Masonite International Beneish M-Score Historical Data
The historical data trend for Masonite International'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.
Masonite International Beneish M-Score Chart
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Masonite International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-3.05 |
-2.23 |
-2.34 |
-2.50 |
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Masonite International 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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-2.34 |
-2.37 |
-2.59 |
-2.73 |
-2.50 |
Competitive Comparison of Masonite International's Beneish M-Score
For the Building Products & Equipment subindustry, Masonite International'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.
Masonite International's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Masonite International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Masonite International's Beneish M-Score falls into.
Masonite International 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 Masonite International 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 * 0.9173 | + | 0.528 * 0.9909 | + | 0.404 * 2.4088 | + | 0.892 * 0.9789 | + | 0.115 * 0.8484 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2201 | + | 4.679 * -0.0925 | - | 0.327 * 0.9992 |
| = | -2.50 |
* 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 $353 Mil.
Revenue was 660.58 + 702.247 + 741.884 + 725.984 = $2,831 Mil.
Gross Profit was 151.16 + 165.699 + 178.367 + 170.491 = $666 Mil.
Total Current Assets was $953 Mil.
Total Assets was $2,685 Mil.
Property, Plant and Equipment(Net PPE) was $951 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $412 Mil.
Total Current Liabilities was $395 Mil.
Long-Term Debt & Capital Lease Obligation was $1,236 Mil.
Net Income was -9.995 + 41.486 + 48.245 + 38.491 = $118 Mil.
Non Operating Income was -34.044 + -0.817 + -2.515 + -3.73 = $-41 Mil.
Cash Flow from Operations was 97.319 + 92.599 + 161.465 + 56.347 = $408 Mil.
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Total Receivables was $393 Mil.
Revenue was 675.97 + 727.626 + 761.874 + 726.217 = $2,892 Mil.
Gross Profit was 142.977 + 167.184 + 179.485 + 184.249 = $674 Mil.
Total Current Assets was $1,164 Mil.
Total Assets was $2,248 Mil.
Property, Plant and Equipment(Net PPE) was $813 Mil.
Depreciation, Depletion and Amortization(DDA) was $88 Mil.
Selling, General, & Admin. Expense(SGA) was $345 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt & Capital Lease Obligation was $1,017 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) |
| = | (352.768 / 2830.695) | / | (392.84 / 2891.687) |
| = | 0.124622 | / | 0.135851 |
| | = | 0.9173 |
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) |
| = | (673.895 / 2891.687) | / | (665.717 / 2830.695) |
| = | 0.233046 | / | 0.235178 |
| | = | 0.9909 |
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 - (953.399 + 950.776) / 2685.379) | / | (1 - (1163.64 + 813.024) / 2248.178) |
| = | 0.29091 | / | 0.120771 |
| | = | 2.4088 |
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 |
| = | 2830.695 | / | 2891.687 |
| | = | 0.9789 |
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)) |
| = | (88.295 / (88.295 + 813.024)) | / | (124.121 / (124.121 + 950.776)) |
| = | 0.097962 | / | 0.115472 |
| | = | 0.8484 |
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) |
| = | (411.579 / 2830.695) | / | (344.614 / 2891.687) |
| = | 0.145399 | / | 0.119174 |
| | = | 1.2201 |
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) |
| = | ((1236.031 + 394.584) / 2685.379) | / | ((1017.358 + 348.933) / 2248.178) |
| = | 0.60722 | / | 0.607733 |
| | = | 0.9992 |
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 |
| = | (118.227 - -41.106 | - | 407.73) | / | 2685.379 |
| | = | -0.0925 |
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.
Masonite International has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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