Market Cap : 10.75 B | Enterprise Value : 10.52 B | PE Ratio : 25.51 | PB Ratio : 6.36 |
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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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Graco's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Graco was -1.95. The lowest was -3.84. And the median was -2.54.
The historical data trend for Graco'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.
For the Specialty Industrial Machinery subindustry, Graco'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.
For the Industrial Products industry and Industrials sector, Graco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Graco's Beneish M-Score falls into.
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 Graco 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 * 0.8963 | + | 0.528 * 1.017 | + | 0.404 * 0.9647 | + | 0.892 * 1.1717 | + | 0.115 * 1.1994 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0108 | + | 4.679 * 0.0264 | - | 0.327 * 0.8965 | |||||||
= | -2.25 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $339 Mil. Revenue was 494.285 + 539.619 + 486.696 + 507.164 = $2,028 Mil. Gross Profit was 254.475 + 274.557 + 248.234 + 263.824 = $1,041 Mil. Total Current Assets was $1,197 Mil. Total Assets was $2,319 Mil. Property, Plant and Equipment(Net PPE) was $519 Mil. Depreciation, Depletion and Amortization(DDA) was $60 Mil. Selling, General, & Admin. Expense(SGA) was $431 Mil. Total Current Liabilities was $402 Mil. Long-Term Debt & Capital Lease Obligation was $99 Mil. Net Income was 100.843 + 120.232 + 103.829 + 110.118 = $435 Mil. Non Operating Income was -0.153 + -12.612 + -0.344 + 0.434 = $-13 Mil. Cash Flow from Operations was 31.325 + 99.665 + 137.184 + 118.378 = $387 Mil. |
Total Receivables was $323 Mil. Revenue was 454.129 + 470.34 + 439.316 + 366.892 = $1,731 Mil. Gross Profit was 247.334 + 244.824 + 228.953 + 182.529 = $904 Mil. Total Current Assets was $1,127 Mil. Total Assets was $2,088 Mil. Property, Plant and Equipment(Net PPE) was $398 Mil. Depreciation, Depletion and Amortization(DDA) was $57 Mil. Selling, General, & Admin. Expense(SGA) was $364 Mil. Total Current Liabilities was $324 Mil. Long-Term Debt & Capital Lease Obligation was $180 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) |
= | (339.407 / 2027.764) | / | (323.197 / 1730.677) | |
= | 0.16737993 | / | 0.186746 | |
= | 0.8963 |
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) | |
= | (903.64 / 1730.677) | / | (1041.09 / 2027.764) | |
= | 0.52213093 | / | 0.51341774 | |
= | 1.017 |
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 - (1197.22 + 519.033) / 2319.445) | / | (1 - (1127.386 + 397.534) / 2087.72) | |
= | 0.26005876 | / | 0.26957638 | |
= | 0.9647 |
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 | |
= | 2027.764 | / | 1730.677 | |
= | 1.1717 |
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)) |
= | (56.782 / (56.782 + 397.534)) | / | (60.38 / (60.38 + 519.033)) | |
= | 0.12498349 | / | 0.10420891 | |
= | 1.1994 |
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) |
= | (430.532 / 2027.764) | / | (363.535 / 1730.677) | |
= | 0.21231859 | / | 0.21005364 | |
= | 1.0108 |
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) |
= | ((99.209 + 402.313) / 2319.445) | / | ((180.02 + 323.52) / 2087.72) | |
= | 0.216225 | / | 0.24119135 | |
= | 0.8965 |
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 | |
= | (435.022 - -12.675 | - | 386.552) | / | 2319.445 | |
= | 0.0264 |
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.
Graco has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Graco's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Zumbolo Brian J | officer: President, Asia Pacific | PO BOX 1441 MINNEAPOLIS MN 55440-1441 |
Gallivan Karen Park | officer: Executive Vice President | P O BOX 1441 MINNEAPOLIS MN 55440-1441 |
Wheeler Kevin J. | director | A. O. SMITH CORPORATION 500 TENNESSEE WALTZ PARKWAY ASHLAND CITY TN 37015 |
Van Sant R William | director | PO BOX 1441 MINNEAPOLIS MN 55440-1441 |
Eugster Jack W | director | PO BOX 1441 MINNEAPOLIS MN 55440-1441 |
Etchart Eric | director | ROOM F, 22F CROSS REGION PLAZA 899 LINGLING ROAD SHANGHAI F4 200030 |
White Emily | director | C/O LULULEMON ATHLETICA INC. 1818 CORNWALL AVENUE VANCOUVER A1 V6J 1C7 |
Morfitt Martha A M | director | P.O. BOX 1441 MINNEAPOLIS MN 55440-1441 |
Mitau Lee R | director | P O BOX 1441 MINNEAPOLIS MN 55440-1441 |
Feragen Jody H | director | 1 HORMEL PLACE AUSTIN TX 55912 |
Gilligan J Kevin | director | P O BOX 1441 MINNEAPOLIS MN 55440-1441 |
White Timothy R | officer: President, White Knight, QED | 88 11TH AVENUE NE MINNEAPOLIS MN 55413 |
Johnson Dale D | officer: President, Worldwide CED | P.O. BOX 1441 MINNEAPOLIS MN 5440-1441 |
Chambers Caroline M | officer: President, EMEA | PO BOX 1441 MINNEAPOLIS MN 55440-1441 |
Wordell Angela F | officer: EVP, Operations, President ONG | 88 11TH AVENUE NE MINNEAPOLIS MN 55413 |
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