Mueller Water Products Beneish M-Score Historical Data
The historical data trend for Mueller Water Products'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.
Mueller Water Products Beneish M-Score Chart
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Mueller Water Products Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.66 |
-2.52 |
-2.32 |
-2.57 |
-2.87 |
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Mueller Water Products 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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-2.57 |
-2.95 |
-2.77 |
-2.74 |
-2.87 |
Competitive Comparison of Mueller Water Products's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Mueller Water Products'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.
Mueller Water Products's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Mueller Water Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mueller Water Products's Beneish M-Score falls into.
Mueller Water Products 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 Mueller Water Products 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 * 0.9428 | + | 0.528 * 0.8521 | + | 0.404 * 0.8582 | + | 0.892 * 1.0306 | + | 0.115 * 0.9776 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9832 | + | 4.679 * -0.05147 | - | 0.327 * 0.9789 |
| = | -2.87 |
* 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 $216 Mil.
Revenue was 348.2 + 356.7 + 353.4 + 256.4 = $1,315 Mil.
Gross Profit was 110.9 + 131.4 + 130.4 + 86.3 = $459 Mil.
Total Current Assets was $858 Mil.
Total Assets was $1,636 Mil.
Property, Plant and Equipment(Net PPE) was $346 Mil.
Depreciation, Depletion and Amortization(DDA) was $66 Mil.
Selling, General, & Admin. Expense(SGA) was $244 Mil.
Total Current Liabilities was $258 Mil.
Long-Term Debt & Capital Lease Obligation was $471 Mil.
Net Income was 10 + 47.3 + 44.3 + 14.3 = $116 Mil.
Non Operating Income was -23.4 + -2.9 + -3.2 + -9.2 = $-39 Mil.
Cash Flow from Operations was 89.3 + 87.3 + -5.7 + 67.9 = $239 Mil.
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Total Receivables was $222 Mil.
Revenue was 301.4 + 326.6 + 332.9 + 314.8 = $1,276 Mil.
Gross Profit was 88.4 + 100.1 + 97.8 + 93.2 = $380 Mil.
Total Current Assets was $707 Mil.
Total Assets was $1,505 Mil.
Property, Plant and Equipment(Net PPE) was $335 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $241 Mil.
Total Current Liabilities was $219 Mil.
Long-Term Debt & Capital Lease Obligation was $467 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) |
| = | (215.5 / 1314.7) | / | (221.8 / 1275.7) |
| = | 0.163916 | / | 0.173865 |
| | = | 0.9428 |
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) |
| = | (379.5 / 1275.7) | / | (459 / 1314.7) |
| = | 0.297484 | / | 0.349129 |
| | = | 0.8521 |
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 - (858.4 + 345.7) / 1635.9) | / | (1 - (706.8 + 335.3) / 1505) |
| = | 0.263953 | / | 0.307575 |
| | = | 0.8582 |
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 |
| = | 1314.7 | / | 1275.7 |
| | = | 1.0306 |
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)) |
| = | (62.5 / (62.5 + 335.3)) | / | (66.2 / (66.2 + 345.7)) |
| = | 0.157114 | / | 0.160719 |
| | = | 0.9776 |
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) |
| = | (244.2 / 1314.7) | / | (241 / 1275.7) |
| = | 0.185746 | / | 0.188916 |
| | = | 0.9832 |
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) |
| = | ((471.2 + 258) / 1635.9) | / | ((466.5 + 218.8) / 1505) |
| = | 0.445749 | / | 0.455349 |
| | = | 0.9789 |
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 |
| = | (115.9 - -38.7 | - | 238.8) | / | 1635.9 |
| | = | -0.05147 |
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.
Mueller Water Products has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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