Distribution Solutions Group Beneish M-Score Historical Data
The historical data trend for Distribution Solutions Group'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.
Distribution Solutions Group Beneish M-Score Chart
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Distribution Solutions Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.71 |
-1.83 |
-1.21 |
-2.64 |
-2.50 |
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Distribution Solutions Group Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.61 |
-2.82 |
-2.43 |
-2.50 |
-2.39 |
Competitive Comparison of Distribution Solutions Group's Beneish M-Score
For the Industrial Distribution subindustry, Distribution Solutions Group'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.
Distribution Solutions Group's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Distribution Solutions Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Distribution Solutions Group's Beneish M-Score falls into.
Distribution Solutions Group 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 Distribution Solutions Group 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 * 1.1126 | + | 0.528 * 1.0099 | + | 0.404 * 0.971 | + | 0.892 * 1.1391 | + | 0.115 * 1.0466 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9235 | + | 4.679 * -0.024089 | - | 0.327 * 1.1166 |
| = | -2.39 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $280 Mil.
Revenue was 478.029 + 480.463 + 468.019 + 439.536 = $1,866 Mil.
Gross Profit was 163.98 + 159.991 + 158.848 + 151.527 = $634 Mil.
Total Current Assets was $745 Mil.
Total Assets was $1,763 Mil.
Property, Plant and Equipment(Net PPE) was $270 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $561 Mil.
Total Current Liabilities was $272 Mil.
Long-Term Debt & Capital Lease Obligation was $806 Mil.
Net Income was 3.261 + -25.925 + 21.921 + 1.896 = $1 Mil.
Non Operating Income was -0.368 + -0.567 + -0.873 + 0.351 = $-1 Mil.
Cash Flow from Operations was -4.762 + 45.717 + -17.273 + 21.394 = $45 Mil.
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Total Receivables was $221 Mil.
Revenue was 416.086 + 405.239 + 438.909 + 377.984 = $1,638 Mil.
Gross Profit was 143.409 + 137.684 + 145.297 + 136.023 = $562 Mil.
Total Current Assets was $655 Mil.
Total Assets was $1,543 Mil.
Property, Plant and Equipment(Net PPE) was $214 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $533 Mil.
Total Current Liabilities was $240 Mil.
Long-Term Debt & Capital Lease Obligation was $605 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) |
| = | (280.393 / 1866.047) | / | (221.253 / 1638.218) |
| = | 0.15026 | / | 0.135057 |
| | = | 1.1126 |
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) |
| = | (562.413 / 1638.218) | / | (634.346 / 1866.047) |
| = | 0.343308 | / | 0.339941 |
| | = | 1.0099 |
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 - (744.802 + 270.447) / 1762.912) | / | (1 - (655.057 + 214.104) / 1543.123) |
| = | 0.424107 | / | 0.436752 |
| | = | 0.971 |
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 |
| = | 1866.047 | / | 1638.218 |
| | = | 1.1391 |
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)) |
| = | (64.918 / (64.918 + 214.104)) | / | (77.303 / (77.303 + 270.447)) |
| = | 0.232663 | / | 0.222295 |
| | = | 1.0466 |
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) |
| = | (561.077 / 1866.047) | / | (533.36 / 1638.218) |
| = | 0.300677 | / | 0.325573 |
| | = | 0.9235 |
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) |
| = | ((806.427 + 272.238) / 1762.912) | / | ((605.059 + 240.49) / 1543.123) |
| = | 0.611865 | / | 0.547947 |
| | = | 1.1166 |
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 |
| = | (1.153 - -1.457 | - | 45.076) | / | 1762.912 |
| | = | -0.024089 |
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.
Distribution Solutions Group has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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