Innovate Beneish M-Score Historical Data
The historical data trend for Innovate'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.
Innovate Beneish M-Score Chart
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Innovate Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-4.90 |
-0.30 |
-2.36 |
-2.96 |
-3.01 |
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Innovate Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.26 |
-3.38 |
-3.13 |
-3.01 |
-3.05 |
Competitive Comparison of Innovate's Beneish M-Score
For the Engineering & Construction subindustry, Innovate'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.
Innovate's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Innovate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Innovate's Beneish M-Score falls into.
Innovate 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 Innovate 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 * 1.1337 | + | 0.528 * 0.8064 | + | 0.404 * 1.0863 | + | 0.892 * 0.7506 | + | 0.115 * 0.9668 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2736 | + | 4.679 * -0.070392 | - | 0.327 * 1.0787 |
| = | -3.05 |
* 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 $300 Mil.
Revenue was 274.2 + 236.6 + 242.2 + 313.1 = $1,066 Mil.
Gross Profit was 45.5 + 46.4 + 48.2 + 65.6 = $206 Mil.
Total Current Assets was $372 Mil.
Total Assets was $868 Mil.
Property, Plant and Equipment(Net PPE) was $186 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $159 Mil.
Total Current Liabilities was $848 Mil.
Long-Term Debt & Capital Lease Obligation was $182 Mil.
Net Income was -24.5 + -16.6 + -15 + 14.4 = $-42 Mil.
Non Operating Income was -1.9 + -0.4 + 2.2 + -0.9 = $-1 Mil.
Cash Flow from Operations was -14.1 + 41.4 + -28.4 + 21.5 = $20 Mil.
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Total Receivables was $353 Mil.
Revenue was 315.2 + 361 + 375.3 + 368.8 = $1,420 Mil.
Gross Profit was 48.6 + 61.1 + 58.7 + 52.6 = $221 Mil.
Total Current Assets was $429 Mil.
Total Assets was $944 Mil.
Property, Plant and Equipment(Net PPE) was $204 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $166 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt & Capital Lease Obligation was $688 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) |
| = | (300.3 / 1066.1) | / | (352.9 / 1420.3) |
| = | 0.281681 | / | 0.248469 |
| | = | 1.1337 |
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) |
| = | (221 / 1420.3) | / | (205.7 / 1066.1) |
| = | 0.155601 | / | 0.192946 |
| | = | 0.8064 |
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 - (372.1 + 185.6) / 868) | / | (1 - (429.2 + 203.8) / 943.5) |
| = | 0.357488 | / | 0.329094 |
| | = | 1.0863 |
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 |
| = | 1066.1 | / | 1420.3 |
| | = | 0.7506 |
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)) |
| = | (34.2 / (34.2 + 203.8)) | / | (32.4 / (32.4 + 185.6)) |
| = | 0.143697 | / | 0.148624 |
| | = | 0.9668 |
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) |
| = | (158.5 / 1066.1) | / | (165.8 / 1420.3) |
| = | 0.148673 | / | 0.116736 |
| | = | 1.2736 |
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) |
| = | ((181.8 + 847.6) / 868) | / | ((688.3 + 349) / 943.5) |
| = | 1.185945 | / | 1.099417 |
| | = | 1.0787 |
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 |
| = | (-41.7 - -1 | - | 20.4) | / | 868 |
| | = | -0.070392 |
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.
Innovate has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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