RB Global Beneish M-Score Historical Data
The historical data trend for RB Global'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.
RB Global Beneish M-Score Chart
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RB Global Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.71 |
-2.47 |
-2.76 |
-0.41 |
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RB Global 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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-2.76 |
-0.72 |
-0.66 |
-0.75 |
-0.41 |
Competitive Comparison of RB Global's Beneish M-Score
For the Specialty Business Services subindustry, RB Global'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.
RB Global's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, RB Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RB Global's Beneish M-Score falls into.
RB Global 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 RB Global 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 * 1.8805 | + | 0.528 * 1.1422 | + | 0.404 * 1.3617 | + | 0.892 * 2.1223 | + | 0.115 * 1.1334 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6491 | + | 4.679 * -0.010725 | - | 0.327 * 0.9162 |
| = | -0.39 |
* 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 $742 Mil.
Revenue was 1040.9 + 1019.8 + 1106.5 + 512.4 = $3,680 Mil.
Gross Profit was 493.6 + 473 + 527.3 + 284.5 = $1,778 Mil.
Total Current Assets was $1,814 Mil.
Total Assets was $12,037 Mil.
Property, Plant and Equipment(Net PPE) was $2,676 Mil.
Depreciation, Depletion and Amortization(DDA) was $462 Mil.
Selling, General, & Admin. Expense(SGA) was $744 Mil.
Total Current Liabilities was $1,343 Mil.
Long-Term Debt & Capital Lease Obligation was $4,432 Mil.
Net Income was 84.3 + 63.4 + 86.9 + -28.1 = $207 Mil.
Non Operating Income was -18.7 + -22.9 + -43.8 + -123 = $-208 Mil.
Cash Flow from Operations was 337.3 + 156.8 + 107.2 + -57.3 = $544 Mil.
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Total Receivables was $186 Mil.
Revenue was 443.9 + 411.5 + 484.5 + 393.9 = $1,734 Mil.
Gross Profit was 247.8 + 222.7 + 263.3 + 223.3 = $957 Mil.
Total Current Assets was $963 Mil.
Total Assets was $2,864 Mil.
Property, Plant and Equipment(Net PPE) was $582 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $540 Mil.
Total Current Liabilities was $795 Mil.
Long-Term Debt & Capital Lease Obligation was $704 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) |
| = | (741.5 / 3679.6) | / | (185.8 / 1733.8) |
| = | 0.201516 | / | 0.107163 |
| | = | 1.8805 |
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) |
| = | (957.1 / 1733.8) | / | (1778.4 / 3679.6) |
| = | 0.552024 | / | 0.483313 |
| | = | 1.1422 |
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 - (1814 + 2676.4) / 12037.4) | / | (1 - (963.1 + 582.1) / 2863.7) |
| = | 0.626963 | / | 0.460418 |
| | = | 1.3617 |
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 |
| = | 3679.6 | / | 1733.8 |
| | = | 2.1223 |
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)) |
| = | (116.6 / (116.6 + 582.1)) | / | (462.1 / (462.1 + 2676.4)) |
| = | 0.166881 | / | 0.147236 |
| | = | 1.1334 |
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) |
| = | (743.7 / 3679.6) | / | (539.9 / 1733.8) |
| = | 0.202114 | / | 0.311397 |
| | = | 0.6491 |
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) |
| = | ((4432.3 + 1342.7) / 12037.4) | / | ((704.3 + 795.2) / 2863.7) |
| = | 0.479755 | / | 0.523623 |
| | = | 0.9162 |
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 |
| = | (206.5 - -208.4 | - | 544) | / | 12037.4 |
| | = | -0.010725 |
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.
RB Global has a M-score of -0.39 signals that the company is likely to be a manipulator.
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