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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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Resideo Technologies's Beneish M-Score or its related term are showing as below:
During the past 9 years, the highest Beneish M-Score of Resideo Technologies was -2.08. The lowest was -2.88. And the median was -2.43.
The historical data trend for Resideo Technologies'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.
Resideo Technologies Annual Data | |||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | ||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.27 | -2.51 | -2.41 | -2.10 | -2.51 |
Resideo Technologies Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.46 | -2.51 | -2.55 | -2.43 | -2.45 |
For the Industrial Distribution subindustry, Resideo Technologies'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.
For the Industrial Distribution industry and Industrials sector, Resideo Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Resideo Technologies's Beneish M-Score falls into.
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 Resideo Technologies 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 * 1.0861 | + | 0.528 * 0.9752 | + | 0.404 * 1.0715 | + | 0.892 * 1.0279 | + | 0.115 * 0.8842 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0644 | + | 4.679 * -0.01303 | - | 0.327 * 1.0133 | |||||||
= | -2.45 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $1,103 Mil. Revenue was 1828 + 1589 + 1486 + 1537 = $6,440 Mil. Gross Profit was 524 + 447 + 400 + 423 = $1,794 Mil. Total Current Assets was $3,037 Mil. Total Assets was $8,135 Mil. Property, Plant and Equipment(Net PPE) was $423 Mil. Depreciation, Depletion and Amortization(DDA) was $125 Mil. Selling, General, & Admin. Expense(SGA) was $1,069 Mil. Total Current Liabilities was $1,672 Mil. Long-Term Debt & Capital Lease Obligation was $1,983 Mil. Net Income was 20 + 30 + 43 + 82 = $175 Mil. Non Operating Income was -84 + -59 + -49 + -31 = $-223 Mil. Cash Flow from Operations was 147 + 92 + 2 + 263 = $504 Mil. |
Total Receivables was $988 Mil. Revenue was 1554 + 1602 + 1549 + 1560 = $6,265 Mil. Gross Profit was 417 + 436 + 418 + 431 = $1,702 Mil. Total Current Assets was $2,615 Mil. Total Assets was $6,459 Mil. Property, Plant and Equipment(Net PPE) was $380 Mil. Depreciation, Depletion and Amortization(DDA) was $96 Mil. Selling, General, & Admin. Expense(SGA) was $977 Mil. Total Current Liabilities was $1,467 Mil. Long-Term Debt & Capital Lease Obligation was $1,397 Mil. |
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) |
= | (1103 / 6440) | / | (988 / 6265) | |
= | 0.171273 | / | 0.157702 | |
= | 1.0861 |
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) | |
= | (1702 / 6265) | / | (1794 / 6440) | |
= | 0.271668 | / | 0.278571 | |
= | 0.9752 |
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 - (3037 + 423) / 8135) | / | (1 - (2615 + 380) / 6459) | |
= | 0.574677 | / | 0.536306 | |
= | 1.0715 |
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 | |
= | 6440 | / | 6265 | |
= | 1.0279 |
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)) |
= | (96 / (96 + 380)) | / | (125 / (125 + 423)) | |
= | 0.201681 | / | 0.228102 | |
= | 0.8842 |
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) |
= | (1069 / 6440) | / | (977 / 6265) | |
= | 0.165994 | / | 0.155946 | |
= | 1.0644 |
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) |
= | ((1983 + 1672) / 8135) | / | ((1397 + 1467) / 6459) | |
= | 0.449293 | / | 0.443412 | |
= | 1.0133 |
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 | |
= | (175 - -223 | - | 504) | / | 8135 | |
= | -0.01303 |
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.
Resideo Technologies has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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