Energizer Holdings Beneish M-Score Historical Data
The historical data trend for Energizer Holdings'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.
Energizer Holdings Beneish M-Score Chart
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Energizer Holdings Annual Data
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Sep20 |
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Sep23 |
| Beneish M-Score |
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-2.03 |
-2.84 |
-2.31 |
-1.88 |
-2.54 |
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Energizer Holdings Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.48 |
-2.52 |
-2.57 |
-2.54 |
-2.70 |
Competitive Comparison of Energizer Holdings's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Energizer Holdings'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.
Energizer Holdings's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Energizer Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Energizer Holdings's Beneish M-Score falls into.
Energizer Holdings 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 Energizer Holdings 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 * 1.0361 | + | 0.528 * 0.9927 | + | 0.404 * 1.0154 | + | 0.892 * 0.9806 | + | 0.115 * 1.0669 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0503 | + | 4.679 * -0.051696 | - | 0.327 * 0.9904 |
| = | -2.70 |
* 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 $438 Mil.
Revenue was 716.6 + 811.1 + 699.4 + 684.1 = $2,911 Mil.
Gross Profit was 267 + 307.3 + 265.1 + 253.3 = $1,093 Mil.
Total Current Assets was $1,471 Mil.
Total Assets was $4,424 Mil.
Property, Plant and Equipment(Net PPE) was $481 Mil.
Depreciation, Depletion and Amortization(DDA) was $121 Mil.
Selling, General, & Admin. Expense(SGA) was $637 Mil.
Total Current Liabilities was $724 Mil.
Long-Term Debt & Capital Lease Obligation was $3,385 Mil.
Net Income was 1.9 + 19.7 + 31.8 + 40 = $93 Mil.
Non Operating Income was -24.1 + -57.2 + -6.1 + -2.8 = $-90 Mil.
Cash Flow from Operations was 178.1 + 98.9 + 86.1 + 49.2 = $412 Mil.
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Total Receivables was $431 Mil.
Revenue was 765.1 + 790.4 + 728 + 685.4 = $2,969 Mil.
Gross Profit was 298.3 + 285.5 + 284 + 238.4 = $1,106 Mil.
Total Current Assets was $1,602 Mil.
Total Assets was $4,578 Mil.
Property, Plant and Equipment(Net PPE) was $457 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $618 Mil.
Total Current Liabilities was $697 Mil.
Long-Term Debt & Capital Lease Obligation was $3,597 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) |
| = | (438.1 / 2911.2) | / | (431.2 / 2968.9) |
| = | 0.150488 | / | 0.145239 |
| | = | 1.0361 |
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) |
| = | (1106.2 / 2968.9) | / | (1092.7 / 2911.2) |
| = | 0.372596 | / | 0.375344 |
| | = | 0.9927 |
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 - (1471 + 480.8) / 4423.9) | / | (1 - (1601.9 + 456.7) / 4577.9) |
| = | 0.558806 | / | 0.550318 |
| | = | 1.0154 |
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 |
| = | 2911.2 | / | 2968.9 |
| | = | 0.9806 |
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)) |
| = | (124.3 / (124.3 + 456.7)) | / | (120.6 / (120.6 + 480.8)) |
| = | 0.213941 | / | 0.200532 |
| | = | 1.0669 |
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) |
| = | (636.7 / 2911.2) | / | (618.2 / 2968.9) |
| = | 0.218707 | / | 0.208225 |
| | = | 1.0503 |
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) |
| = | ((3385.2 + 724.4) / 4423.9) | / | ((3597 + 697) / 4577.9) |
| = | 0.928954 | / | 0.937985 |
| | = | 0.9904 |
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 |
| = | (93.4 - -90.2 | - | 412.3) | / | 4423.9 |
| | = | -0.051696 |
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.
Energizer Holdings has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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