Kennametal Beneish M-Score Historical Data
The historical data trend for Kennametal'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.
Kennametal Beneish M-Score Chart
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Kennametal Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-3.08 |
-2.38 |
-2.69 |
-2.65 |
-2.77 |
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Kennametal Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Dec22 |
Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.77 |
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Competitive Comparison of Kennametal's Beneish M-Score
For the Tools & Accessories subindustry, Kennametal'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.
Kennametal's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Kennametal's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kennametal's Beneish M-Score falls into.
Kennametal 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 Kennametal 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 * 1.0004 | + | 0.528 * 1.0153 | + | 0.404 * 1.0306 | + | 0.892 * 0.9849 | + | 0.115 * 0.9732 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.062439 | - | 0.327 * 1.0042 |
| = | -2.77 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $303 Mil.
Revenue was $2,047 Mil.
Gross Profit was $627 Mil.
Total Current Assets was $1,003 Mil.
Total Assets was $2,504 Mil.
Property, Plant and Equipment(Net PPE) was $986 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $416 Mil.
Long-Term Debt & Capital Lease Obligation was $632 Mil.
Net Income was $109 Mil.
Gross Profit was $-11 Mil.
Cash Flow from Operations was $277 Mil.
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Total Receivables was $307 Mil.
Revenue was $2,078 Mil.
Gross Profit was $646 Mil.
Total Current Assets was $1,027 Mil.
Total Assets was $2,547 Mil.
Property, Plant and Equipment(Net PPE) was $1,012 Mil.
Depreciation, Depletion and Amortization(DDA) was $134 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $434 Mil.
Long-Term Debt & Capital Lease Obligation was $627 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) |
| = | (302.81 / 2046.899) | / | (307.313 / 2078.184) |
| = | 0.147936 | / | 0.147876 |
| | = | 1.0004 |
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) |
| = | (646.439 / 2078.184) | / | (627.093 / 2046.899) |
| = | 0.31106 | / | 0.306362 |
| | = | 1.0153 |
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 - (1002.592 + 986.205) / 2503.758) | / | (1 - (1026.789 + 1012.104) / 2547.234) |
| = | 0.205675 | / | 0.199566 |
| | = | 1.0306 |
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 |
| = | 2046.899 | / | 2078.184 |
| | = | 0.9849 |
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)) |
| = | (134.025 / (134.025 + 1012.104)) | / | (134.687 / (134.687 + 986.205)) |
| = | 0.116937 | / | 0.120161 |
| | = | 0.9732 |
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) |
| = | (0 / 2046.899) | / | (0 / 2078.184) |
| = | 0 | / | 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) |
| = | ((631.611 + 415.961) / 2503.758) | / | ((627.35 + 433.975) / 2547.234) |
| = | 0.4184 | / | 0.416658 |
| | = | 1.0042 |
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 |
| = | (109.323 - -11.453 | - | 277.108) | / | 2503.758 |
| | = | -0.062439 |
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.
Kennametal has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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