Navistar International Beneish M-Score Historical Data
The historical data trend for Navistar International'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.
Navistar International Beneish M-Score Chart
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Navistar International Annual Data
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Oct11 |
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Oct20 |
| Beneish M-Score |
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-3.02 |
-2.46 |
-2.20 |
-2.50 |
-3.38 |
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Navistar International Quarterly Data
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| Beneish M-Score |
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-2.93 |
-3.12 |
-3.38 |
-3.23 |
-3.09 |
Competitive Comparison of Navistar International's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Navistar International'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.
Navistar International's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Navistar International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Navistar International's Beneish M-Score falls into.
Navistar International 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 Navistar International 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 * 1.2441 | + | 0.528 * 0.9483 | + | 0.404 * 1.6215 | + | 0.892 * 0.8048 | + | 0.115 * 1.0022 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.0134 | + | 4.679 * -0.129023 | - | 0.327 * 1.0261 |
| = | -2.99 |
* 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 (Apr21) TTM: | Last Year (Apr20) TTM: |
Total Receivables was $1,643 Mil.
Revenue was 2162 + 1812 + 2065 + 1675 = $7,714 Mil.
Gross Profit was 431 + 305 + 385 + 287 = $1,408 Mil.
Total Current Assets was $4,651 Mil.
Total Assets was $7,084 Mil.
Property, Plant and Equipment(Net PPE) was $1,386 Mil.
Depreciation, Depletion and Amortization(DDA) was $203 Mil.
Selling, General, & Admin. Expense(SGA) was $1,178 Mil.
Total Current Liabilities was $3,889 Mil.
Long-Term Debt & Capital Lease Obligation was $4,624 Mil.
Net Income was 163 + -81 + -236 + -37 = $-191 Mil.
Non Operating Income was 242 + -48 + -3 + -28 = $163 Mil.
Cash Flow from Operations was 98 + -130 + 342 + 250 = $560 Mil.
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Total Receivables was $1,641 Mil.
Revenue was 1925 + 1838 + 2780 + 3042 = $9,585 Mil.
Gross Profit was 301 + 309 + 508 + 541 = $1,659 Mil.
Total Current Assets was $4,525 Mil.
Total Assets was $6,440 Mil.
Property, Plant and Equipment(Net PPE) was $1,328 Mil.
Depreciation, Depletion and Amortization(DDA) was $195 Mil.
Selling, General, & Admin. Expense(SGA) was $727 Mil.
Total Current Liabilities was $2,683 Mil.
Long-Term Debt & Capital Lease Obligation was $4,859 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) |
| = | (1643 / 7714) | / | (1641 / 9585) |
| = | 0.212989 | / | 0.171205 |
| | = | 1.2441 |
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) |
| = | (1659 / 9585) | / | (1408 / 7714) |
| = | 0.173083 | / | 0.182525 |
| | = | 0.9483 |
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 - (4651 + 1386) / 7084) | / | (1 - (4525 + 1328) / 6440) |
| = | 0.147798 | / | 0.091149 |
| | = | 1.6215 |
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 |
| = | 7714 | / | 9585 |
| | = | 0.8048 |
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)) |
| = | (195 / (195 + 1328)) | / | (203 / (203 + 1386)) |
| = | 0.128037 | / | 0.127753 |
| | = | 1.0022 |
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) |
| = | (1178 / 7714) | / | (727 / 9585) |
| = | 0.152709 | / | 0.075848 |
| | = | 2.0134 |
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) |
| = | ((4624 + 3889) / 7084) | / | ((4859 + 2683) / 6440) |
| = | 1.201722 | / | 1.171118 |
| | = | 1.0261 |
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 |
| = | (-191 - 163 | - | 560) | / | 7084 |
| | = | -0.129023 |
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.
Navistar International has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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