Market Cap : 2.26 B | Enterprise Value : 2.73 B | PE Ratio : 15.95 | PB Ratio : 1.81 |
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The zones of discrimination for M-Score is as such:
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.
The historical rank and industry rank for Kennametal's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Kennametal was 0.00. The lowest was -3.64. And the median was -2.55.
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.
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.
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.
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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * | + | 4.679 * | - | 0.327 * | |||||||
= |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was $303 Mil. Revenue was $1,841 Mil. Gross Profit was $552 Mil. Total Current Assets was $1,005 Mil. Total Assets was $2,666 Mil. Property, Plant and Equipment(Net PPE) was $1,105 Mil. Depreciation, Depletion and Amortization(DDA) was $126 Mil. Selling, General, & Admin. Expense(SGA) was $0 Mil. Total Current Liabilities was $437 Mil. Long-Term Debt & Capital Lease Obligation was $629 Mil. Net Income was $54 Mil. Gross Profit was $-20 Mil. Cash Flow from Operations was $236 Mil. |
Total Receivables was $238 Mil. Revenue was $1,885 Mil. Gross Profit was $529 Mil. Total Current Assets was $1,441 Mil. Total Assets was $3,038 Mil. Property, Plant and Equipment(Net PPE) was $1,086 Mil. Depreciation, Depletion and Amortization(DDA) was $120 Mil. Selling, General, & Admin. Expense(SGA) was $0 Mil. Total Current Liabilities was $898 Mil. Long-Term Debt & Capital Lease Obligation was $629 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) |
= | (302.945 / 1841.441) | / | (237.983 / 1885.305) | |
= | 0.16451518 | / | 0.1262305 | |
= |
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) | |
= | (529.471 / 1885.305) | / | (552.478 / 1841.441) | |
= | 0.28084103 | / | 0.30002482 | |
= |
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 - (1004.807 + 1105.476) / 2665.761) | / | (1 - (1440.812 + 1086.306) / 3037.591) | |
= | 0.20837502 | / | 0.16805192 | |
= |
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 | |
= | 1841.441 | / | 1885.305 | |
= |
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)) |
= | (119.86 / (119.86 + 1086.306)) | / | (126.488 / (126.488 + 1105.476)) | |
= | 0.09937272 | / | 0.10267183 | |
= |
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 / 1841.441) | / | (0 / 1885.305) | |
= | 0 | / | 0 | |
= |
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) |
= | ((628.908 + 437.394) / 2665.761) | / | ((629.455 + 898.08) / 3037.591) | |
= | 0.3999991 | / | 0.50287712 | |
= |
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 | |
= | (54.434 - -20.194 | - | 235.682) | / | 2665.761 | |
= | -0.0604 |
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.
Thank you for viewing the detailed overview of Kennametal's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Chowbey Sanjay | officer: Vice President | 525 WILLIAM PENN PLACE SUITE 3300 PITTSBURGH PA 15219 |
Stranghoener Lawrence W | director | 2035 KIMBERLY COURT PLYMOUTH MN 55447 |
Cardenas Franklin | officer: Vice President | 525 WILLIAM PENN PLACE SUITE 3300 PITTSBURGH PA 15219 |
Audia Damon J | officer: Vice President | 525 WILLIAM PENN PLACE 33RD FLOOR PITTSBURGH PA 15219 |
Reilly Carlonda R. | officer: Vice President | 525 WILLIAM PENN PLACE 33RD FLOOR PITTSBURGH PA 15219 |
Martin Lorraine M | director | 1121 SPRING LAKE DRIVE ITASCA IL 60143 |
Port Ronald L | officer: Vice President | 525 WILLIAM PENN PLACE 33RD FLOOR PITTSBURGH PA 15219 |
Alvarado Joseph | director | 705 N. BAR Y ROAD P.O. BOX 11368 JACKSON WY 83002 |
Patel Sagar A | director | 1000 EAST DRAKE ROAD FORT COLLINS CO 80525 |
Van Gaalen Jan Kees | officer: Vice President | 10205 WESTHEIMER, SUITE 1000 HOUSTON TX 77042 |
Bacchus Judith L | officer: Vice President | 525 WILLIAM PENN PLACE 33RD FLOOR PITTSBURGH PA 15219 |
Keating Michelle R | officer: Vice President | 525 WILLIAM PENN PLACE 33RD FLOOR PITTSBURGH PA 15219 |
Rossi Christopher | officer: President and CEO | C/O KENNAMETAL INC. 525 WILLIAM PENN PLACE, 33RD FLOOR PITTSBURGH PA 15219 |
Watson Patrick S | officer: Vice President | 525 WILLIAM PENN PLACE 33RD FLOOR PITTSBURGH PA 15219 |
Lambert William M | director | C/O MSA SAFETY 1000 CRANBERRY WOODS DRIVE CRANBERRY TWP PA 16066 |
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