ABM Industries Beneish M-Score Historical Data
The historical data trend for ABM 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.
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ABM Industries Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.57 |
-3.00 |
-2.45 |
-2.11 |
-2.38 |
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ABM Industries Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.21 |
-2.27 |
-2.35 |
-2.38 |
-2.46 |
Competitive Comparison
For the Specialty Business Services subindustry, ABM 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.
ABM Industries Beneish M-Score Distribution
For the Business Services industry and Industrials sector, ABM Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ABM Industries's Beneish M-Score falls into.
ABM 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 ABM 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 * 1.0273 | + | 0.528 * 1 | + | 0.404 * 0.9792 | + | 0.892 * 1.0398 | + | 0.115 * 1.0172 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8864 | + | 4.679 * -0.012229 | - | 0.327 * 0.9835 |
| = | -2.46 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $1,502 Mil.
Revenue was 2069.6 + 2092.9 + 2028.2 + 1984 = $8,175 Mil.
Gross Profit was 2069.6 + 2092.9 + 2028.2 + 1984 = $8,175 Mil.
Total Current Assets was $1,724 Mil.
Total Assets was $4,955 Mil.
Property, Plant and Equipment(Net PPE) was $251 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $577 Mil.
Total Current Liabilities was $1,165 Mil.
Long-Term Debt & Capital Lease Obligation was $1,393 Mil.
Net Income was 44.7 + 62.8 + 98.1 + 51.9 = $258 Mil.
Non Operating Income was 1.3 + 0.9 + 1.2 + 0.6 = $4 Mil.
Cash Flow from Operations was -0.1 + 139.2 + 149.1 + 25.9 = $314 Mil.
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Total Receivables was $1,407 Mil.
Revenue was 1991.3 + 2011.1 + 1961.4 + 1897.8 = $7,862 Mil.
Gross Profit was 1991.3 + 2011.1 + 1961.4 + 1897.8 = $7,862 Mil.
Total Current Assets was $1,656 Mil.
Total Assets was $4,918 Mil.
Property, Plant and Equipment(Net PPE) was $241 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $626 Mil.
Total Current Liabilities was $1,276 Mil.
Long-Term Debt & Capital Lease Obligation was $1,305 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) |
| = | (1502.4 / 8174.7) | / | (1406.5 / 7861.6) |
| = | 0.183787 | / | 0.178908 |
| | = | 1.0273 |
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) |
| = | (7861.6 / 7861.6) | / | (8174.7 / 8174.7) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (1723.9 + 251.1) / 4955.4) | / | (1 - (1656.3 + 240.9) / 4918) |
| = | 0.601445 | / | 0.614233 |
| | = | 0.9792 |
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 |
| = | 8174.7 | / | 7861.6 |
| | = | 1.0398 |
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)) |
| = | (115.2 / (115.2 + 240.9)) | / | (117.1 / (117.1 + 251.1)) |
| = | 0.323505 | / | 0.318034 |
| | = | 1.0172 |
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) |
| = | (576.8 / 8174.7) | / | (625.8 / 7861.6) |
| = | 0.070559 | / | 0.079602 |
| | = | 0.8864 |
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) |
| = | ((1392.8 + 1165.3) / 4955.4) | / | ((1305.2 + 1276.3) / 4918) |
| = | 0.516225 | / | 0.524908 |
| | = | 0.9835 |
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 |
| = | (257.5 - 4 | - | 314.1) | / | 4955.4 |
| | = | -0.012229 |
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.
ABM Industries has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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