Ashtead Group Beneish M-Score Historical Data
The historical data trend for Ashtead Group'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.
Ashtead Group Beneish M-Score Chart
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Ashtead Group Annual Data
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| Beneish M-Score |
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-2.09 |
-2.64 |
-2.69 |
-2.21 |
-2.10 |
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Ashtead Group Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.03 |
-2.10 |
-2.18 |
-2.24 |
-2.16 |
Competitive Comparison of Ashtead Group's Beneish M-Score
For the Rental & Leasing Services subindustry, Ashtead Group'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.
Ashtead Group's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Ashtead Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ashtead Group's Beneish M-Score falls into.
Ashtead Group 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 Ashtead Group 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 * 0.9997 | + | 0.528 * 0.955 | + | 0.404 * 0.9458 | + | 0.892 * 1.1476 | + | 0.115 * 1.0528 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.057762 | - | 0.327 * 1.0134 |
| = | -2.12 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $2,007 Mil.
Revenue was 2657.8 + 2877.3 + 2696.1 + 2443.7 = $10,675 Mil.
Gross Profit was 2370.9 + 2554.3 + 2392.6 + 2173.4 = $9,491 Mil.
Total Current Assets was $2,260 Mil.
Total Assets was $21,779 Mil.
Property, Plant and Equipment(Net PPE) was $15,481 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,158 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,664 Mil.
Long-Term Debt & Capital Lease Obligation was $10,920 Mil.
Net Income was 332.3 + 494 + 447.4 + 346.1 = $1,620 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 40 + -15.2 + -14.4 + 351.4 = $362 Mil.
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Total Receivables was $1,750 Mil.
Revenue was 2427.4 + 2537.2 + 2259 + 2078.2 = $9,302 Mil.
Gross Profit was 2160.7 + 2249.8 + 1974.3 + 1513.2 = $7,898 Mil.
Total Current Assets was $2,022 Mil.
Total Assets was $18,049 Mil.
Property, Plant and Equipment(Net PPE) was $12,489 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,846 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,658 Mil.
Long-Term Debt & Capital Lease Obligation was $8,632 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) |
| = | (2007.2 / 10674.9) | / | (1749.5 / 9301.8) |
| = | 0.18803 | / | 0.188082 |
| | = | 0.9997 |
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) |
| = | (7898 / 9301.8) | / | (9491.2 / 10674.9) |
| = | 0.849083 | / | 0.889114 |
| | = | 0.955 |
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 - (2260.1 + 15480.8) / 21779.2) | / | (1 - (2022 + 12488.5) / 18048.8) |
| = | 0.18542 | / | 0.196041 |
| | = | 0.9458 |
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 |
| = | 10674.9 | / | 9301.8 |
| | = | 1.1476 |
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)) |
| = | (1846 / (1846 + 12488.5)) | / | (2157.6 / (2157.6 + 15480.8)) |
| = | 0.12878 | / | 0.122324 |
| | = | 1.0528 |
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) |
| = | (0 / 10674.9) | / | (0 / 9301.8) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((10919.7 + 1663.5) / 21779.2) | / | ((8632.3 + 1657.8) / 18048.8) |
| = | 0.577762 | / | 0.570127 |
| | = | 1.0134 |
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 |
| = | (1619.8 - 0 | - | 361.8) | / | 21779.2 |
| | = | 0.057762 |
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.
Ashtead Group has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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