Milacron Holdings Beneish M-Score Historical Data
The historical data trend for Milacron Holdings'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.
Milacron Holdings Beneish M-Score Chart
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Milacron Holdings Annual Data
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Dec13 |
Dec14 |
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Dec17 |
Dec18 |
| Beneish M-Score |
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- |
-2.44 |
-2.83 |
-2.62 |
-2.85 |
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Milacron Holdings Quarterly Data
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Dec14 |
Mar15 |
Jun15 |
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Mar19 |
Jun19 |
Sep19 |
| Beneish M-Score |
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-2.91 |
-2.85 |
-2.87 |
-2.87 |
-2.72 |
Competitive Comparison of Milacron Holdings's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Milacron Holdings'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.
Milacron Holdings's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Milacron Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Milacron Holdings's Beneish M-Score falls into.
Milacron Holdings 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 Milacron Holdings 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 * 0.8318 | + | 0.528 * 1.0821 | + | 0.404 * 1.0227 | + | 0.892 * 0.9611 | + | 0.115 * 1.0133 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9956 | + | 4.679 * -0.02531 | - | 0.327 * 0.9704 |
| = | -2.72 |
* 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Total Receivables was $146 Mil.
Revenue was 250.3 + 271.4 + 248.7 + 383 = $1,153 Mil.
Gross Profit was 76 + 87 + 84.8 + 98.4 = $346 Mil.
Total Current Assets was $600 Mil.
Total Assets was $1,644 Mil.
Property, Plant and Equipment(Net PPE) was $241 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General, & Admin. Expense(SGA) was $233 Mil.
Total Current Liabilities was $223 Mil.
Long-Term Debt & Capital Lease Obligation was $795 Mil.
Net Income was 26.1 + 4.1 + -0.8 + 5.8 = $35 Mil.
Non Operating Income was 0.8 + 0.1 + 0.5 + -2.1 = $-1 Mil.
Cash Flow from Operations was 7.3 + 8.5 + -7.2 + 68.9 = $78 Mil.
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Total Receivables was $183 Mil.
Revenue was 282.8 + 303.6 + 288.8 + 324.9 = $1,200 Mil.
Gross Profit was 97.3 + 107 + 99.9 + 85.6 = $390 Mil.
Total Current Assets was $692 Mil.
Total Assets was $1,794 Mil.
Property, Plant and Equipment(Net PPE) was $245 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $243 Mil.
Total Current Liabilities was $292 Mil.
Long-Term Debt & Capital Lease Obligation was $853 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) |
| = | (146.3 / 1153.4) | / | (183 / 1200.1) |
| = | 0.126842 | / | 0.152487 |
| | = | 0.8318 |
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) |
| = | (389.8 / 1200.1) | / | (346.2 / 1153.4) |
| = | 0.324806 | / | 0.300156 |
| | = | 1.0821 |
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 - (600 + 241) / 1643.6) | / | (1 - (691.8 + 245.3) / 1793.5) |
| = | 0.488318 | / | 0.477502 |
| | = | 1.0227 |
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 |
| = | 1153.4 | / | 1200.1 |
| | = | 0.9611 |
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)) |
| = | (54.2 / (54.2 + 245.3)) | / | (52.4 / (52.4 + 241)) |
| = | 0.180968 | / | 0.178596 |
| | = | 1.0133 |
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) |
| = | (232.6 / 1153.4) | / | (243.1 / 1200.1) |
| = | 0.201665 | / | 0.202566 |
| | = | 0.9956 |
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) |
| = | ((795.2 + 223.1) / 1643.6) | / | ((853.1 + 292) / 1793.5) |
| = | 0.619555 | / | 0.638472 |
| | = | 0.9704 |
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 |
| = | (35.2 - -0.7 | - | 77.5) | / | 1643.6 |
| | = | -0.02531 |
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.
Milacron Holdings has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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