Brady Beneish M-Score Historical Data
The historical data trend for Brady'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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Brady Annual Data
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Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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-2.63 |
-2.54 |
-2.56 |
-2.38 |
-2.56 |
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Brady 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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-2.39 |
-2.53 |
-2.56 |
-2.67 |
-2.67 |
Competitive Comparison
For the Security & Protection Services subindustry, Brady'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.
Brady Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Brady's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brady's Beneish M-Score falls into.
Brady 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 Brady 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 * 0.9736 | + | 0.528 * 0.9593 | + | 0.404 * 0.9606 | + | 0.892 * 1.0201 | + | 0.115 * 1.3489 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9886 | + | 4.679 * -0.048416 | - | 0.327 * 0.8937 |
| = | -2.67 |
* 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 $186 Mil.
Revenue was 322.624 + 331.983 + 345.929 + 337.116 = $1,338 Mil.
Gross Profit was 162.083 + 171.719 + 175.88 + 169.691 = $679 Mil.
Total Current Assets was $507 Mil.
Total Assets was $1,408 Mil.
Property, Plant and Equipment(Net PPE) was $215 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $376 Mil.
Total Current Liabilities was $237 Mil.
Long-Term Debt & Capital Lease Obligation was $61 Mil.
Net Income was 43.628 + 47.241 + 49.378 + 48.052 = $188 Mil.
Non Operating Income was 2.684 + 0.438 + 2.426 + 0.785 = $6 Mil.
Cash Flow from Operations was 36.078 + 62.273 + 79.288 + 72.477 = $250 Mil.
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Total Receivables was $187 Mil.
Revenue was 326.249 + 322.569 + 323.981 + 338.551 = $1,311 Mil.
Gross Profit was 156.44 + 155.264 + 163.176 + 164.026 = $639 Mil.
Total Current Assets was $504 Mil.
Total Assets was $1,372 Mil.
Property, Plant and Equipment(Net PPE) was $172 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $373 Mil.
Total Current Liabilities was $230 Mil.
Long-Term Debt & Capital Lease Obligation was $95 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) |
| = | (185.569 / 1337.652) | / | (186.852 / 1311.35) |
| = | 0.138727 | / | 0.142488 |
| | = | 0.9736 |
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) |
| = | (638.906 / 1311.35) | / | (679.373 / 1337.652) |
| = | 0.487212 | / | 0.507885 |
| | = | 0.9593 |
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 - (506.52 + 215.463) / 1407.604) | / | (1 - (504.215 + 172.195) / 1372.273) |
| = | 0.487084 | / | 0.507088 |
| | = | 0.9606 |
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 |
| = | 1337.652 | / | 1311.35 |
| | = | 1.0201 |
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)) |
| = | (34.303 / (34.303 + 172.195)) | / | (30.261 / (30.261 + 215.463)) |
| = | 0.166118 | / | 0.12315 |
| | = | 1.3489 |
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) |
| = | (376.082 / 1337.652) | / | (372.948 / 1311.35) |
| = | 0.281151 | / | 0.2844 |
| | = | 0.9886 |
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) |
| = | ((60.6 + 237.302) / 1407.604) | / | ((95.103 + 229.849) / 1372.273) |
| = | 0.211638 | / | 0.236798 |
| | = | 0.8937 |
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 |
| = | (188.299 - 6.333 | - | 250.116) | / | 1407.604 |
| | = | -0.048416 |
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.
Brady has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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