Resideo Technologies Beneish M-Score Historical Data
The historical data trend for Resideo Technologies'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.
Resideo Technologies Beneish M-Score Chart
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Resideo Technologies Annual Data
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Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.51 |
-2.41 |
-2.10 |
-2.51 |
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Resideo Technologies Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.10 |
-2.32 |
-2.41 |
-2.46 |
-2.51 |
Competitive Comparison of Resideo Technologies's Beneish M-Score
For the Security & Protection Services subindustry, Resideo Technologies'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.
Resideo Technologies's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Resideo Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Resideo Technologies's Beneish M-Score falls into.
Resideo Technologies 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 Resideo Technologies 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 * 0.991 | + | 0.528 * 1.0203 | + | 0.404 * 0.9593 | + | 0.892 * 0.9799 | + | 0.115 * 1.0176 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0058 | + | 4.679 * -0.00301 | - | 0.327 * 0.9517 |
| = | -2.51 |
* 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 $973 Mil.
Revenue was 1537 + 1554 + 1602 + 1549 = $6,242 Mil.
Gross Profit was 423 + 417 + 436 + 420 = $1,696 Mil.
Total Current Assets was $2,743 Mil.
Total Assets was $6,645 Mil.
Property, Plant and Equipment(Net PPE) was $390 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General, & Admin. Expense(SGA) was $960 Mil.
Total Current Liabilities was $1,525 Mil.
Long-Term Debt & Capital Lease Obligation was $1,396 Mil.
Net Income was 82 + 21 + 50 + 57 = $210 Mil.
Non Operating Income was -31 + -94 + -44 + -41 = $-210 Mil.
Cash Flow from Operations was 263 + 60 + 121 + -4 = $440 Mil.
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Total Receivables was $1,002 Mil.
Revenue was 1560 + 1618 + 1686 + 1506 = $6,370 Mil.
Gross Profit was 431 + 430 + 467 + 438 = $1,766 Mil.
Total Current Assets was $2,502 Mil.
Total Assets was $6,387 Mil.
Property, Plant and Equipment(Net PPE) was $366 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $974 Mil.
Total Current Liabilities was $1,546 Mil.
Long-Term Debt & Capital Lease Obligation was $1,404 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) |
| = | (973 / 6242) | / | (1002 / 6370) |
| = | 0.15588 | / | 0.1573 |
| | = | 0.991 |
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) |
| = | (1766 / 6370) | / | (1696 / 6242) |
| = | 0.277237 | / | 0.271708 |
| | = | 1.0203 |
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 - (2743 + 390) / 6645) | / | (1 - (2502 + 366) / 6387) |
| = | 0.528518 | / | 0.550963 |
| | = | 0.9593 |
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 |
| = | 6242 | / | 6370 |
| | = | 0.9799 |
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)) |
| = | (94 / (94 + 366)) | / | (98 / (98 + 390)) |
| = | 0.204348 | / | 0.20082 |
| | = | 1.0176 |
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) |
| = | (960 / 6242) | / | (974 / 6370) |
| = | 0.153797 | / | 0.152904 |
| | = | 1.0058 |
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) |
| = | ((1396 + 1525) / 6645) | / | ((1404 + 1546) / 6387) |
| = | 0.439579 | / | 0.461876 |
| | = | 0.9517 |
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 |
| = | (210 - -210 | - | 440) | / | 6645 |
| | = | -0.00301 |
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.
Resideo Technologies has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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