OneWater Marine Beneish M-Score Historical Data
The historical data trend for OneWater Marine'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.
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OneWater Marine Annual Data
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Trend |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -4.01
[4] => -2.28
[5] => -1.34
[6] => -1.13
)
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- |
-4.01 |
-2.28 |
-1.34 |
-1.13 |
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OneWater Marine 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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-1.44 |
-1.92 |
-1.67 |
-1.13 |
-2.17 |
Competitive Comparison
For the Specialty Retail subindustry, OneWater Marine'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.
OneWater Marine Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, OneWater Marine's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OneWater Marine's Beneish M-Score falls into.
OneWater Marine 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 OneWater Marine 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 * 0.6911 | + | 0.528 * 1.1865 | + | 0.404 * 0.8075 | + | 0.892 * 1.0893 | + | 0.115 * 0.751 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9937 | + | 4.679 * 0.11653 | - | 0.327 * 1.0766 |
| = | -2.17 |
* 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 $48 Mil.
Revenue was 364.013 + 450.981 + 594.339 + 524.331 = $1,934 Mil.
Gross Profit was 91.443 + 119.007 + 159.434 + 146.697 = $517 Mil.
Total Current Assets was $887 Mil.
Total Assets was $1,693 Mil.
Property, Plant and Equipment(Net PPE) was $217 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $347 Mil.
Total Current Liabilities was $699 Mil.
Long-Term Debt & Capital Lease Obligation was $555 Mil.
Net Income was -7.17 + -98.866 + 28.57 + 22.804 = $-55 Mil.
Non Operating Income was -0.904 + -146.624 + -0.894 + -1.79 = $-150 Mil.
Cash Flow from Operations was -110.034 + 4.437 + 35.062 + -31.209 = $-102 Mil.
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Total Receivables was $64 Mil.
Revenue was 366.659 + 397.523 + 568.9 + 442.127 = $1,775 Mil.
Gross Profit was 109.988 + 126.209 + 183.939 + 142.542 = $563 Mil.
Total Current Assets was $710 Mil.
Total Assets was $1,672 Mil.
Property, Plant and Equipment(Net PPE) was $242 Mil.
Depreciation, Depletion and Amortization(DDA) was $21 Mil.
Selling, General, & Admin. Expense(SGA) was $321 Mil.
Total Current Liabilities was $601 Mil.
Long-Term Debt & Capital Lease Obligation was $549 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) |
| = | (47.885 / 1933.664) | / | (63.613 / 1775.209) |
| = | 0.024764 | / | 0.035834 |
| | = | 0.6911 |
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) |
| = | (562.678 / 1775.209) | / | (516.581 / 1933.664) |
| = | 0.316964 | / | 0.267151 |
| | = | 1.1865 |
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 - (887.312 + 216.92) / 1693.073) | / | (1 - (710.392 + 241.562) / 1672.093) |
| = | 0.347794 | / | 0.430681 |
| | = | 0.8075 |
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 |
| = | 1933.664 | / | 1775.209 |
| | = | 1.0893 |
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)) |
| = | (20.729 / (20.729 + 241.562)) | / | (25.512 / (25.512 + 216.92)) |
| = | 0.079031 | / | 0.105234 |
| | = | 0.751 |
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) |
| = | (347.285 / 1933.664) | / | (320.855 / 1775.209) |
| = | 0.179599 | / | 0.180742 |
| | = | 0.9937 |
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) |
| = | ((555.086 + 699.022) / 1693.073) | / | ((549.271 + 601.166) / 1672.093) |
| = | 0.740729 | / | 0.688022 |
| | = | 1.0766 |
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 |
| = | (-54.662 - -150.212 | - | -101.744) | / | 1693.073 |
| | = | 0.11653 |
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.
OneWater Marine has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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