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American Woodmark Beneish M-Score

: -2.85 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

American Woodmark has a M-score of -2.85 suggests that the company is not a manipulator.

NAS:AMWD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.68   Max: 0.17
Current: -2.85

-3.68
0.17

During the past 13 years, the highest Beneish M-Score of American Woodmark was 0.17. The lowest was -3.68. And the median was -2.70.


American Woodmark Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

American Woodmark Annual Data

Apr10 Apr11 Apr12 Apr13 Apr14 Apr15 Apr16 Apr17 Apr18 Apr19
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.71 -2.34 -2.52 -0.12 -2.85

American Woodmark Quarterly Data

Jul14 Oct14 Jan15 Apr15 Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.12 -0.44 -0.19 -2.72 -2.85

Competitive Comparison
* 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.


American Woodmark Beneish M-Score Distribution

* The bar in red indicates where American Woodmark's Beneish M-Score falls into.



American Woodmark 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 American Woodmark 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 * 0.7016+0.528 * 0.9695+0.404 * 1.0276+0.892 * 1.316+0.115 * 0.5482
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0429+4.679 * -0.0719-0.327 * 0.9202
=-2.85

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Apr19) TTM:Last Year (Apr18) TTM:
Accounts Receivable was $126 Mil.
Revenue was 407.399 + 384.08 + 424.878 + 428.962 = $1,645 Mil.
Gross Profit was 87.122 + 76.853 + 86.762 + 95.736 = $346 Mil.
Total Current Assets was $306 Mil.
Total Assets was $1,530 Mil.
Property, Plant and Equipment(Net PPE) was $208 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $203 Mil.
Total Current Liabilities was $150 Mil.
Long-Term Debt & Capital Lease Obligation was $689 Mil.
Net Income was 22.024 + 18.409 + 18.488 + 24.767 = $84 Mil.
Non Operating Income was -1.217 + 5.786 + -0.706 + -1.004 = $3 Mil.
Cash Flow from Operations was 52.895 + 30.283 + 54.73 + 52.937 = $191 Mil.
Accounts Receivable was $136 Mil.
Revenue was 405.887 + 292.791 + 274.769 + 276.827 = $1,250 Mil.
Gross Profit was 89.195 + 50.379 + 57.335 + 58.358 = $255 Mil.
Total Current Assets was $364 Mil.
Total Assets was $1,645 Mil.
Property, Plant and Equipment(Net PPE) was $218 Mil.
(DDA) was $45 Mil.
Selling, General, & Admin. Expense(SGA) was $148 Mil.
Total Current Liabilities was $170 Mil.
Long-Term Debt & Capital Lease Obligation was $810 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(125.901 / 1645.319) / (136.355 / 1250.274)
=0.07652072 / 0.10906009
=0.7016

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)
=(255.267 / 1250.274) / (346.473 / 1645.319)
=0.20416885 / 0.21058105
=0.9695

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 - (306.035 + 208.263) / 1529.931) / (1 - (364.367 + 218.102) / 1645.345)
=0.66384236 / 0.64598975
=1.0276

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
=1645.319 / 1250.274
=1.316

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))
=(45.004 / (45.004 + 218.102)) / (94.446 / (94.446 + 208.263))
=0.17104893 / 0.31200262
=0.5482

6. SGAI = Sales, General and Administrative expenses Index

The ratio of c 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)
=(202.792 / 1645.319) / (147.763 / 1250.274)
=0.12325391 / 0.11818449
=1.0429

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$sgai= in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((689.205 + 149.59) / 1529.931) / ((809.897 + 170.455) / 1645.345)
=0.54825675 / 0.5958337
=0.9202

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
=(83.688 - 2.859 - 190.845) / 1529.931
=-0.0719

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

American Woodmark has a M-score of -2.85 suggests that the company will not be a manipulator.


American Woodmark Beneish M-Score Headlines

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