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Winnebago Industries Beneish M-Score

: -2.52 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

NYSE:WGO' s Beneish M-Score Range Over the Past 10 Years
Min: -6.61   Med: -2.51   Max: 115.49
Current: -2.52

-6.61
115.49

During the past 13 years, the highest Beneish M-Score of Winnebago Industries was 115.49. The lowest was -6.61. And the median was -2.51.


Winnebago Industries Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

* Premium members only.

Winnebago Industries Annual Data
Aug11 Aug12 Aug13 Aug14 Aug15 Aug16 Aug17 Aug18 Aug19 Aug20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.77 -1.34 -2.03 -2.63 -2.76

Winnebago Industries Quarterly Data
May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.75 -3.00 -2.76 -2.45 -2.52

Competitive Comparison
* 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.


Winnebago Industries Beneish M-Score Distribution

* 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 * 1.0444+0.528 * 0.8929+0.404 * 0.828+0.892 * 1.2192+0.115 * 0.9268
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9229+4.679 * -0.0336-0.327 * 1.0067
=-2.52

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

This Year (Feb21) TTM:Last Year (Feb20) TTM:
Accounts Receivable was $232 Mil.
Revenue was 839.886 + 793.131 + 737.807 + 402.458 = $2,773 Mil.
Gross Profit was 156.582 + 137.004 + 122.509 + 32.024 = $448 Mil.
Total Current Assets was $865 Mil.
Total Assets was $1,856 Mil.
Property, Plant and Equipment(Net PPE) was $201 Mil.
Depreciation, Depletion and Amortization(DDA) was $35 Mil.
Selling, General, & Admin. Expense(SGA) was $185 Mil.
Total Current Liabilities was $321 Mil.
Long-Term Debt & Capital Lease Obligation was $546 Mil.
Net Income was 69.068 + 57.423 + 42.459 + -12.353 = $157 Mil.
Non Operating Income was 0.311 + -0.094 + 0.514 + 0.074 = $1 Mil.
Cash Flow from Operations was 69.592 + -2.67 + 107.997 + 43.273 = $218 Mil.
Accounts Receivable was $182 Mil.
Revenue was 626.81 + 588.458 + 530.396 + 528.94 = $2,275 Mil.
Gross Profit was 79.782 + 78.613 + 83.188 + 86.584 = $328 Mil.
Total Current Assets was $564 Mil.
Total Assets was $1,572 Mil.
Property, Plant and Equipment(Net PPE) was $200 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General, & Admin. Expense(SGA) was $165 Mil.
Total Current Liabilities was $251 Mil.
Long-Term Debt & Capital Lease Obligation was $479 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(232.349 / 2773.282) / (182.475 / 2274.604)
=0.08378124 / 0.08022276
=1.0444

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)
=(328.167 / 2274.604) / (448.119 / 2773.282)
=0.14427434 / 0.16158436
=0.8929

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 - (864.978 + 201.442) / 1855.795) / (1 - (564.105 + 200.3) / 1571.927)
=0.42535679 / 0.5137147
=0.828

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
=2773.282 / 2274.604
=1.2192

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))
=(31.431 / (31.431 + 200.3)) / (34.533 / (34.533 + 201.442))
=0.13563572 / 0.14634177
=0.9268

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)
=(185.207 / 2773.282) / (164.593 / 2274.604)
=0.06678261 / 0.07236117
=0.9229

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)
=((546.226 + 321.003) / 1855.795) / ((479.016 + 250.649) / 1571.927)
=0.46730862 / 0.46418504
=1.0067

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
=(156.597 - 0.805 - 218.192) / 1855.795
=-0.0336

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 -2.52 suggests that the company is unlikely to be a manipulator.


Winnebago Industries Beneish M-Score Headlines

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