Generac Holdings Beneish M-Score Historical Data
The historical data trend for Generac 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.
Generac Holdings Beneish M-Score Chart
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Generac Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.59 |
-1.68 |
-2.26 |
-2.75 |
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Generac Holdings 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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-2.26 |
-2.54 |
-2.69 |
-2.51 |
-2.75 |
Competitive Comparison of Generac Holdings's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Generac 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.
Generac Holdings's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Generac Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Generac Holdings's Beneish M-Score falls into.
Generac 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 Generac 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 * 1.167 | + | 0.528 * 0.9823 | + | 0.404 * 0.9932 | + | 0.892 * 0.8812 | + | 0.115 * 1.1358 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1512 | + | 4.679 * -0.06244 | - | 0.327 * 0.9974 |
| = | -2.75 |
* 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 $537 Mil.
Revenue was 1063.67 + 1070.667 + 1000.42 + 887.91 = $4,023 Mil.
Gross Profit was 388.724 + 375.787 + 328.421 + 272.499 = $1,365 Mil.
Total Current Assets was $1,998 Mil.
Total Assets was $5,093 Mil.
Property, Plant and Equipment(Net PPE) was $802 Mil.
Depreciation, Depletion and Amortization(DDA) was $167 Mil.
Selling, General, & Admin. Expense(SGA) was $701 Mil.
Total Current Liabilities was $881 Mil.
Long-Term Debt & Capital Lease Obligation was $1,606 Mil.
Net Income was 95.967 + 60.331 + 45.198 + 3.414 = $205 Mil.
Non Operating Income was 0.143 + -0.007 + 0.61 + 0.522 = $1 Mil.
Cash Flow from Operations was 316.946 + 140.136 + 83.147 + -18.559 = $522 Mil.
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Total Receivables was $522 Mil.
Revenue was 1049.232 + 1088.258 + 1291.391 + 1135.856 = $4,565 Mil.
Gross Profit was 343.167 + 361.104 + 456.985 + 360.748 = $1,522 Mil.
Total Current Assets was $2,182 Mil.
Total Assets was $5,169 Mil.
Property, Plant and Equipment(Net PPE) was $643 Mil.
Depreciation, Depletion and Amortization(DDA) was $156 Mil.
Selling, General, & Admin. Expense(SGA) was $691 Mil.
Total Current Liabilities was $992 Mil.
Long-Term Debt & Capital Lease Obligation was $1,538 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) |
| = | (537.316 / 4022.667) | / | (522.458 / 4564.737) |
| = | 0.133572 | / | 0.114455 |
| | = | 1.167 |
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) |
| = | (1522.004 / 4564.737) | / | (1365.431 / 4022.667) |
| = | 0.333426 | / | 0.339434 |
| | = | 0.9823 |
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 - (1997.692 + 801.628) / 5093.312) | / | (1 - (2182.348 + 642.774) / 5169.462) |
| = | 0.450393 | / | 0.453498 |
| | = | 0.9932 |
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 |
| = | 4022.667 | / | 4564.737 |
| | = | 0.8812 |
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)) |
| = | (156.141 / (156.141 + 642.774)) | / | (166.602 / (166.602 + 801.628)) |
| = | 0.195441 | / | 0.172069 |
| | = | 1.1358 |
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) |
| = | (701.135 / 4022.667) | / | (691.121 / 4564.737) |
| = | 0.174296 | / | 0.151404 |
| | = | 1.1512 |
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) |
| = | ((1605.902 + 880.771) / 5093.312) | / | ((1538.275 + 992.044) / 5169.462) |
| = | 0.488223 | / | 0.489474 |
| | = | 0.9974 |
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 |
| = | (204.91 - 1.268 | - | 521.67) | / | 5093.312 |
| | = | -0.06244 |
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.
Generac Holdings has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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