Toromont Industries Beneish M-Score Historical Data
The historical data trend for Toromont 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.
Toromont Industries Beneish M-Score Chart
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Toromont Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.25 |
-2.55 |
-2.90 |
-2.04 |
-2.22 |
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Toromont Industries 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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-1.91 |
-1.97 |
-2.04 |
-2.22 |
-2.56 |
Competitive Comparison of Toromont Industries's Beneish M-Score
For the Industrial Distribution subindustry, Toromont 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.
Toromont Industries's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Toromont Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toromont Industries's Beneish M-Score falls into.
Toromont 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 Toromont 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 * 0.9592 | + | 0.528 * 1.01 | + | 0.404 * 0.9323 | + | 0.892 * 1.0571 | + | 0.115 * 0.9977 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0116 | + | 4.679 * -0.014169 | - | 0.327 * 0.9848 |
| = | -2.55 |
* 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 $413 Mil.
Revenue was 750.849 + 914.533 + 867.671 + 884.356 = $3,417 Mil.
Gross Profit was 184.821 + 245.187 + 247.949 + 238.848 = $917 Mil.
Total Current Assets was $2,085 Mil.
Total Assets was $3,440 Mil.
Property, Plant and Equipment(Net PPE) was $938 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $408 Mil.
Total Current Liabilities was $788 Mil.
Long-Term Debt & Capital Lease Obligation was $499 Mil.
Net Income was 61.997 + 114.827 + 107.619 + 104.649 = $389 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 22.749 + 234.805 + 98.769 + 81.504 = $438 Mil.
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Total Receivables was $408 Mil.
Revenue was 764.718 + 830.716 + 814.534 + 822.944 = $3,233 Mil.
Gross Profit was 192.292 + 235.318 + 226.384 + 222.011 = $876 Mil.
Total Current Assets was $1,756 Mil.
Total Assets was $2,973 Mil.
Property, Plant and Equipment(Net PPE) was $830 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $382 Mil.
Total Current Liabilities was $642 Mil.
Long-Term Debt & Capital Lease Obligation was $487 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) |
| = | (413.303 / 3417.409) | / | (407.631 / 3232.912) |
| = | 0.12094 | / | 0.126088 |
| | = | 0.9592 |
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) |
| = | (876.005 / 3232.912) | / | (916.805 / 3417.409) |
| = | 0.270965 | / | 0.268275 |
| | = | 1.01 |
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 - (2084.586 + 937.796) / 3439.625) | / | (1 - (1755.839 + 830.39) / 2973.066) |
| = | 0.121305 | / | 0.130114 |
| | = | 0.9323 |
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 |
| = | 3417.409 | / | 3232.912 |
| | = | 1.0571 |
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)) |
| = | (123.658 / (123.658 + 830.39)) | / | (140.021 / (140.021 + 937.796)) |
| = | 0.129614 | / | 0.129912 |
| | = | 0.9977 |
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) |
| = | (408.335 / 3417.409) | / | (381.854 / 3232.912) |
| = | 0.119487 | / | 0.118115 |
| | = | 1.0116 |
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) |
| = | ((498.82 + 787.615) / 3439.625) | / | ((486.628 + 642.438) / 2973.066) |
| = | 0.374004 | / | 0.379765 |
| | = | 0.9848 |
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 |
| = | (389.092 - 0 | - | 437.827) | / | 3439.625 |
| | = | -0.014169 |
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.
Toromont Industries has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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