MSAfety Beneish M-Score Historical Data
The historical data trend for MSAfety'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.
MSAfety Beneish M-Score Chart
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MSAfety Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.47 |
-2.45 |
-2.27 |
-2.33 |
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MSAfety Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.05 |
-2.33 |
-2.77 |
-2.70 |
-2.62 |
Competitive Comparison of MSAfety's Beneish M-Score
For the Security & Protection Services subindustry, MSAfety'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.
MSAfety's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, MSAfety's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MSAfety's Beneish M-Score falls into.
MSAfety 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 MSAfety 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 * 0.9049 | + | 0.528 * 0.9756 | + | 0.404 * 1.0107 | + | 0.892 * 1.0393 | + | 0.115 * 1.0126 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0133 | + | 4.679 * -0.030501 | - | 0.327 * 0.8065 |
| = | -2.62 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $277 Mil.
Revenue was 432.679 + 462.463 + 413.302 + 495.357 = $1,804 Mil.
Gross Profit was 207.456 + 223.029 + 195.531 + 238.183 = $864 Mil.
Total Current Assets was $843 Mil.
Total Assets was $2,242 Mil.
Property, Plant and Equipment(Net PPE) was $276 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $401 Mil.
Total Current Liabilities was $314 Mil.
Long-Term Debt & Capital Lease Obligation was $577 Mil.
Net Income was 66.648 + 72.234 + 58.139 + 76.41 = $273 Mil.
Non Operating Income was 1.664 + 3.208 + 0.885 + -11.378 = $-6 Mil.
Cash Flow from Operations was 84.332 + 53.302 + 50.886 + 158.914 = $347 Mil.
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Total Receivables was $295 Mil.
Revenue was 446.728 + 447.299 + 398.262 + 443.254 = $1,736 Mil.
Gross Profit was 218.761 + 213.796 + 181.398 + 197.252 = $811 Mil.
Total Current Assets was $852 Mil.
Total Assets was $2,194 Mil.
Property, Plant and Equipment(Net PPE) was $255 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General, & Admin. Expense(SGA) was $381 Mil.
Total Current Liabilities was $325 Mil.
Long-Term Debt & Capital Lease Obligation was $757 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) |
| = | (277.346 / 1803.801) | / | (294.907 / 1735.543) |
| = | 0.153756 | / | 0.169922 |
| | = | 0.9049 |
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) |
| = | (811.207 / 1735.543) | / | (864.199 / 1803.801) |
| = | 0.467408 | / | 0.479099 |
| | = | 0.9756 |
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 - (842.669 + 276.039) / 2241.927) | / | (1 - (851.819 + 254.775) / 2194.335) |
| = | 0.501006 | / | 0.495704 |
| | = | 1.0107 |
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 |
| = | 1803.801 | / | 1735.543 |
| | = | 1.0393 |
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)) |
| = | (59.399 / (59.399 + 254.775)) | / | (63.371 / (63.371 + 276.039)) |
| = | 0.189064 | / | 0.186709 |
| | = | 1.0126 |
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) |
| = | (401.371 / 1803.801) | / | (381.096 / 1735.543) |
| = | 0.222514 | / | 0.219583 |
| | = | 1.0133 |
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) |
| = | ((577.144 + 314.478) / 2241.927) | / | ((756.727 + 325.401) / 2194.335) |
| = | 0.397703 | / | 0.493146 |
| | = | 0.8065 |
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 |
| = | (273.431 - -5.621 | - | 347.434) | / | 2241.927 |
| | = | -0.030501 |
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.
MSAfety has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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