Hillenbrand Beneish M-Score Historical Data
The historical data trend for Hillenbrand'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.
Hillenbrand Beneish M-Score Chart
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Hillenbrand Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.60 |
-2.55 |
-2.57 |
-2.28 |
-1.78 |
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Hillenbrand 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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-2.09 |
-1.69 |
-1.83 |
-1.78 |
-2.04 |
Competitive Comparison of Hillenbrand's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Hillenbrand'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.
Hillenbrand's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Hillenbrand's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hillenbrand's Beneish M-Score falls into.
Hillenbrand 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 Hillenbrand 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 * 0.8756 | + | 0.528 * 0.9715 | + | 0.404 * 1.1342 | + | 0.892 * 1.2239 | + | 0.115 * 0.9238 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.062615 | - | 0.327 * 0.904 |
| = | -2.04 |
* 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 $640 Mil.
Revenue was 773.3 + 762.8 + 716.6 + 690.9 = $2,944 Mil.
Gross Profit was 251 + 267.5 + 246.9 + 229.3 = $995 Mil.
Total Current Assets was $1,578 Mil.
Total Assets was $5,585 Mil.
Property, Plant and Equipment(Net PPE) was $453 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $8 Mil.
Total Current Liabilities was $1,231 Mil.
Long-Term Debt & Capital Lease Obligation was $2,114 Mil.
Net Income was 17.2 + 18.2 + 43.3 + 462.7 = $541 Mil.
Non Operating Income was 0 + 0 + 1.2 + 1.9 = $3 Mil.
Cash Flow from Operations was -24 + 73.4 + 88.9 + 50.3 = $189 Mil.
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Total Receivables was $597 Mil.
Revenue was 655.7 + 603.9 + 579.8 + 565.7 = $2,405 Mil.
Gross Profit was 207.6 + 202.3 + 191 + 188.7 = $790 Mil.
Total Current Assets was $1,753 Mil.
Total Assets was $4,886 Mil.
Property, Plant and Equipment(Net PPE) was $391 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,264 Mil.
Long-Term Debt & Capital Lease Obligation was $1,973 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) |
| = | (639.7 / 2943.6) | / | (596.9 / 2405.1) |
| = | 0.217319 | / | 0.248181 |
| | = | 0.8756 |
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) |
| = | (789.6 / 2405.1) | / | (994.7 / 2943.6) |
| = | 0.328302 | / | 0.33792 |
| | = | 0.9715 |
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 - (1577.5 + 453.4) / 5584.9) | / | (1 - (1753.3 + 391.2) / 4885.9) |
| = | 0.636359 | / | 0.561084 |
| | = | 1.1342 |
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 |
| = | 2943.6 | / | 2405.1 |
| | = | 1.2239 |
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)) |
| = | (104 / (104 + 391.2)) | / | (133.4 / (133.4 + 453.4)) |
| = | 0.210016 | / | 0.227335 |
| | = | 0.9238 |
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) |
| = | (8.3 / 2943.6) | / | (0 / 2405.1) |
| = | 0.00282 | / | 0 |
| | = | 1 |
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) |
| = | ((2113.5 + 1230.8) / 5584.9) | / | ((1972.7 + 1263.9) / 4885.9) |
| = | 0.598811 | / | 0.662437 |
| | = | 0.904 |
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 |
| = | (541.4 - 3.1 | - | 188.6) | / | 5584.9 |
| | = | 0.062615 |
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.
Hillenbrand has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.
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