Triton International Beneish M-Score Historical Data
The historical data trend for Triton 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.
Triton International Beneish M-Score Chart
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Triton International Annual Data
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-2.96 |
-1.03 |
-2.80 |
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Triton International Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec20 |
Mar21 |
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Mar23 |
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Sep23 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-2.89 |
-2.77 |
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Competitive Comparison of Triton International's Beneish M-Score
For the Rental & Leasing Services subindustry, Triton 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.
Triton International's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Triton International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Triton International's Beneish M-Score falls into.
Triton 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 Triton 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 * 0.1492 | + | 0.528 * 1.1463 | + | 0.404 * 1.0525 | + | 0.892 * 0.874 | + | 0.115 * 1.0225 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0928 | + | 4.679 * -0.05999 | - | 0.327 * 1.0002 |
| = | -3.57 |
* 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 $243 Mil.
Revenue was 399.317 + 432.215 + 434.548 + 432.325 = $1,698 Mil.
Gross Profit was 154.495 + 173.073 + 181.005 + 183.792 = $692 Mil.
Total Current Assets was $2,085 Mil.
Total Assets was $11,233 Mil.
Property, Plant and Equipment(Net PPE) was $8,769 Mil.
Depreciation, Depletion and Amortization(DDA) was $581 Mil.
Selling, General, & Admin. Expense(SGA) was $89 Mil.
Total Current Liabilities was $408 Mil.
Long-Term Debt & Capital Lease Obligation was $7,471 Mil.
Net Income was 112.813 + 69.701 + 141.762 + 149.813 = $474 Mil.
Non Operating Income was 0 + 0 + -2.31 + 0.048 = $-2 Mil.
Cash Flow from Operations was 287.254 + 255.345 + 304.792 + 302.817 = $1,150 Mil.
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Total Receivables was $1,866 Mil.
Revenue was 462.323 + 495.937 + 504.788 + 480.177 = $1,943 Mil.
Gross Profit was 210.547 + 228.644 + 240.103 + 228.752 = $908 Mil.
Total Current Assets was $2,191 Mil.
Total Assets was $12,109 Mil.
Property, Plant and Equipment(Net PPE) was $9,530 Mil.
Depreciation, Depletion and Amortization(DDA) was $646 Mil.
Selling, General, & Admin. Expense(SGA) was $93 Mil.
Total Current Liabilities was $416 Mil.
Long-Term Debt & Capital Lease Obligation was $8,075 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) |
| = | (243.443 / 1698.405) | / | (1866.385 / 1943.225) |
| = | 0.143336 | / | 0.960457 |
| | = | 0.1492 |
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) |
| = | (908.046 / 1943.225) | / | (692.365 / 1698.405) |
| = | 0.467288 | / | 0.407656 |
| | = | 1.1463 |
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 - (2085.463 + 8768.917) / 11232.868) | / | (1 - (2191.2 + 9530.396) / 12109.258) |
| = | 0.033695 | / | 0.032014 |
| | = | 1.0525 |
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 |
| = | 1698.405 | / | 1943.225 |
| | = | 0.874 |
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)) |
| = | (646.122 / (646.122 + 9530.396)) | / | (580.53 / (580.53 + 8768.917)) |
| = | 0.063491 | / | 0.062092 |
| | = | 1.0225 |
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) |
| = | (88.839 / 1698.405) | / | (93.011 / 1943.225) |
| = | 0.052307 | / | 0.047864 |
| | = | 1.0928 |
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) |
| = | ((7470.634 + 407.508) / 11232.868) | / | ((8074.82 + 416.33) / 12109.258) |
| = | 0.701347 | / | 0.701211 |
| | = | 1.0002 |
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 |
| = | (474.089 - -2.262 | - | 1150.208) | / | 11232.868 |
| | = | -0.05999 |
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.
Triton International has a M-score of -3.57 suggests that the company is unlikely to be a manipulator.
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