Titan International Beneish M-Score Historical Data
The historical data trend for Titan 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.
Titan International Beneish M-Score Chart
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Titan International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.00 |
-3.30 |
-1.93 |
-2.18 |
-2.94 |
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Titan International Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.18 |
-2.36 |
-2.65 |
-2.76 |
-2.94 |
Competitive Comparison of Titan International's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Titan 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.
Titan International's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Titan International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Titan International's Beneish M-Score falls into.
Titan 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 Titan 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 * 0.9171 | + | 0.528 * 0.9904 | + | 0.404 * 1.1305 | + | 0.892 * 0.8398 | + | 0.115 * 1.0878 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.21 | + | 4.679 * -0.061743 | - | 0.327 * 0.9091 |
| = | -2.94 |
* 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 $236 Mil.
Revenue was 390.199 + 401.781 + 481.176 + 548.644 = $1,822 Mil.
Gross Profit was 58.324 + 66.073 + 85.895 + 95.557 = $306 Mil.
Total Current Assets was $877 Mil.
Total Assets was $1,289 Mil.
Property, Plant and Equipment(Net PPE) was $334 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General, & Admin. Expense(SGA) was $135 Mil.
Total Current Liabilities was $372 Mil.
Long-Term Debt & Capital Lease Obligation was $415 Mil.
Net Income was -2.565 + 19.28 + 30.207 + 31.838 = $79 Mil.
Non Operating Income was -22.04 + 1.337 + 0.713 + -0.998 = $-21 Mil.
Cash Flow from Operations was 39.244 + 51.216 + 64.804 + 24.086 = $179 Mil.
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Total Receivables was $306 Mil.
Revenue was 509.766 + 530.722 + 572.895 + 555.997 = $2,169 Mil.
Gross Profit was 76.695 + 87.633 + 109.653 + 86.729 = $361 Mil.
Total Current Assets was $910 Mil.
Total Assets was $1,285 Mil.
Property, Plant and Equipment(Net PPE) was $306 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $133 Mil.
Total Current Liabilities was $446 Mil.
Long-Term Debt & Capital Lease Obligation was $417 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) |
| = | (235.613 / 1821.8) | / | (305.94 / 2169.38) |
| = | 0.12933 | / | 0.141026 |
| | = | 0.9171 |
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) |
| = | (360.71 / 2169.38) | / | (305.849 / 1821.8) |
| = | 0.166273 | / | 0.167883 |
| | = | 0.9904 |
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 - (876.781 + 333.649) / 1289.245) | / | (1 - (909.628 + 305.537) / 1284.63) |
| = | 0.061133 | / | 0.054074 |
| | = | 1.1305 |
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 |
| = | 1821.8 | / | 2169.38 |
| | = | 0.8398 |
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)) |
| = | (42.747 / (42.747 + 305.537)) | / | (42.434 / (42.434 + 333.649)) |
| = | 0.122736 | / | 0.112831 |
| | = | 1.0878 |
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) |
| = | (134.938 / 1821.8) | / | (132.792 / 2169.38) |
| = | 0.074069 | / | 0.061212 |
| | = | 1.21 |
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) |
| = | ((415.331 + 372.375) / 1289.245) | / | ((417.17 + 446.161) / 1284.63) |
| = | 0.610982 | / | 0.672046 |
| | = | 0.9091 |
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 |
| = | (78.76 - -20.988 | - | 179.35) | / | 1289.245 |
| | = | -0.061743 |
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.
Titan International has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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