Dorman Products Beneish M-Score Historical Data
The historical data trend for Dorman 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.
Dorman Products Beneish M-Score Chart
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Dorman Products Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.64 |
-2.11 |
-2.23 |
-2.49 |
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Dorman Products 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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-2.23 |
-2.27 |
-2.28 |
-2.37 |
-2.49 |
Competitive Comparison of Dorman Products's Beneish M-Score
For the Auto Parts subindustry, Dorman 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.
Dorman Products's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Dorman Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dorman Products's Beneish M-Score falls into.
Dorman 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 Dorman 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 * 1.1075 | + | 0.528 * 0.9166 | + | 0.404 * 0.9976 | + | 0.892 * 1.1131 | + | 0.115 * 0.8572 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0749 | + | 4.679 * -0.035466 | - | 0.327 * 0.8971 |
| = | -2.49 |
* 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 $527 Mil.
Revenue was 494.296 + 488.186 + 480.568 + 466.738 = $1,930 Mil.
Gross Profit was 194.222 + 183.218 + 163.506 + 144.477 = $685 Mil.
Total Current Assets was $1,234 Mil.
Total Assets was $2,292 Mil.
Property, Plant and Equipment(Net PPE) was $264 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $471 Mil.
Total Current Liabilities was $547 Mil.
Long-Term Debt & Capital Lease Obligation was $559 Mil.
Net Income was 50.284 + 40.522 + 32.77 + 5.683 = $129 Mil.
Non Operating Income was 0.446 + 0.605 + 0.396 + 0.357 = $2 Mil.
Cash Flow from Operations was 59.648 + 56.224 + 66.676 + 26.21 = $209 Mil.
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Total Receivables was $427 Mil.
Revenue was 501.281 + 413.47 + 417.419 + 401.579 = $1,734 Mil.
Gross Profit was 157.774 + 131.911 + 141.525 + 133.24 = $564 Mil.
Total Current Assets was $1,269 Mil.
Total Assets was $2,342 Mil.
Property, Plant and Equipment(Net PPE) was $258 Mil.
Depreciation, Depletion and Amortization(DDA) was $45 Mil.
Selling, General, & Admin. Expense(SGA) was $393 Mil.
Total Current Liabilities was $678 Mil.
Long-Term Debt & Capital Lease Obligation was $581 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) |
| = | (526.867 / 1929.788) | / | (427.385 / 1733.749) |
| = | 0.273018 | / | 0.246509 |
| | = | 1.1075 |
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) |
| = | (564.45 / 1733.749) | / | (685.423 / 1929.788) |
| = | 0.325566 | / | 0.35518 |
| | = | 0.9166 |
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 - (1233.709 + 263.589) / 2292.407) | / | (1 - (1269.12 + 258.454) / 2341.786) |
| = | 0.346845 | / | 0.347688 |
| | = | 0.9976 |
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 |
| = | 1929.788 | / | 1733.749 |
| | = | 1.1131 |
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)) |
| = | (44.677 / (44.677 + 258.454)) | / | (54.729 / (54.729 + 263.589)) |
| = | 0.147385 | / | 0.171932 |
| | = | 0.8572 |
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) |
| = | (470.663 / 1929.788) | / | (393.402 / 1733.749) |
| = | 0.243894 | / | 0.226908 |
| | = | 1.0749 |
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) |
| = | ((558.501 + 547.151) / 2292.407) | / | ((580.685 + 678.295) / 2341.786) |
| = | 0.482311 | / | 0.537615 |
| | = | 0.8971 |
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 |
| = | (129.259 - 1.804 | - | 208.758) | / | 2292.407 |
| | = | -0.035466 |
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.
Dorman Products has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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