Interface Beneish M-Score Historical Data
The historical data trend for Interface'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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Interface Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.68 |
-2.92 |
-2.37 |
-2.37 |
-2.92 |
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Interface 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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|
|
|
|
|
|
|
|
|
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|
|
|
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-2.37 |
-2.60 |
-2.70 |
-2.96 |
-2.92 |
Competitive Comparison
For the Building Products & Equipment subindustry, Interface'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.
Interface Beneish M-Score Distribution
For the Construction industry and Industrials sector, Interface's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Interface's Beneish M-Score falls into.
Interface 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 Interface 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 * 0.9196 | + | 0.528 * 0.9646 | + | 0.404 * 1.0209 | + | 0.892 * 0.9719 | + | 0.115 * 0.999 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.076 | + | 4.679 * -0.073928 | - | 0.327 * 0.8999 |
| = | -2.92 |
* 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 $163 Mil.
Revenue was 325.118 + 311.006 + 329.582 + 295.792 = $1,261 Mil.
Gross Profit was 123.152 + 110.258 + 111.786 + 95.873 = $441 Mil.
Total Current Assets was $584 Mil.
Total Assets was $1,230 Mil.
Property, Plant and Equipment(Net PPE) was $379 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $339 Mil.
Total Current Liabilities was $215 Mil.
Long-Term Debt & Capital Lease Obligation was $487 Mil.
Net Income was 19.555 + 9.879 + 15.797 + -0.714 = $45 Mil.
Non Operating Income was -1.407 + -6.702 + 3.172 + -1.642 = $-7 Mil.
Cash Flow from Operations was 27.817 + 66.293 + 18.34 + 29.584 = $142 Mil.
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Total Receivables was $183 Mil.
Revenue was 335.555 + 327.757 + 346.605 + 288.002 = $1,298 Mil.
Gross Profit was 105.443 + 108.785 + 116.706 + 106.799 = $438 Mil.
Total Current Assets was $617 Mil.
Total Assets was $1,267 Mil.
Property, Plant and Equipment(Net PPE) was $380 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $324 Mil.
Total Current Liabilities was $220 Mil.
Long-Term Debt & Capital Lease Obligation was $582 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) |
| = | (163.386 / 1261.498) | / | (182.807 / 1297.919) |
| = | 0.129517 | / | 0.140846 |
| | = | 0.9196 |
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) |
| = | (437.733 / 1297.919) | / | (441.069 / 1261.498) |
| = | 0.337258 | / | 0.349639 |
| | = | 0.9646 |
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 - (583.858 + 378.659) / 1230.095) | / | (1 - (617.037 + 379.62) / 1266.503) |
| = | 0.217526 | / | 0.213064 |
| | = | 1.0209 |
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 |
| = | 1261.498 | / | 1297.919 |
| | = | 0.9719 |
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)) |
| = | (46.338 / (46.338 + 379.62)) | / | (46.272 / (46.272 + 378.659)) |
| = | 0.108785 | / | 0.108893 |
| | = | 0.999 |
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) |
| = | (339.049 / 1261.498) | / | (324.19 / 1297.919) |
| = | 0.268767 | / | 0.249777 |
| | = | 1.076 |
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) |
| = | ((486.91 + 214.721) / 1230.095) | / | ((582.308 + 220.47) / 1266.503) |
| = | 0.570388 | / | 0.633854 |
| | = | 0.8999 |
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 |
| = | (44.517 - -6.579 | - | 142.034) | / | 1230.095 |
| | = | -0.073928 |
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.
Interface has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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