Market Cap : 647.98 M | Enterprise Value : 962.23 M | PE Ratio : 12.43 | PB Ratio : 4.75 |
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The zones of discrimination for M-Score is as such:
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.
During the past 4 years, the highest Beneish M-Score of OneWater Marine was 0.00. The lowest was -4.00. And the median was -3.32.
* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.
* The bar in red indicates where OneWater Marine's Beneish M-Score falls into.
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 * 1.1435 | + | 0.528 * 0.9372 | + | 0.404 * 1.3144 | + | 0.892 * 1.3243 | + | 0.115 * 2.6785 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9184 | + | 4.679 * -0.3079 | - | 0.327 * 0.9165 | |||||||
= | -3.17 |
* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.
This Year (Dec20) TTM: | Last Year (Dec19) TTM: |
Accounts Receivable was $14 Mil. Revenue was 214.083 + 271.036 + 408.273 + 189.963 = $1,083 Mil. Gross Profit was 52.436 + 64.066 + 94.685 + 44.584 = $256 Mil. Total Current Assets was $254 Mil. Total Assets was $552 Mil. Property, Plant and Equipment(Net PPE) was $63 Mil. Depreciation, Depletion and Amortization(DDA) was $3 Mil. Selling, General, & Admin. Expense(SGA) was $150 Mil. Total Current Liabilities was $233 Mil. Long-Term Debt & Capital Lease Obligation was $111 Mil. Net Income was 7.788 + 1.973 + 14.367 + 1.085 = $25 Mil. Non Operating Income was -0.483 + -13.625 + 0.03 + -3.214 = $-17 Mil. Cash Flow from Operations was -28.615 + 59.881 + 199.676 + -18.357 = $213 Mil. |
Accounts Receivable was $10 Mil. Revenue was 153.698 + 208.752 + 274.824 + 180.771 = $818 Mil. Gross Profit was 32.189 + 46.352 + 62.731 + 39.725 = $181 Mil. Total Current Assets was $346 Mil. Total Assets was $538 Mil. Property, Plant and Equipment(Net PPE) was $17 Mil. Depreciation, Depletion and Amortization(DDA) was $3 Mil. Selling, General, & Admin. Expense(SGA) was $123 Mil. Total Current Liabilities was $299 Mil. Long-Term Debt & Capital Lease Obligation was $67 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) |
= | (14.499 / 1083.355) | / | (9.574 / 818.045) | |
= | 0.01338342 | / | 0.01170351 | |
= | 1.1435 |
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) | |
= | (180.997 / 818.045) | / | (255.771 / 1083.355) | |
= | 0.22125555 | / | 0.23609159 | |
= | 0.9372 |
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 - (253.856 + 62.833) / 552.337) | / | (1 - (346.067 + 17.489) / 538.264) | |
= | 0.42663809 | / | 0.32457679 | |
= | 1.3144 |
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 | |
= | 1083.355 | / | 818.045 | |
= | 1.3243 |
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)) |
= | (2.835 / (2.835 + 17.489)) | / | (3.452 / (3.452 + 62.833)) | |
= | 0.13949026 | / | 0.05207815 | |
= | 2.6785 |
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) |
= | (149.816 / 1083.355) | / | (123.179 / 818.045) | |
= | 0.13828893 | / | 0.15057729 | |
= | 0.9184 |
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) |
= | ((111.466 + 232.612) / 552.337) | / | ((67.013 + 298.838) / 538.264) | |
= | 0.6229494 | / | 0.67968692 | |
= | 0.9165 |
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 | |
= | (25.213 - -17.292 | - | 212.585) | / | 552.337 | |
= | -0.3079 |
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 -3.17 suggests that the company is unlikely to be a manipulator.
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