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OneWater Marine Beneish M-Score

: 0.00 (As of Today)
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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.

OneWater Marine Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

* Premium members only.

OneWater Marine Annual Data
Sep17 Sep18 Sep19 Sep20
Beneish M-Score 0.00 0.00 0.00 -4.00

OneWater Marine Quarterly Data
Sep17 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.64 0.00 -4.00 0.00
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.

OneWater Marine Beneish M-Score Distribution

* 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 * 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.

OneWater Marine Beneish M-Score Headlines

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