REV Group Beneish M-Score Historical Data
The historical data trend for REV Group'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.
REV Group Beneish M-Score Chart
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REV Group Annual Data
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Oct14 |
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Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.66 |
-2.77 |
-2.83 |
-2.82 |
-2.73 |
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REV Group Quarterly Data
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Apr19 |
Jul19 |
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Jan21 |
Apr21 |
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Jan23 |
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Jan24 |
| Beneish M-Score |
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-2.83 |
-2.57 |
-2.76 |
-2.73 |
-2.74 |
Competitive Comparison of REV Group's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, REV Group'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.
REV Group's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, REV Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where REV Group's Beneish M-Score falls into.
REV Group 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 REV Group 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 * 0.92 | + | 0.528 * 0.8631 | + | 0.404 * 0.8461 | + | 0.892 * 1.1103 | + | 0.115 * 1.1971 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8931 | + | 4.679 * -0.045528 | - | 0.327 * 0.9459 |
| = | -2.74 |
* 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 $224 Mil.
Revenue was 586 + 693.3 + 680 + 681.2 = $2,641 Mil.
Gross Profit was 62.9 + 95.5 + 80.2 + 82.5 = $321 Mil.
Total Current Assets was $989 Mil.
Total Assets was $1,421 Mil.
Property, Plant and Equipment(Net PPE) was $188 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $213 Mil.
Total Current Liabilities was $733 Mil.
Long-Term Debt & Capital Lease Obligation was $28 Mil.
Net Income was 182.7 + 29.7 + 14.9 + 14.2 = $242 Mil.
Non Operating Income was 244.1 + 0 + 0 + -1.6 = $243 Mil.
Cash Flow from Operations was -69.7 + 53.1 + 65.2 + 15.1 = $64 Mil.
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Total Receivables was $219 Mil.
Revenue was 583.5 + 623.5 + 594.8 + 576.3 = $2,378 Mil.
Gross Profit was 57.9 + 66.8 + 67.8 + 57.1 = $250 Mil.
Total Current Assets was $941 Mil.
Total Assets was $1,402 Mil.
Property, Plant and Equipment(Net PPE) was $175 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $214 Mil.
Total Current Liabilities was $523 Mil.
Long-Term Debt & Capital Lease Obligation was $272 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) |
| = | (223.5 / 2640.5) | / | (218.8 / 2378.1) |
| = | 0.084643 | / | 0.092006 |
| | = | 0.92 |
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) |
| = | (249.6 / 2378.1) | / | (321.1 / 2640.5) |
| = | 0.104958 | / | 0.121606 |
| | = | 0.8631 |
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 - (988.6 + 188.1) / 1421.1) | / | (1 - (941.3 + 175.4) / 1401.6) |
| = | 0.171979 | / | 0.203268 |
| | = | 0.8461 |
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 |
| = | 2640.5 | / | 2378.1 |
| | = | 1.1103 |
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)) |
| = | (29.6 / (29.6 + 175.4)) | / | (25.8 / (25.8 + 188.1)) |
| = | 0.14439 | / | 0.120617 |
| | = | 1.1971 |
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) |
| = | (212.6 / 2640.5) | / | (214.4 / 2378.1) |
| = | 0.080515 | / | 0.090156 |
| | = | 0.8931 |
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) |
| = | ((28.4 + 733.3) / 1421.1) | / | ((271.6 + 522.6) / 1401.6) |
| = | 0.535993 | / | 0.566638 |
| | = | 0.9459 |
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 |
| = | (241.5 - 242.5 | - | 63.7) | / | 1421.1 |
| | = | -0.045528 |
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.
REV Group has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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