Pool Beneish M-Score Historical Data
The historical data trend for Pool'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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Pool Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.17 |
-1.38 |
-2.21 |
-2.94 |
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Pool 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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-2.21 |
-2.76 |
-2.83 |
-3.03 |
-2.94 |
Competitive Comparison
For the Industrial Distribution subindustry, Pool'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.
Pool Beneish M-Score Distribution
For the Industrial Distribution industry and Industrials sector, Pool's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pool's Beneish M-Score falls into.
Pool 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 Pool 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 * 1.0881 | + | 0.528 * 1.0444 | + | 0.404 * 1.04 | + | 0.892 * 0.8967 | + | 0.115 * 1.1027 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1223 | + | 4.679 * -0.106474 | - | 0.327 * 0.9339 |
| = | -2.94 |
* 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 $343 Mil.
Revenue was 1003.05 + 1474.407 + 1857.363 + 1206.774 = $5,542 Mil.
Gross Profit was 293.775 + 428.731 + 567.783 + 369.755 = $1,660 Mil.
Total Current Assets was $1,815 Mil.
Total Assets was $3,428 Mil.
Property, Plant and Equipment(Net PPE) was $530 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $913 Mil.
Total Current Liabilities was $771 Mil.
Long-Term Debt & Capital Lease Obligation was $1,237 Mil.
Net Income was 51.437 + 137.843 + 232.25 + 101.699 = $523 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 138.211 + 373.241 + 273.574 + 103.203 = $888 Mil.
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Total Receivables was $351 Mil.
Revenue was 1095.92 + 1615.339 + 2055.818 + 1412.65 = $6,180 Mil.
Gross Profit was 315.731 + 503.687 + 666.804 + 447.189 = $1,933 Mil.
Total Current Assets was $2,019 Mil.
Total Assets was $3,565 Mil.
Property, Plant and Equipment(Net PPE) was $463 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $908 Mil.
Total Current Liabilities was $676 Mil.
Long-Term Debt & Capital Lease Obligation was $1,560 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) |
| = | (342.91 / 5541.594) | / | (351.448 / 6179.727) |
| = | 0.061879 | / | 0.056871 |
| | = | 1.0881 |
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) |
| = | (1933.411 / 6179.727) | / | (1660.044 / 5541.594) |
| = | 0.312863 | / | 0.299561 |
| | = | 1.0444 |
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 - (1815.36 + 529.617) / 3428.068) | / | (1 - (2018.991 + 463.317) / 3565.437) |
| = | 0.315948 | / | 0.303786 |
| | = | 1.04 |
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 |
| = | 5541.594 | / | 6179.727 |
| | = | 0.8967 |
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)) |
| = | (39.025 / (39.025 + 463.317)) | / | (40.14 / (40.14 + 529.617)) |
| = | 0.077686 | / | 0.070451 |
| | = | 1.1027 |
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) |
| = | (913.477 / 5541.594) | / | (907.629 / 6179.727) |
| = | 0.16484 | / | 0.146872 |
| | = | 1.1223 |
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) |
| = | ((1237.066 + 770.766) / 3428.068) | / | ((1560.299 + 675.714) / 3565.437) |
| = | 0.585704 | / | 0.627136 |
| | = | 0.9339 |
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 |
| = | (523.229 - 0 | - | 888.229) | / | 3428.068 |
| | = | -0.106474 |
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.
Pool has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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