Headwaters Beneish M-Score Historical Data
The historical data trend for Headwaters'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.
Headwaters Beneish M-Score Chart
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Headwaters Annual Data
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Trend |
Sep07 |
Sep08 |
Sep09 |
Sep10 |
Sep11 |
Sep12 |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
| Beneish M-Score |
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-3.17 |
-2.69 |
-2.70 |
-2.06 |
-2.53 |
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Headwaters Quarterly Data
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Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
| Beneish M-Score |
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-2.15 |
-2.22 |
-2.53 |
-2.44 |
-2.50 |
Competitive Comparison of Headwaters's Beneish M-Score
For the Building Materials subindustry, Headwaters'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.
Headwaters's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Headwaters's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Headwaters's Beneish M-Score falls into.
Headwaters 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 Headwaters 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 * 1.1009 | + | 0.528 * 1.0529 | + | 0.404 * 1.0634 | + | 0.892 * 1.1411 | + | 0.115 * 0.9135 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0028 | + | 4.679 * -0.058644 | - | 0.327 * 1.0216 |
| = | -2.50 |
* 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 (Mar17) TTM: | Last Year (Mar16) TTM: |
Total Receivables was $136 Mil.
Revenue was 259.293 + 255.575 + 291.591 + 262.466 = $1,069 Mil.
Gross Profit was 70.507 + 70.619 + 85.522 + 83.531 = $310 Mil.
Total Current Assets was $295 Mil.
Total Assets was $1,230 Mil.
Property, Plant and Equipment(Net PPE) was $218 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $179 Mil.
Total Current Liabilities was $123 Mil.
Long-Term Debt & Capital Lease Obligation was $741 Mil.
Net Income was 4.541 + 6.667 + 16.054 + 17.516 = $45 Mil.
Non Operating Income was 1.973 + 0.154 + 4.437 + -0.207 = $6 Mil.
Cash Flow from Operations was 7.009 + 27.661 + 40.896 + 34.966 = $111 Mil.
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Total Receivables was $109 Mil.
Revenue was 202.332 + 218.418 + 272.717 + 243.294 = $937 Mil.
Gross Profit was 54.877 + 64.271 + 90.301 + 76.762 = $286 Mil.
Total Current Assets was $244 Mil.
Total Assets was $971 Mil.
Property, Plant and Equipment(Net PPE) was $194 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $114 Mil.
Long-Term Debt & Capital Lease Obligation was $553 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) |
| = | (136.406 / 1068.925) | / | (108.582 / 936.761) |
| = | 0.12761 | / | 0.115912 |
| | = | 1.1009 |
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) |
| = | (286.211 / 936.761) | / | (310.179 / 1068.925) |
| = | 0.305533 | / | 0.290178 |
| | = | 1.0529 |
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 - (294.607 + 218.399) / 1229.637) | / | (1 - (244.315 + 194.377) / 970.654) |
| = | 0.582799 | / | 0.548045 |
| | = | 1.0634 |
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 |
| = | 1068.925 | / | 936.761 |
| | = | 1.1411 |
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)) |
| = | (56.014 / (56.014 + 194.377)) | / | (70.828 / (70.828 + 218.399)) |
| = | 0.223706 | / | 0.244887 |
| | = | 0.9135 |
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) |
| = | (178.509 / 1068.925) | / | (156.007 / 936.761) |
| = | 0.166999 | / | 0.166539 |
| | = | 1.0028 |
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) |
| = | ((741.048 + 122.629) / 1229.637) | / | ((553.33 + 114.005) / 970.654) |
| = | 0.702384 | / | 0.687511 |
| | = | 1.0216 |
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 |
| = | (44.778 - 6.357 | - | 110.532) | / | 1229.637 |
| | = | -0.058644 |
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.
Headwaters has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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