Valmont Industries Beneish M-Score Historical Data
The historical data trend for Valmont Industries'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.
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Valmont Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.71 |
-2.80 |
-2.11 |
-2.45 |
-2.54 |
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Valmont Industries 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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-2.45 |
-2.51 |
-2.63 |
-2.58 |
-2.54 |
Competitive Comparison
For the Conglomerates subindustry, Valmont Industries'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.
Valmont Industries Beneish M-Score Distribution
For the Conglomerates industry and Industrials sector, Valmont Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Valmont Industries's Beneish M-Score falls into.
Valmont Industries 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 Valmont Industries 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 * 1.1153 | + | 0.528 * 0.8754 | + | 0.404 * 0.929 | + | 0.892 * 0.9607 | + | 0.115 * 1.0176 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1542 | + | 4.679 * 0.004969 | - | 0.327 * 1.1141 |
| = | -2.54 |
* 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 $834 Mil.
Revenue was 1015.526 + 1050.295 + 1046.296 + 1062.481 = $4,175 Mil.
Gross Profit was 282.941 + 315.111 + 329.397 + 308.585 = $1,236 Mil.
Total Current Assets was $1,788 Mil.
Total Assets was $3,477 Mil.
Property, Plant and Equipment(Net PPE) was $617 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $768 Mil.
Total Current Liabilities was $723 Mil.
Long-Term Debt & Capital Lease Obligation was $1,271 Mil.
Net Income was 28.587 + -49.028 + 89.376 + 74.54 = $143 Mil.
Non Operating Income was -35.749 + -145.203 + 1.553 + -1.182 = $-181 Mil.
Cash Flow from Operations was 115.907 + 81.322 + 88.347 + 21.199 = $307 Mil.
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Total Receivables was $779 Mil.
Revenue was 1131.516 + 1097.382 + 1135.532 + 980.82 = $4,345 Mil.
Gross Profit was 298.959 + 285.478 + 292.601 + 249.186 = $1,126 Mil.
Total Current Assets was $1,781 Mil.
Total Assets was $3,557 Mil.
Property, Plant and Equipment(Net PPE) was $596 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $693 Mil.
Total Current Liabilities was $804 Mil.
Long-Term Debt & Capital Lease Obligation was $1,026 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) |
| = | (834.406 / 4174.598) | / | (778.72 / 4345.25) |
| = | 0.199877 | / | 0.179212 |
| | = | 1.1153 |
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) |
| = | (1126.224 / 4345.25) | / | (1236.034 / 4174.598) |
| = | 0.259185 | / | 0.296085 |
| | = | 0.8754 |
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 - (1787.629 + 617.394) / 3477.448) | / | (1 - (1780.585 + 595.578) / 3556.996) |
| = | 0.308394 | / | 0.331975 |
| | = | 0.929 |
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 |
| = | 4174.598 | / | 4345.25 |
| | = | 0.9607 |
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)) |
| = | (97.167 / (97.167 + 595.578)) | / | (98.708 / (98.708 + 617.394)) |
| = | 0.140264 | / | 0.137841 |
| | = | 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) |
| = | (768.423 / 4174.598) | / | (692.975 / 4345.25) |
| = | 0.184071 | / | 0.159479 |
| | = | 1.1542 |
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) |
| = | ((1270.628 + 723.102) / 3477.448) | / | ((1026.404 + 803.993) / 3556.996) |
| = | 0.573331 | / | 0.514591 |
| | = | 1.1141 |
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 |
| = | (143.475 - -180.581 | - | 306.775) | / | 3477.448 |
| | = | 0.004969 |
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.
Valmont Industries has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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