Tower International Beneish M-Score Historical Data
The historical data trend for Tower 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.
Tower International Beneish M-Score Chart
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Tower International Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-3.02 |
-1.64 |
-3.01 |
-3.32 |
-2.89 |
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Tower International Quarterly Data
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Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
| Beneish M-Score |
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-2.97 |
-3.03 |
-2.89 |
-3.56 |
-3.32 |
Competitive Comparison of Tower International's Beneish M-Score
For the Auto Parts subindustry, Tower 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.
Tower International's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Tower International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tower International's Beneish M-Score falls into.
Tower 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 Tower 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 * 0.4892 | + | 0.528 * 1.1706 | + | 0.404 * 0.8057 | + | 0.892 * 0.982 | + | 0.115 * 0.906 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9297 | + | 4.679 * -0.076494 | - | 0.327 * 1.0127 |
| = | -3.32 |
* 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 (Jun19) TTM: | Last Year (Jun18) TTM: |
Total Receivables was $141 Mil.
Revenue was 345.446 + 378.738 + -72.226 + 524.566 = $1,177 Mil.
Gross Profit was 36.475 + 36.767 + 8.368 + 61.625 = $143 Mil.
Total Current Assets was $412 Mil.
Total Assets was $1,206 Mil.
Property, Plant and Equipment(Net PPE) was $676 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $69 Mil.
Total Current Liabilities was $294 Mil.
Long-Term Debt & Capital Lease Obligation was $500 Mil.
Net Income was 5.811 + -5.068 + -13.356 + 22.58 = $10 Mil.
Non Operating Income was -5.298 + 4.448 + -5.15 + 0.067 = $-6 Mil.
Cash Flow from Operations was -5.412 + -8.458 + 89.763 + 32.281 = $108 Mil.
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Total Receivables was $293 Mil.
Revenue was 395.929 + 407.233 + -67.413 + 462.372 = $1,198 Mil.
Gross Profit was 50.822 + 48.184 + 13.705 + 58.04 = $171 Mil.
Total Current Assets was $544 Mil.
Total Assets was $1,247 Mil.
Property, Plant and Equipment(Net PPE) was $550 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General, & Admin. Expense(SGA) was $76 Mil.
Total Current Liabilities was $467 Mil.
Long-Term Debt & Capital Lease Obligation was $344 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) |
| = | (140.789 / 1176.524) | / | (293.093 / 1198.121) |
| = | 0.119665 | / | 0.244627 |
| | = | 0.4892 |
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) |
| = | (170.751 / 1198.121) | / | (143.235 / 1176.524) |
| = | 0.142516 | / | 0.121744 |
| | = | 1.1706 |
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 - (411.517 + 675.53) / 1206.292) | / | (1 - (543.674 + 550.434) / 1247.121) |
| = | 0.098853 | / | 0.122693 |
| | = | 0.8057 |
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 |
| = | 1176.524 | / | 1198.121 |
| | = | 0.982 |
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)) |
| = | (42.466 / (42.466 + 550.434)) | / | (57.991 / (57.991 + 675.53)) |
| = | 0.071624 | / | 0.079058 |
| | = | 0.906 |
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) |
| = | (69.194 / 1176.524) | / | (75.796 / 1198.121) |
| = | 0.058812 | / | 0.063262 |
| | = | 0.9297 |
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) |
| = | ((500.198 + 294.288) / 1206.292) | / | ((343.79 + 467.321) / 1247.121) |
| = | 0.658618 | / | 0.650387 |
| | = | 1.0127 |
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 |
| = | (9.967 - -5.933 | - | 108.174) | / | 1206.292 |
| | = | -0.076494 |
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.
Tower International has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
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