Pool Beneish M-Score Historical Data
The historical data trend for Pool'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.
Pool Beneish M-Score Chart
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Pool Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.17 |
-1.38 |
-2.21 |
-2.94 |
-2.88 |
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Pool Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.94 |
-3.03 |
-2.84 |
-2.80 |
-2.88 |
Competitive Comparison of Pool's Beneish M-Score
For the Industrial Distribution subindustry, Pool'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.
Pool's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Pool's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pool's Beneish M-Score falls into.
Pool 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 Pool 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 * 0.9581 | + | 0.528 * 1.0099 | + | 0.404 * 1.0082 | + | 0.892 * 0.9584 | + | 0.115 * 0.9475 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0944 | + | 4.679 * -0.06676 | - | 0.327 * 0.9978 |
| = | -2.88 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $315 Mil.
Revenue was 987.479 + 1432.879 + 1769.784 + 1120.81 = $5,311 Mil.
Gross Profit was 290.243 + 416.403 + 530.141 + 338.56 = $1,575 Mil.
Total Current Assets was $1,729 Mil.
Total Assets was $3,368 Mil.
Property, Plant and Equipment(Net PPE) was $566 Mil.
Depreciation, Depletion and Amortization(DDA) was $45 Mil.
Selling, General, & Admin. Expense(SGA) was $958 Mil.
Total Current Liabilities was $844 Mil.
Long-Term Debt & Capital Lease Obligation was $1,124 Mil.
Net Income was 37.3 + 125.701 + 192.439 + 78.885 = $434 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 170.567 + 316.517 + 26.66 + 145.442 = $659 Mil.
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Total Receivables was $343 Mil.
Revenue was 1003.05 + 1474.407 + 1857.363 + 1206.774 = $5,542 Mil.
Gross Profit was 293.775 + 428.731 + 567.783 + 369.755 = $1,660 Mil.
Total Current Assets was $1,815 Mil.
Total Assets was $3,428 Mil.
Property, Plant and Equipment(Net PPE) was $530 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $913 Mil.
Total Current Liabilities was $771 Mil.
Long-Term Debt & Capital Lease Obligation was $1,237 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) |
| = | (314.861 / 5310.952) | / | (342.91 / 5541.594) |
| = | 0.059285 | / | 0.061879 |
| | = | 0.9581 |
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) |
| = | (1660.044 / 5541.594) | / | (1575.347 / 5310.952) |
| = | 0.299561 | / | 0.296622 |
| | = | 1.0099 |
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 - (1729.114 + 566.177) / 3368.184) | / | (1 - (1815.36 + 529.617) / 3428.068) |
| = | 0.318538 | / | 0.315948 |
| | = | 1.0082 |
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 |
| = | 5310.952 | / | 5541.594 |
| | = | 0.9584 |
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)) |
| = | (40.14 / (40.14 + 529.617)) | / | (45.481 / (45.481 + 566.177)) |
| = | 0.070451 | / | 0.074357 |
| | = | 0.9475 |
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) |
| = | (958.143 / 5310.952) | / | (913.477 / 5541.594) |
| = | 0.180409 | / | 0.16484 |
| | = | 1.0944 |
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) |
| = | ((1124.166 + 844.186) / 3368.184) | / | ((1237.066 + 770.766) / 3428.068) |
| = | 0.584396 | / | 0.585704 |
| | = | 0.9978 |
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 |
| = | (434.325 - 0 | - | 659.186) | / | 3368.184 |
| | = | -0.06676 |
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.
Pool has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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