UFP Industries Beneish M-Score Historical Data
The historical data trend for UFP Industries'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.
UFP Industries Beneish M-Score Chart
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UFP Industries Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.50 |
-1.92 |
-2.70 |
-3.09 |
-2.77 |
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UFP Industries Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.14 |
-3.00 |
-2.86 |
-2.77 |
-2.59 |
Competitive Comparison of UFP Industries's Beneish M-Score
For the Lumber & Wood Production subindustry, UFP Industries'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.
UFP Industries's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, UFP Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UFP Industries's Beneish M-Score falls into.
UFP Industries 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 UFP Industries 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 * 1.0633 | + | 0.528 * 1.1145 | + | 0.404 * 0.9913 | + | 0.892 * 0.9394 | + | 0.115 * 1.0185 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0021 | + | 4.679 * -0.041697 | - | 0.327 * 0.9354 |
| = | -2.59 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $715 Mil.
Revenue was 1595.519 + 1462.001 + 1649.383 + 1901.959 = $6,609 Mil.
Gross Profit was 268.196 + 239.509 + 298.412 + 362.743 = $1,169 Mil.
Total Current Assets was $2,464 Mil.
Total Assets was $4,150 Mil.
Property, Plant and Equipment(Net PPE) was $1,039 Mil.
Depreciation, Depletion and Amortization(DDA) was $151 Mil.
Selling, General, & Admin. Expense(SGA) was $719 Mil.
Total Current Liabilities was $497 Mil.
Long-Term Debt & Capital Lease Obligation was $326 Mil.
Net Income was 78.753 + 68.039 + 99.8 + 125.93 = $373 Mil.
Non Operating Income was 0.291 + -8.86 + 4.778 + -1.196 = $-5 Mil.
Cash Flow from Operations was -108.807 + 144.909 + 258.584 + 255.876 = $551 Mil.
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Total Receivables was $716 Mil.
Revenue was 1638.966 + 1524.353 + 1827.637 + 2043.918 = $7,035 Mil.
Gross Profit was 326.078 + 296.142 + 364.4 + 400.067 = $1,387 Mil.
Total Current Assets was $2,514 Mil.
Total Assets was $4,079 Mil.
Property, Plant and Equipment(Net PPE) was $923 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General, & Admin. Expense(SGA) was $764 Mil.
Total Current Liabilities was $525 Mil.
Long-Term Debt & Capital Lease Obligation was $339 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) |
| = | (714.809 / 6608.862) | / | (715.599 / 7034.874) |
| = | 0.108159 | / | 0.101722 |
| | = | 1.0633 |
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) |
| = | (1386.687 / 7034.874) | / | (1168.86 / 6608.862) |
| = | 0.197116 | / | 0.176863 |
| | = | 1.1145 |
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 - (2464.391 + 1039.482) / 4150.286) | / | (1 - (2514.415 + 923.406) / 4078.639) |
| = | 0.155751 | / | 0.157116 |
| | = | 0.9913 |
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 |
| = | 6608.862 | / | 7034.874 |
| | = | 0.9394 |
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)) |
| = | (137.008 / (137.008 + 923.406)) | / | (151.019 / (151.019 + 1039.482)) |
| = | 0.129202 | / | 0.126853 |
| | = | 1.0185 |
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) |
| = | (719.241 / 6608.862) | / | (764.009 / 7034.874) |
| = | 0.10883 | / | 0.108603 |
| | = | 1.0021 |
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) |
| = | ((326.154 + 496.526) / 4150.286) | / | ((339.277 + 525.018) / 4078.639) |
| = | 0.198222 | / | 0.211908 |
| | = | 0.9354 |
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 |
| = | (372.522 - -4.987 | - | 550.562) | / | 4150.286 |
| | = | -0.041697 |
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.
UFP Industries has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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