39 |
-2.38 |
-2.43 |
-2.53 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, The Middleby'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.
The Middleby Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, The Middleby's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Middleby's Beneish M-Score falls into.
The Middleby 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 The Middleby 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 * 1.0204 | + | 0.528 * 0.9438 | + | 0.404 * 0.9964 | + | 0.892 * 1.0009 | + | 0.115 * 1.152 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0112 | + | 4.679 * -0.019032 | - | 0.327 * 0.8776 |
| = | -2.53 |
* 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 $645 Mil.
Revenue was 1008.576 + 980.651 + 1039.982 + 1007.396 = $4,037 Mil.
Gross Profit was 386.769 + 375.322 + 393.236 + 378.735 = $1,534 Mil.
Total Current Assets was $1,966 Mil.
Total Assets was $6,907 Mil.
Property, Plant and Equipment(Net PPE) was $511 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $807 Mil.
Total Current Liabilities was $851 Mil.
Long-Term Debt & Capital Lease Obligation was $2,380 Mil.
Net Income was 76.293 + 108.65 + 116.85 + 99.089 = $401 Mil.
Non Operating Income was -82.121 + -5.52 + -4.618 + -4.202 = $-96 Mil.
Cash Flow from Operations was 255.687 + 219.153 + 61.948 + 92.002 = $629 Mil.
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Total Receivables was $631 Mil.
Revenue was 1031.705 + 992.871 + 1013.601 + 994.676 = $4,033 Mil.
Gross Profit was 390.07 + 365.232 + 360.742 + 330.51 = $1,447 Mil.
Total Current Assets was $2,006 Mil.
Total Assets was $6,875 Mil.
Property, Plant and Equipment(Net PPE) was $444 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $797 Mil.
Total Current Liabilities was $988 Mil.
Long-Term Debt & Capital Lease Obligation was $2,677 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) |
| = | (644.576 / 4036.605) | / | (631.134 / 4032.853) |
| = | 0.159683 | / | 0.156498 |
| | = | 1.0204 |
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) |
| = | (1446.554 / 4032.853) | / | (1534.062 / 4036.605) |
| = | 0.358692 | / | 0.380038 |
| | = | 0.9438 |
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 - (1965.859 + 510.898) / 6906.692) | / | (1 - (2005.996 + 443.528) / 6874.866) |
| = | 0.641398 | / | 0.643699 |
| | = | 0.9964 |
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 |
| = | 4036.605 | / | 4032.853 |
| | = | 1.0009 |
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)) |
| = | (138.061 / (138.061 + 443.528)) | / | (132.604 / (132.604 + 510.898)) |
| = | 0.237386 | / | 0.206066 |
| | = | 1.152 |
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) |
| = | (806.946 / 4036.605) | / | (797.234 / 4032.853) |
| = | 0.199907 | / | 0.197685 |
| | = | 1.0112 |
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) |
| = | ((2380.373 + 851.094) / 6906.692) | / | ((2676.741 + 988.284) / 6874.866) |
| = | 0.467875 | / | 0.533105 |
| | = | 0.8776 |
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 |
| = | (400.882 - -96.461 | - | 628.79) | / | 6906.692 |
| | = | -0.019032 |
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.
The Middleby has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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