The AZEK Co Beneish M-Score Historical Data
The historical data trend for The AZEK Co'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.
The AZEK Co Beneish M-Score Chart
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The AZEK Co Annual Data
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Trend |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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- |
-2.57 |
-2.52 |
-2.38 |
-3.47 |
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The AZEK Co 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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-2.62 |
-3.06 |
-3.20 |
-3.47 |
-3.60 |
Competitive Comparison of The AZEK Co's Beneish M-Score
For the Building Products & Equipment subindustry, The AZEK Co'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 AZEK Co's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, The AZEK Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The AZEK Co's Beneish M-Score falls into.
The AZEK Co 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 AZEK Co 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 * 0.4464 | + | 0.528 * 0.8129 | + | 0.404 * 0.9616 | + | 0.892 * 1.0628 | + | 0.115 * 0.8763 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0054 | + | 4.679 * -0.112156 | - | 0.327 * 1.0492 |
| = | -3.60 |
* 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 $32 Mil.
Revenue was 240.444 + 388.812 + 387.553 + 377.692 = $1,395 Mil.
Gross Profit was 91.433 + 149.701 + 132.2 + 108.173 = $482 Mil.
Total Current Assets was $593 Mil.
Total Assets was $2,289 Mil.
Property, Plant and Equipment(Net PPE) was $457 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General, & Admin. Expense(SGA) was $310 Mil.
Total Current Liabilities was $198 Mil.
Long-Term Debt & Capital Lease Obligation was $579 Mil.
Net Income was 25.719 + 42.643 + 34.875 + 16.273 = $120 Mil.
Non Operating Income was 36.33 + 0.029 + 0 + 0 = $36 Mil.
Cash Flow from Operations was -16.288 + 132.499 + 166.901 + 56.733 = $340 Mil.
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Total Receivables was $68 Mil.
Revenue was 216.259 + 304.632 + 394.991 + 396.255 = $1,312 Mil.
Gross Profit was 47.579 + 71.864 + 126.387 + 122.46 = $368 Mil.
Total Current Assets was $514 Mil.
Total Assets was $2,349 Mil.
Property, Plant and Equipment(Net PPE) was $513 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $290 Mil.
Total Current Liabilities was $177 Mil.
Long-Term Debt & Capital Lease Obligation was $584 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) |
| = | (32.398 / 1394.501) | / | (68.29 / 1312.137) |
| = | 0.023233 | / | 0.052045 |
| | = | 0.4464 |
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) |
| = | (368.29 / 1312.137) | / | (481.507 / 1394.501) |
| = | 0.28068 | / | 0.34529 |
| | = | 0.8129 |
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 - (593.378 + 456.504) / 2288.728) | / | (1 - (513.51 + 513.13) / 2348.701) |
| = | 0.541281 | / | 0.56289 |
| | = | 0.9616 |
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 |
| = | 1394.501 | / | 1312.137 |
| | = | 1.0628 |
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)) |
| = | (124.29 / (124.29 + 513.13)) | / | (130.642 / (130.642 + 456.504)) |
| = | 0.194989 | / | 0.222503 |
| | = | 0.8763 |
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) |
| = | (310.029 / 1394.501) | / | (290.164 / 1312.137) |
| = | 0.222323 | / | 0.221138 |
| | = | 1.0054 |
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) |
| = | ((579.111 + 198.411) / 2288.728) | / | ((583.726 + 176.747) / 2348.701) |
| = | 0.339718 | / | 0.323785 |
| | = | 1.0492 |
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 |
| = | (119.51 - 36.359 | - | 339.845) | / | 2288.728 |
| | = | -0.112156 |
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 AZEK Co has a M-score of -3.60 suggests that the company is unlikely to be a manipulator.
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