Kadant Beneish M-Score Historical Data
The historical data trend for Kadant'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.
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Kadant Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.71 |
-2.58 |
-2.30 |
-2.62 |
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Kadant 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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-2.30 |
-2.42 |
-2.37 |
-2.46 |
-2.62 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, Kadant'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.
Kadant Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, Kadant's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kadant's Beneish M-Score falls into.
Kadant 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 Kadant 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 * 0.9259 | + | 0.528 * 0.9905 | + | 0.404 * 0.9453 | + | 0.892 * 1.0585 | + | 0.115 * 1.1857 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9947 | + | 4.679 * -0.041383 | - | 0.327 * 0.7668 |
| = | -2.62 |
* 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 $142.3 Mil.
Revenue was 238.679 + 244.182 + 245.053 + 229.758 = $957.7 Mil.
Gross Profit was 101.984 + 105.726 + 106.55 + 102.046 = $416.3 Mil.
Total Current Assets was $440.2 Mil.
Total Assets was $1,175.7 Mil.
Property, Plant and Equipment(Net PPE) was $140.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.3 Mil.
Selling, General, & Admin. Expense(SGA) was $236.3 Mil.
Total Current Liabilities was $214.4 Mil.
Long-Term Debt & Capital Lease Obligation was $107.7 Mil.
Net Income was 27.396 + 30.864 + 29.734 + 28.075 = $116.1 Mil.
Non Operating Income was 0.281 + -0.989 + -0.095 + -0.021 = $-0.8 Mil.
Cash Flow from Operations was 59.234 + 46.967 + 22.478 + 36.866 = $165.5 Mil.
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Total Receivables was $145.2 Mil.
Revenue was 232.1 + 224.51 + 221.649 + 226.48 = $904.7 Mil.
Gross Profit was 99.95 + 95.356 + 96.038 + 98.211 = $389.6 Mil.
Total Current Assets was $415.4 Mil.
Total Assets was $1,149.9 Mil.
Property, Plant and Equipment(Net PPE) was $118.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.9 Mil.
Selling, General, & Admin. Expense(SGA) was $224.4 Mil.
Total Current Liabilities was $213.5 Mil.
Long-Term Debt & Capital Lease Obligation was $197.3 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) |
| = | (142.295 / 957.672) | / | (145.195 / 904.739) |
| = | 0.148584 | / | 0.160483 |
| | = | 0.9259 |
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) |
| = | (389.555 / 904.739) | / | (416.306 / 957.672) |
| = | 0.430572 | / | 0.434706 |
| | = | 0.9905 |
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 - (440.182 + 140.504) / 1175.665) | / | (1 - (415.41 + 118.855) / 1149.881) |
| = | 0.506079 | / | 0.535374 |
| | = | 0.9453 |
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 |
| = | 957.672 | / | 904.739 |
| | = | 1.0585 |
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)) |
| = | (34.936 / (34.936 + 118.855)) | / | (33.297 / (33.297 + 140.504)) |
| = | 0.227165 | / | 0.191581 |
| | = | 1.1857 |
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) |
| = | (236.264 / 957.672) | / | (224.405 / 904.739) |
| = | 0.246707 | / | 0.248033 |
| | = | 0.9947 |
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) |
| = | ((107.666 + 214.409) / 1175.665) | / | ((197.34 + 213.461) / 1149.881) |
| = | 0.273951 | / | 0.357255 |
| | = | 0.7668 |
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 |
| = | (116.069 - -0.824 | - | 165.545) | / | 1175.665 |
| | = | -0.041383 |
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.
Kadant has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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