Quanex Building Products Beneish M-Score Historical Data
The historical data trend for Quanex Building Products'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.
Quanex Building Products Beneish M-Score Chart
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Quanex Building Products Annual Data
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Oct23 |
| Beneish M-Score |
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-3.05 |
-2.86 |
-2.39 |
-2.59 |
-2.72 |
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Quanex Building Products Quarterly Data
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Apr19 |
Jul19 |
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Jan24 |
| Beneish M-Score |
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-2.83 |
-2.98 |
-2.96 |
-2.72 |
-2.75 |
Competitive Comparison of Quanex Building Products's Beneish M-Score
For the Building Products & Equipment subindustry, Quanex Building Products'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.
Quanex Building Products's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Quanex Building Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Quanex Building Products's Beneish M-Score falls into.
Quanex Building Products 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 Quanex Building Products 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 * 1.1373 | + | 0.528 * 0.8709 | + | 0.404 * 0.9719 | + | 0.892 * 0.9108 | + | 0.115 * 0.975 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0672 | + | 4.679 * -0.068829 | - | 0.327 * 0.6959 |
| = | -2.75 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $88 Mil.
Revenue was 239.155 + 295.492 + 299.64 + 273.535 = $1,108 Mil.
Gross Profit was 51.432 + 80.019 + 78.575 + 67.163 = $277 Mil.
Total Current Assets was $253 Mil.
Total Assets was $813 Mil.
Property, Plant and Equipment(Net PPE) was $300 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $120 Mil.
Total Current Liabilities was $111 Mil.
Long-Term Debt & Capital Lease Obligation was $102 Mil.
Net Income was 6.249 + 27.382 + 31.698 + 21.512 = $87 Mil.
Non Operating Income was 1.042 + -6.358 + 0.402 + -0.029 = $-5 Mil.
Cash Flow from Operations was 3.854 + 44.493 + 64.099 + 35.325 = $148 Mil.
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Total Receivables was $85 Mil.
Revenue was 261.916 + 307.532 + 324.037 + 322.893 = $1,216 Mil.
Gross Profit was 51.767 + 67.459 + 72.591 + 73.242 = $265 Mil.
Total Current Assets was $267 Mil.
Total Assets was $827 Mil.
Property, Plant and Equipment(Net PPE) was $288 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $120 Mil.
Long-Term Debt & Capital Lease Obligation was $191 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) |
| = | (87.705 / 1107.822) | / | (84.672 / 1216.378) |
| = | 0.079169 | / | 0.06961 |
| | = | 1.1373 |
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) |
| = | (265.059 / 1216.378) | / | (277.189 / 1107.822) |
| = | 0.217908 | / | 0.250211 |
| | = | 0.8709 |
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 - (252.995 + 300.051) / 813.42) | / | (1 - (266.608 + 288.026) / 827.026) |
| = | 0.320098 | / | 0.329363 |
| | = | 0.9719 |
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 |
| = | 1107.822 | / | 1216.378 |
| | = | 0.9108 |
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)) |
| = | (40.472 / (40.472 + 288.026)) | / | (43.398 / (43.398 + 300.051)) |
| = | 0.123203 | / | 0.126359 |
| | = | 0.975 |
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) |
| = | (119.576 / 1107.822) | / | (123.029 / 1216.378) |
| = | 0.107938 | / | 0.101144 |
| | = | 1.0672 |
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) |
| = | ((101.678 + 111.454) / 813.42) | / | ((191.407 + 119.99) / 827.026) |
| = | 0.26202 | / | 0.376526 |
| | = | 0.6959 |
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 |
| = | (86.841 - -4.943 | - | 147.771) | / | 813.42 |
| | = | -0.068829 |
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.
Quanex Building Products has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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