Winnebago Industries Beneish M-Score Historical Data
The historical data trend for Winnebago 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.
Winnebago Industries Beneish M-Score Chart
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Winnebago Industries Annual Data
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Trend |
Aug14 |
Aug15 |
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Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.63 |
-2.76 |
-2.27 |
-2.36 |
-2.79 |
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Winnebago Industries Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
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Nov20 |
Feb21 |
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Aug21 |
Nov21 |
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Nov22 |
Feb23 |
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Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.78 |
-2.94 |
-2.79 |
-2.49 |
-2.80 |
Competitive Comparison of Winnebago Industries's Beneish M-Score
For the Recreational Vehicles subindustry, Winnebago 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.
Winnebago Industries's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Winnebago Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Winnebago Industries's Beneish M-Score falls into.
Winnebago 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 Winnebago 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 * 1.1831 | + | 0.528 * 1.1135 | + | 0.404 * 1.0596 | + | 0.892 * 0.7043 | + | 0.115 * 0.9416 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2323 | + | 4.679 * -0.053535 | - | 0.327 * 1.0231 |
| = | -2.80 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $234 Mil.
Revenue was 703.6 + 763 + 771 + 900.8 = $3,138 Mil.
Gross Profit was 105.3 + 115.8 + 127.5 + 151.4 = $500 Mil.
Total Current Assets was $1,002 Mil.
Total Assets was $2,434 Mil.
Property, Plant and Equipment(Net PPE) was $374 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $266 Mil.
Total Current Liabilities was $353 Mil.
Long-Term Debt & Capital Lease Obligation was $734 Mil.
Net Income was -12.7 + 25.8 + 43.8 + 59.1 = $116 Mil.
Non Operating Income was -35.7 + -0.6 + 1.3 + -0.2 = $-35 Mil.
Cash Flow from Operations was 25.2 + -21.4 + 138.1 + 139.6 = $282 Mil.
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Total Receivables was $281 Mil.
Revenue was 866.7 + 952.2 + 1179.1 + 1458.1 = $4,456 Mil.
Gross Profit was 146.8 + 160.4 + 210.3 + 273 = $791 Mil.
Total Current Assets was $1,090 Mil.
Total Assets was $2,445 Mil.
Property, Plant and Equipment(Net PPE) was $353 Mil.
Depreciation, Depletion and Amortization(DDA) was $48 Mil.
Selling, General, & Admin. Expense(SGA) was $307 Mil.
Total Current Liabilities was $435 Mil.
Long-Term Debt & Capital Lease Obligation was $633 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) |
| = | (234.4 / 3138.4) | / | (281.3 / 4456.1) |
| = | 0.074688 | / | 0.063127 |
| | = | 1.1831 |
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) |
| = | (790.5 / 4456.1) | / | (500 / 3138.4) |
| = | 0.177397 | / | 0.159317 |
| | = | 1.1135 |
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 - (1002.2 + 373.6) / 2433.9) | / | (1 - (1089.5 + 352.6) / 2445.4) |
| = | 0.434734 | / | 0.410281 |
| | = | 1.0596 |
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 |
| = | 3138.4 | / | 4456.1 |
| | = | 0.7043 |
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)) |
| = | (47.5 / (47.5 + 352.6)) | / | (53.9 / (53.9 + 373.6)) |
| = | 0.11872 | / | 0.126082 |
| | = | 0.9416 |
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) |
| = | (266.1 / 3138.4) | / | (306.6 / 4456.1) |
| = | 0.084788 | / | 0.068805 |
| | = | 1.2323 |
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) |
| = | ((734.1 + 353.2) / 2433.9) | / | ((632.7 + 435.1) / 2445.4) |
| = | 0.446732 | / | 0.436657 |
| | = | 1.0231 |
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 |
| = | (116 - -35.2 | - | 281.5) | / | 2433.9 |
| | = | -0.053535 |
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.
Winnebago Industries has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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