Brother Industries Beneish M-Score Historical Data
The historical data trend for Brother 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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Brother Industries Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.64 |
-2.84 |
-3.00 |
-2.41 |
-2.15 |
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Brother 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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-2.01 |
-2.15 |
-2.42 |
-2.64 |
-2.94 |
Competitive Comparison
For the Business Equipment & Supplies subindustry, Brother 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.
Brother Industries Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, Brother Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brother Industries's Beneish M-Score falls into.
Brother 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 Brother 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 * 0.9577 | + | 0.528 * 0.942 | + | 0.404 * 0.9792 | + | 0.892 * 0.9662 | + | 0.115 * 1.0232 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0623 | + | 4.679 * -0.106323 | - | 0.327 * 0.7466 |
| = | -3.01 |
* 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 $855 Mil.
Revenue was 1480.28 + 1347.526 + 1417.726 + 1509.715 = $5,755 Mil.
Gross Profit was 630.567 + 579.249 + 621.917 + 594.504 = $2,426 Mil.
Total Current Assets was $3,499 Mil.
Total Assets was $6,020 Mil.
Property, Plant and Equipment(Net PPE) was $1,165 Mil.
Depreciation, Depletion and Amortization(DDA) was $326 Mil.
Selling, General, & Admin. Expense(SGA) was $1,935 Mil.
Total Current Liabilities was $1,064 Mil.
Long-Term Debt & Capital Lease Obligation was $4 Mil.
Net Income was 123.016 + 85.617 + 114.907 + -29.133 = $294 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 327.605 + 234.36 + 158.357 + 214.111 = $934 Mil.
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Total Receivables was $924 Mil.
Revenue was 1606.992 + 1374.407 + 1490.976 + 1483.959 = $5,956 Mil.
Gross Profit was 604.166 + 519.966 + 627.85 + 613.422 = $2,365 Mil.
Total Current Assets was $3,726 Mil.
Total Assets was $6,250 Mil.
Property, Plant and Equipment(Net PPE) was $1,087 Mil.
Depreciation, Depletion and Amortization(DDA) was $313 Mil.
Selling, General, & Admin. Expense(SGA) was $1,886 Mil.
Total Current Liabilities was $1,481 Mil.
Long-Term Debt & Capital Lease Obligation was $4 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) |
| = | (855.172 / 5755.247) | / | (924.161 / 5956.334) |
| = | 0.14859 | / | 0.155156 |
| | = | 0.9577 |
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) |
| = | (2365.404 / 5956.334) | / | (2426.237 / 5755.247) |
| = | 0.397124 | / | 0.42157 |
| | = | 0.942 |
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 - (3499.352 + 1165.171) / 6019.614) | / | (1 - (3726.077 + 1086.953) / 6249.878) |
| = | 0.225113 | / | 0.2299 |
| | = | 0.9792 |
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 |
| = | 5755.247 | / | 5956.334 |
| | = | 0.9662 |
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)) |
| = | (312.811 / (312.811 + 1086.953)) | / | (325.592 / (325.592 + 1165.171)) |
| = | 0.223474 | / | 0.218406 |
| | = | 1.0232 |
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) |
| = | (1935.428 / 5755.247) | / | (1885.624 / 5956.334) |
| = | 0.336289 | / | 0.316575 |
| | = | 1.0623 |
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) |
| = | ((4.167 + 1063.831) / 6019.614) | / | ((4.447 + 1480.779) / 6249.878) |
| = | 0.17742 | / | 0.237641 |
| | = | 0.7466 |
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 |
| = | (294.407 - 0 | - | 934.433) | / | 6019.614 |
| | = | -0.106323 |
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.
Brother Industries has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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