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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.
Good Sign:
Beneish M-Score -3.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for MasterBrand's Beneish M-Score or its related term are showing as below:
During the past 5 years, the highest Beneish M-Score of MasterBrand was -3.19. The lowest was -3.19. And the median was -3.19.
The historical data trend for MasterBrand'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.
MasterBrand Annual Data | ||||||
Trend | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |
Beneish M-Score | - | - | - | - | -3.19 |
For the Furnishings, Fixtures & Appliances subindustry, MasterBrand'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 Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, MasterBrand's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MasterBrand'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 MasterBrand 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 * 0.8422 | + | 0.528 * 0.8684 | + | 0.404 * 1.0565 | + | 0.892 * 0.8323 | + | 0.115 * 1.0279 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0628 | + | 4.679 * -0.089852 | - | 0.327 * 0.816 | |||||||
= | -3.19 |
* 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 $203 Mil. Revenue was 677.1 + 677.3 + 695.1 + 676.7 = $2,726 Mil. Gross Profit was 223.1 + 237.5 + 236.2 + 204.6 = $901 Mil. Total Current Assets was $677 Mil. Total Assets was $2,382 Mil. Property, Plant and Equipment(Net PPE) was $417 Mil. Depreciation, Depletion and Amortization(DDA) was $64 Mil. Selling, General, & Admin. Expense(SGA) was $573 Mil. Total Current Liabilities was $349 Mil. Long-Term Debt & Capital Lease Obligation was $737 Mil. Net Income was 36.1 + 59.7 + 51.2 + 35 = $182 Mil. Non Operating Income was -5.6 + -0.4 + -3.6 + 0 = $-10 Mil. Cash Flow from Operations was 69.1 + 142.5 + 131.9 + 62.1 = $406 Mil. |
Total Receivables was $290 Mil. Revenue was 784.4 + 858.4 + 855.6 + 777.1 = $3,276 Mil. Gross Profit was 215 + 264.9 + 249.6 + 211 = $941 Mil. Total Current Assets was $830 Mil. Total Assets was $2,529 Mil. Property, Plant and Equipment(Net PPE) was $405 Mil. Depreciation, Depletion and Amortization(DDA) was $65 Mil. Selling, General, & Admin. Expense(SGA) was $647 Mil. Total Current Liabilities was $411 Mil. Long-Term Debt & Capital Lease Obligation was $1,002 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) |
= | (203 / 2726.2) | / | (289.6 / 3275.5) | |
= | 0.074463 | / | 0.088414 | |
= | 0.8422 |
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) | |
= | (940.5 / 3275.5) | / | (901.4 / 2726.2) | |
= | 0.287132 | / | 0.330643 | |
= | 0.8684 |
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 - (677.2 + 416.7) / 2381.7) | / | (1 - (830 + 404.9) / 2529.4) | |
= | 0.540706 | / | 0.511781 | |
= | 1.0565 |
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 | |
= | 2726.2 | / | 3275.5 | |
= | 0.8323 |
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)) |
= | (64.5 / (64.5 + 404.9)) | / | (64.3 / (64.3 + 416.7)) | |
= | 0.137409 | / | 0.13368 | |
= | 1.0279 |
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) |
= | (572.6 / 2726.2) | / | (647.3 / 3275.5) | |
= | 0.210036 | / | 0.197619 | |
= | 1.0628 |
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) |
= | ((736.5 + 349.4) / 2381.7) | / | ((1002.2 + 411.1) / 2529.4) | |
= | 0.455935 | / | 0.558749 | |
= | 0.816 |
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 | |
= | (182 - -9.6 | - | 405.6) | / | 2381.7 | |
= | -0.089852 |
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.
MasterBrand has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of MasterBrand's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kurt Wanninger | officer: EVP & Chief Operations Officer | C/O NORCRAFT COMPANIES, INC., 3020 DENMARK AVENUE, SUITE 100, EAGAN MN 55121 |
Goldman Sachs Group Inc | 10 percent owner | 200 WEST STREET, NEW YORK NY 10282 |
Goldman Sachs & Co. Llc | 10 percent owner | 200 WEST STREET, NEW YORK NY 10282 |
David D Petratis | director | 1415 ROSELLE ROAD, PALATINE IL 60067 |
Ann F Hackett | director | |
Juliana L Chugg | director | 1200 WILLOW LAKE BOULEVARD, PO BOX 64683, ST PAUL MN 55164-0683 |
Mark A. Young | officer: VP, Chief Accounting Officer | 701 LIMA AVENUE, FINDLAY OH 45840 |
Andrean Horton | officer: EVP, CLO & Secretary | 3637 RIDGEWOOD RD, FAIRLAWN X1 44333 |
Jeffery S. Perry | director | 520 LAKE COOK ROAD, SUITE 300, DEERFIELD IL 60015 |
Bruce Alan Kendrick | officer: EVP & Chief HR Officer | 520 LAKE COOK ROAD, SUITE 300, DEERFIELD IL 60015 |
Van Doren Martin Scott | officer: EVP, Sales | 520 LAKE COOK ROAD, SUITE 300, DEERFIELD IL 60015 |
Andrea Helen Simon | officer: EVP & CFO | 520 LAKE COOK ROAD, SUITE 300, DEERFIELD IL 60015 |
Navneet Grewal | officer: EVP, Chief Digital & Tech Off. | 520 LAKE COOK ROAD, SUITE 300, DEERFIELD IL 60015 |
Robert Crisci | director | C/O ROPER TECHNOLOGIES, INC., 6901 PROFESSIONAL PARKWAY, SARASOTA FL 34240 |
Patrick D Hallinan | director | FORTUNE BRANDS HOME & SECURITY, INC., 520 LAKE COOK ROAD, DEERFIELD IL 60015 |
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