Harley-Davidson Beneish M-Score Historical Data
The historical data trend for Harley-Davidson'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.
|
Harley-Davidson Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.61 |
-3.29 |
-2.44 |
-2.21 |
-2.41 |
|
Harley-Davidson Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.21 |
-2.12 |
-2.33 |
-2.40 |
-2.41 |
Competitive Comparison
For the Recreational Vehicles subindustry, Harley-Davidson'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.
Harley-Davidson Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Harley-Davidson's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Harley-Davidson's Beneish M-Score falls into.
Harley-Davidson 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 Harley-Davidson 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 * 1.1538 | + | 0.528 * 0.9918 | + | 0.404 * 0.973 | + | 0.892 * 1.0141 | + | 0.115 * 1.041 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.074 | + | 4.679 * -0.013746 | - | 0.327 * 0.9949 |
| = | -2.41 |
* 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 $2,381 Mil.
Revenue was 1053.21 + 1549.059 + 1445.523 + 1788.686 = $5,836 Mil.
Gross Profit was 333.473 + 571.593 + 568.89 + 707.836 = $2,182 Mil.
Total Current Assets was $5,164 Mil.
Total Assets was $12,141 Mil.
Property, Plant and Equipment(Net PPE) was $801 Mil.
Depreciation, Depletion and Amortization(DDA) was $158 Mil.
Selling, General, & Admin. Expense(SGA) was $1,176 Mil.
Total Current Liabilities was $3,384 Mil.
Long-Term Debt & Capital Lease Obligation was $5,042 Mil.
Net Income was 25.808 + 198.649 + 178.039 + 304.09 = $707 Mil.
Non Operating Income was 33.399 + 36.682 + 18.377 + 30.121 = $119 Mil.
Cash Flow from Operations was 48.12 + 296.247 + 363.843 + 46.677 = $755 Mil.
|
Total Receivables was $2,035 Mil.
Revenue was 1142.282 + 1648.575 + 1469.087 + 1495.186 = $5,755 Mil.
Gross Profit was 393.302 + 641.179 + 541.717 + 557.551 = $2,134 Mil.
Total Current Assets was $4,751 Mil.
Total Assets was $11,492 Mil.
Property, Plant and Equipment(Net PPE) was $734 Mil.
Depreciation, Depletion and Amortization(DDA) was $152 Mil.
Selling, General, & Admin. Expense(SGA) was $1,079 Mil.
Total Current Liabilities was $3,534 Mil.
Long-Term Debt & Capital Lease Obligation was $4,484 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) |
| = | (2380.929 / 5836.478) | / | (2034.856 / 5755.13) |
| = | 0.407939 | / | 0.353573 |
| | = | 1.1538 |
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) |
| = | (2133.749 / 5755.13) | / | (2181.792 / 5836.478) |
| = | 0.370756 | / | 0.37382 |
| | = | 0.9918 |
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 - (5163.729 + 801.374) / 12140.554) | / | (1 - (4750.653 + 733.817) / 11492.476) |
| = | 0.508663 | / | 0.522777 |
| | = | 0.973 |
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 |
| = | 5836.478 | / | 5755.13 |
| | = | 1.0141 |
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)) |
| = | (151.942 / (151.942 + 733.817)) | / | (158.112 / (158.112 + 801.374)) |
| = | 0.171539 | / | 0.164788 |
| | = | 1.041 |
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) |
| = | (1175.55 / 5836.478) | / | (1079.338 / 5755.13) |
| = | 0.201414 | / | 0.187544 |
| | = | 1.074 |
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) |
| = | ((5042.434 + 3384.264) / 12140.554) | / | ((4483.829 + 3533.907) / 11492.476) |
| = | 0.694095 | / | 0.697651 |
| | = | 0.9949 |
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 |
| = | (706.586 - 118.579 | - | 754.887) | / | 12140.554 |
| | = | -0.013746 |
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.
Harley-Davidson has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
HOG has been successfully added to your