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GFF (Griffon) Beneish M-Score : -2.88 (As of Jul. 01, 2025)


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What is Griffon Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Griffon's Beneish M-Score or its related term are showing as below:

GFF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3   Med: -2.67   Max: -1.68
Current: -2.88

During the past 13 years, the highest Beneish M-Score of Griffon was -1.68. The lowest was -3.30. And the median was -2.67.


Griffon Beneish M-Score Historical Data

The historical data trend for Griffon'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.

* Premium members only.

Griffon Beneish M-Score Chart

Griffon Annual Data
Trend Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.55 -2.54 -1.89 -3.18 -2.85

Griffon Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.14 -3.07 -2.85 -2.93 -2.88

Competitive Comparison of Griffon's Beneish M-Score

For the Building Products & Equipment subindustry, Griffon'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.


Griffon's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Griffon's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Griffon's Beneish M-Score falls into.


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Griffon 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 Griffon 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 * 0.892+0.528 * 0.965+0.404 * 1.0205+0.892 * 0.9662+0.115 * 1.0237
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9939+4.679 * -0.055924-0.327 * 0.9934
=-2.88

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $301 Mil.
Revenue was 611.746 + 632.371 + 659.673 + 647.814 = $2,552 Mil.
Gross Profit was 252.211 + 264.276 + 263.48 + 249.149 = $1,029 Mil.
Total Current Assets was $920 Mil.
Total Assets was $2,344 Mil.
Property, Plant and Equipment(Net PPE) was $455 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General, & Admin. Expense(SGA) was $605 Mil.
Total Current Liabilities was $331 Mil.
Long-Term Debt & Capital Lease Obligation was $1,671 Mil.
Net Income was 56.762 + 70.851 + 62.491 + 41.086 = $231 Mil.
Non Operating Income was 0.695 + 9.505 + 0.367 + -2.109 = $8 Mil.
Cash Flow from Operations was 16.394 + 142.742 + 73.035 + 121.644 = $354 Mil.
Total Receivables was $350 Mil.
Revenue was 672.88 + 643.153 + 641.385 + 683.43 = $2,641 Mil.
Gross Profit was 270.665 + 236.641 + 245.88 + 274.624 = $1,028 Mil.
Total Current Assets was $1,007 Mil.
Total Assets was $2,424 Mil.
Property, Plant and Equipment(Net PPE) was $436 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $630 Mil.
Total Current Liabilities was $362 Mil.
Long-Term Debt & Capital Lease Obligation was $1,723 Mil.




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)
=(301.481 / 2551.604) / (349.818 / 2640.848)
=0.118154 / 0.132464
=0.892

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)
=(1027.81 / 2640.848) / (1029.116 / 2551.604)
=0.389197 / 0.403321
=0.965

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 - (920.495 + 455.325) / 2343.941) / (1 - (1007.166 + 435.589) / 2423.73)
=0.413031 / 0.404738
=1.0205

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
=2551.604 / 2640.848
=0.9662

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))
=(60.981 / (60.981 + 435.589)) / (62.065 / (62.065 + 455.325))
=0.122804 / 0.119958
=1.0237

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)
=(604.898 / 2551.604) / (629.908 / 2640.848)
=0.237066 / 0.238525
=0.9939

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)
=((1671.408 + 330.833) / 2343.941) / ((1722.503 + 361.737) / 2423.73)
=0.85422 / 0.859931
=0.9934

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
=(231.19 - 8.458 - 353.815) / 2343.941
=-0.055924

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.

Griffon has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.


Griffon Beneish M-Score Related Terms

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Griffon Business Description

Traded in Other Exchanges
N/A
Address
712 Fifth Avenue, 18th Floor, New York, NY, USA, 10019
Griffon Corp manufactures and markets residential, commercial and industrial garage doors to professional installing dealers and home center retail chains. It also provides non-powered landscaping products for homeowners and professionals. Its operating segments include Consumer and Professional Products: is a provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and Home and Building Products conducts its operations through Clopay Corporation (Clopay). Clopay is the manufacturer and marketer of garage doors and rolling steel doors in North America. The company generates a majority of its revenue from the Home and Building Products segment. Operates in USA, Europe, Canada, Australia, and Others.
Executives
Samanta H Stewart director 712 FIFTH AVENUE, C/O GRIFFON CORPORATION, NEW YORK NY 100194108
Cheryl L Turnbull director POST OFFICE BOX 2200, KNOXVILLE TN 37933-2000
James W Sight director 712 FIFTH AVENUE, C/O GRIFFON CORPORATION, NEW YORK NY 100194108
W. Christopher Durborow officer: VP, Controller and CAO C/O GRIFFON CORPORATION, 712 FIFTH AVENUE, NEW YORK NY 10019
Seth L. Kaplan officer: Sr VP, Gen. Counsel and Secy 712 FIFTH AVENUE, 18TH FLOOR, NEW YORK NY 10019
Brian G Harris officer: SVP, Chief Financial Officer 100 JERICHO QUADRANGLE, SUITE 224, JERICHO NY 11753
Victor Eugene Renuart director C/O GRIFFON CORPORATION, 712 FIFTH AVENUE, NEW YORK NY 10019
Kevin F Sullivan director C/O GRIFFON CORPORATION, 712 FIFTH AVENUE, NEW YORK NY 10019
Louis J. Grabowsky director 6605 ABERDEEN, DALLAS TX 75230
Jerome L Coben director 5482 WILSHIRE BLVD., #1579, LOS ANGELES CA 90036
Robert F Mehmel officer: President and COO GRIFFON CORPORATION, 712 FIFTH AVENUE, NEW YORK NY 10019
Ronald J Kramer director, officer: CEO 712 FIFTH AVENUE, NEW YORK NY 10019
Henry A Alpert director
Voss Value Master Fund, L.p. director 3773 RICHMOND AVENUE, SUITE 500, HOUSTON TX 77046
Voss Value-oriented Special Situations Fund, Lp director 3773 RICHMOND AVENUE, SUITE 500, HOUSTON TX 77046