Generac Holdings Beneish M-Score Historical Data
The historical data trend for Generac Holdings'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.
Generac Holdings Beneish M-Score Chart
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Generac Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.59 |
-1.68 |
-2.26 |
-2.75 |
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Generac Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.54 |
-2.69 |
-2.51 |
-2.75 |
-2.81 |
Competitive Comparison of Generac Holdings's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Generac Holdings'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.
Generac Holdings's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Generac Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Generac Holdings's Beneish M-Score falls into.
Generac Holdings 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 Generac Holdings 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 * 1.1642 | + | 0.528 * 0.9486 | + | 0.404 * 0.982 | + | 0.892 * 0.8985 | + | 0.115 * 1.1095 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0778 | + | 4.679 * -0.082127 | - | 0.327 * 0.919 |
| = | -2.81 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €479 Mil.
Revenue was 818.131 + 975.385 + 1003.215 + 923.388 = €3,720 Mil.
Gross Profit was 291.069 + 356.46 + 352.112 + 303.133 = €1,303 Mil.
Total Current Assets was €1,890 Mil.
Total Assets was €4,719 Mil.
Property, Plant and Equipment(Net PPE) was €744 Mil.
Depreciation, Depletion and Amortization(DDA) was €156 Mil.
Selling, General, & Admin. Expense(SGA) was €662 Mil.
Total Current Liabilities was €826 Mil.
Long-Term Debt & Capital Lease Obligation was €1,467 Mil.
Net Income was 24.133 + 88.002 + 56.53 + 41.718 = €210 Mil.
Non Operating Income was -4.373 + 0.131 + -0.007 + 0.563 = €-4 Mil.
Cash Flow from Operations was 102.946 + 290.639 + 131.307 + 76.745 = €602 Mil.
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Total Receivables was €458 Mil.
Revenue was 829.308 + 990.475 + 1099.141 + 1221.656 = €4,141 Mil.
Gross Profit was 254.514 + 323.95 + 364.715 + 432.308 = €1,375 Mil.
Total Current Assets was €2,042 Mil.
Total Assets was €4,867 Mil.
Property, Plant and Equipment(Net PPE) was €635 Mil.
Depreciation, Depletion and Amortization(DDA) was €151 Mil.
Selling, General, & Admin. Expense(SGA) was €684 Mil.
Total Current Liabilities was €850 Mil.
Long-Term Debt & Capital Lease Obligation was €1,723 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) |
| = | (479.067 / 3720.119) | / | (458.019 / 4140.58) |
| = | 0.128777 | / | 0.110617 |
| | = | 1.1642 |
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) |
| = | (1375.487 / 4140.58) | / | (1302.774 / 3720.119) |
| = | 0.332197 | / | 0.350197 |
| | = | 0.9486 |
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 - (1889.6 + 743.751) / 4719.158) | / | (1 - (2041.513 + 635.107) / 4867.197) |
| = | 0.441987 | / | 0.45007 |
| | = | 0.982 |
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 |
| = | 3720.119 | / | 4140.58 |
| | = | 0.8985 |
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)) |
| = | (151.068 / (151.068 + 635.107)) | / | (155.795 / (155.795 + 743.751)) |
| = | 0.192156 | / | 0.173193 |
| | = | 1.1095 |
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) |
| = | (662.253 / 3720.119) | / | (683.906 / 4140.58) |
| = | 0.178019 | / | 0.165172 |
| | = | 1.0778 |
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) |
| = | ((1467.186 + 826.069) / 4719.158) | / | ((1723.37 + 850.259) / 4867.197) |
| = | 0.485946 | / | 0.52877 |
| | = | 0.919 |
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 |
| = | (210.383 - -3.686 | - | 601.637) | / | 4719.158 |
| | = | -0.082127 |
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.
Generac Holdings has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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