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 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.30 |
-2.66 |
-2.52 |
-2.32 |
-2.58 |
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Mueller Water Products, Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.20 |
-2.29 |
-2.56 |
-2.58 |
-2.96 |
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 * 0.883 | + | 0.528 * 0.9369 | + | 0.404 * 0.9213 | + | 0.892 * 0.9437 | + | 0.115 * 0.9721 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0196 | + | 4.679 * -0.053114 | - | 0.327 * 0.9908 |
| = | -2.96 |
* 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 $173 Mil.
Revenue was 256.4 + 301.4 + 326.6 + 332.9 = $1,217 Mil.
Gross Profit was 86.3 + 88.4 + 100.1 + 97.8 = $373 Mil.
Total Current Assets was $729 Mil.
Total Assets was $1,529 Mil.
Property, Plant and Equipment(Net PPE) was $338 Mil.
Depreciation, Depletion and Amortization(DDA) was $64 Mil.
Selling, General, & Admin. Expense(SGA) was $237 Mil.
Total Current Liabilities was $222 Mil.
Long-Term Debt & Capital Lease Obligation was $473 Mil.
Net Income was 14.3 + 17.2 + 24.5 + 21.3 = $77 Mil.
Non Operating Income was -8.2 + -10.2 + -4.8 + -1.7 = $-25 Mil.
Cash Flow from Operations was 67.9 + 56.5 + 74.7 + -15.7 = $183 Mil.
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Total Receivables was $208 Mil.
Revenue was 314.8 + 331.4 + 333.2 + 310.5 = $1,290 Mil.
Gross Profit was 93.2 + 85.6 + 98.3 + 92.8 = $370 Mil.
Total Current Assets was $672 Mil.
Total Assets was $1,487 Mil.
Property, Plant and Equipment(Net PPE) was $328 Mil.
Depreciation, Depletion and Amortization(DDA) was $60 Mil.
Selling, General, & Admin. Expense(SGA) was $246 Mil.
Total Current Liabilities was $214 Mil.
Long-Term Debt & Capital Lease Obligation was $468 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) |
| = | (172.9 / 1217.3) | / | (207.5 / 1289.9) |
| = | 0.142036 | / | 0.160865 |
| | = | 0.883 |
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) |
| = | (369.9 / 1289.9) | / | (372.6 / 1217.3) |
| = | 0.286766 | / | 0.306087 |
| | = | 0.9369 |
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 - (729.4 + 338.3) / 1528.8) | / | (1 - (671.9 + 328) / 1486.6) |
| = | 0.301609 | / | 0.327391 |
| | = | 0.9213 |
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 |
| = | 1217.3 | / | 1289.9 |
| | = | 0.9437 |
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)) |
| = | (60.1 / (60.1 + 328)) | / | (64.1 / (64.1 + 338.3)) |
| = | 0.154857 | / | 0.159294 |
| | = | 0.9721 |
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) |
| = | (236.9 / 1217.3) | / | (246.2 / 1289.9) |
| = | 0.194611 | / | 0.190868 |
| | = | 1.0196 |
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) |
| = | ((472.6 + 221.6) / 1528.8) | / | ((467.7 + 213.6) / 1486.6) |
| = | 0.454082 | / | 0.458294 |
| | = | 0.9908 |
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 |
| = | (77.3 - -24.9 | - | 183.4) | / | 1528.8 |
| | = | -0.053114 |
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 -2.96 suggests that the company is unlikely to be a manipulator.
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