Tennant Co Beneish M-Score Historical Data
The historical data trend for Tennant Co'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.
Tennant Co Beneish M-Score Chart
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Tennant Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.96 |
-2.47 |
-1.91 |
-2.79 |
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Tennant Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.54 |
-2.79 |
-2.59 |
-2.52 |
-2.38 |
Competitive Comparison of Tennant Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Tennant Co'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.
Tennant Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Tennant Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tennant Co's Beneish M-Score falls into.
Tennant Co 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 Tennant Co 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 * 1.0367 | + | 0.528 * 0.9755 | + | 0.404 * 1.1594 | + | 0.892 * 1.0376 | + | 0.115 * 1.0043 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0644 | + | 4.679 * -0.006743 | - | 0.327 * 0.9388 |
| = | -2.38 |
* 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 $260 Mil.
Revenue was 315.8 + 331 + 311 + 311.4 = $1,269 Mil.
Gross Profit was 133.8 + 142.7 + 137.5 + 130.8 = $545 Mil.
Total Current Assets was $594 Mil.
Total Assets was $1,216 Mil.
Property, Plant and Equipment(Net PPE) was $236 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $371 Mil.
Total Current Liabilities was $274 Mil.
Long-Term Debt & Capital Lease Obligation was $244 Mil.
Net Income was 20.8 + 27.9 + 28.4 + 31 = $108 Mil.
Non Operating Income was -0.4 + 0.8 + -0.1 + 0 = $0 Mil.
Cash Flow from Operations was 30.7 + 18.6 + 2.9 + 63.8 = $116 Mil.
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Total Receivables was $242 Mil.
Revenue was 304.7 + 321.7 + 305.8 + 291 = $1,223 Mil.
Gross Profit was 132 + 139.5 + 125.5 + 115.2 = $512 Mil.
Total Current Assets was $555 Mil.
Total Assets was $1,059 Mil.
Property, Plant and Equipment(Net PPE) was $214 Mil.
Depreciation, Depletion and Amortization(DDA) was $50 Mil.
Selling, General, & Admin. Expense(SGA) was $336 Mil.
Total Current Liabilities was $245 Mil.
Long-Term Debt & Capital Lease Obligation was $235 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) |
| = | (260.2 / 1269.2) | / | (241.9 / 1223.2) |
| = | 0.205011 | / | 0.19776 |
| | = | 1.0367 |
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) |
| = | (512.2 / 1223.2) | / | (544.8 / 1269.2) |
| = | 0.418738 | / | 0.429247 |
| | = | 0.9755 |
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 - (593.9 + 235.8) / 1216.1) | / | (1 - (554.6 + 214.4) / 1059.3) |
| = | 0.317737 | / | 0.274049 |
| | = | 1.1594 |
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 |
| = | 1269.2 | / | 1223.2 |
| | = | 1.0376 |
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)) |
| = | (50 / (50 + 214.4)) | / | (54.7 / (54.7 + 235.8)) |
| = | 0.189107 | / | 0.188296 |
| | = | 1.0043 |
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) |
| = | (371.2 / 1269.2) | / | (336.1 / 1223.2) |
| = | 0.292468 | / | 0.274771 |
| | = | 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) |
| = | ((243.8 + 273.5) / 1216.1) | / | ((235.2 + 244.8) / 1059.3) |
| = | 0.425376 | / | 0.453129 |
| | = | 0.9388 |
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 |
| = | (108.1 - 0.3 | - | 116) | / | 1216.1 |
| | = | -0.006743 |
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.
Tennant Co has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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