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The Shyft Group Beneish M-Score

: -2.25 (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.

Good Sign:

Beneish M-Score -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for The Shyft Group's Beneish M-Score or its related term are showing as below:

SHYF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.58   Med: -2.37   Max: 0.25
Current: -2.25

During the past 13 years, the highest Beneish M-Score of The Shyft Group was 0.25. The lowest was -4.58. And the median was -2.37.


The Shyft Group Beneish M-Score Historical Data

The historical data trend for The Shyft 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.

* Premium members only.

The Shyft Group Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.13 -2.10 -2.88 -2.95 -2.06

The Shyft Group Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.37 -2.65 -2.06 -2.22 -2.25

Competitive Comparison

For the Farm & Heavy Construction Machinery subindustry, The Shyft 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.

   

The Shyft Group Beneish M-Score Distribution

For the Farm & Heavy Construction Machinery industry and Industrials sector, The Shyft Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The Shyft Group's Beneish M-Score falls into.



The Shyft 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 The Shyft 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 * 0.9142+0.528 * 1.2275+0.404 * 0.8213+0.892 * 1.2106+0.115 * 1.1075
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8793+4.679 * 0.0186-0.327 * 1.1395
=-2.25

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was $145.2 Mil.
Revenue was 232.195 + 206.883 + 277.3 + 272.622 = $989.0 Mil.
Gross Profit was 42.118 + 25.931 + 51.315 + 56.058 = $175.4 Mil.
Total Current Assets was $267.6 Mil.
Total Assets was $495.0 Mil.
Property, Plant and Equipment(Net PPE) was $120.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.7 Mil.
Selling, General, & Admin. Expense(SGA) was $106.8 Mil.
Total Current Liabilities was $153.5 Mil.
Long-Term Debt & Capital Lease Obligation was $101.5 Mil.
Net Income was 5.283 + -3.852 + 20.464 + 20.922 = $42.8 Mil.
Non Operating Income was -0.488 + -0.035 + 0 + 0 = $-0.5 Mil.
Cash Flow from Operations was -8.885 + -27.784 + 31.686 + 39.095 = $34.1 Mil.
Total Receivables was $131.2 Mil.
Revenue was 243.982 + 197.888 + 171.582 + 203.473 = $816.9 Mil.
Gross Profit was 51.906 + 39.986 + 35.221 + 50.75 = $177.9 Mil.
Total Current Assets was $212.7 Mil.
Total Assets was $419.1 Mil.
Property, Plant and Equipment(Net PPE) was $96.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.4 Mil.
Selling, General, & Admin. Expense(SGA) was $100.3 Mil.
Total Current Liabilities was $131.1 Mil.
Long-Term Debt & Capital Lease Obligation was $58.4 Mil.




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)
=(145.245 / 989) / (131.232 / 816.925)
=0.14686047 / 0.16064143
=0.9142

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)
=(177.863 / 816.925) / (175.422 / 989)
=0.21772256 / 0.1773731
=1.2275

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 - (267.56 + 120.595) / 495.013) / (1 - (212.689 + 96.24) / 419.077)
=0.21586908 / 0.26283475
=0.8213

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
=989 / 816.925
=1.2106

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))
=(11.373 / (11.373 + 96.24)) / (12.722 / (12.722 + 120.595))
=0.10568426 / 0.09542669
=1.1075

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)
=(106.807 / 989) / (100.336 / 816.925)
=0.10799494 / 0.12282156
=0.8793

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)
=((101.451 + 153.522) / 495.013) / ((58.38 + 131.053) / 419.077)
=0.51508344 / 0.45202433
=1.1395

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
=(42.817 - -0.523 - 34.112) / 495.013
=0.0186

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.

The Shyft Group has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.


The Shyft Group Beneish M-Score Related Terms

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The Shyft Group Business Description

The Shyft Group logo
Traded in Other Exchanges
Address
41280 Bridge Street, Novi, MI, USA, 48375
The Shyft Group Inc is a North American specialty vehicle manufacturer, engaged in assembling and upfitting for the commercial, retail, and service specialty vehicle markets. Its customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Group is organized into two core business units Fleet Vehicles and Services and Specialty Vehicles. Its brands include Utilimaster, Royal Truck Body, Strobes-R- Us, Spartan RV Chassis, Builtmore Contract Manufacturing, and corresponding aftermarket provisions. It operates facilities in Michigan, Indiana, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico.
Executives
Esposito Carl A. director 21557 TELEGRAPH ROAD SOUTHFIELD MI 48033
Sherbin Joshua A officer: Chief Legal Officer 38505 WOODWARD AVENUE SUITE 200 BLOOMFIELD HILLS MI 48304
Rourke Mark B. director 3101 PACKERLAND DRIVE GREEN BAY WI 54313
Pizzuto Terri director 3050 HIGHLAND PARKWAY STE 100 DOWNERS GROVA IL 60515
Dinkins Michael director 6166 NW 85TH WAY PARKLAND FL 33067
Douyard Jonathan C officer: Chief Financial Officer C/O SPARTAN MOTORS, INC. 41280 BRIDGE STREET NOVI MI 48375
Freeman Angela K. director 14701 CHARLSON ROAD EDEN PRAIRIE MN 55437
Heavin Todd A officer: Chief Operating Officer 1950 OAK POINTE DR ROCHESTER HILLS MI 48306
Heminover Chad M officer: President, Fleet Vehicles and C/O SPARTAN MOTORS, INC. 1541 REYNOLDS ROAD CHARLOTTE MI 48813
Isbell Jeri L director ONE LEXMARK CENTRE DR 740 WEST NEW CIRCLE RD LEXINGTON KY 40550
Roney Ryan L officer: Chief Legal Officer & Secretar 1541 REYNOLDS ROAD CHARLOTTE MI 48813
Long Matthew W officer: Interim CFO 2581 E KERCHER ROAD GOSHEN IN 46528
Mascarenas Paul Anthony director 3850 HAMLIN ROAD AUBURN HILLS MI 48326
Ninneman Thomas C officer: Chief Operating Officer C/O SPARTAN MOTORS, INC. 1541 REYNOLDS ROAD CHARLOTTE MI 48813
Clevinger Thomas R director C/O SPARTAN MOTORS, INC. 1541 REYNOLDS ROAD CHARLOTTE MI 48813

The Shyft Group Headlines

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