MAX Co Beneish M-Score Historical Data
The historical data trend for MAX 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.
MAX Co Beneish M-Score Chart
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MAX Co Annual Data
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Mar15 |
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Mar20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.64 |
-2.71 |
-2.58 |
-2.54 |
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MAX Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.54 |
-2.47 |
-2.64 |
-2.52 |
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Competitive Comparison of MAX Co's Beneish M-Score
For the Tools & Accessories subindustry, MAX 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.
MAX Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, MAX Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MAX Co's Beneish M-Score falls into.
MAX 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 MAX 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 * 1.0205 | + | 0.528 * 0.9314 | + | 0.404 * 0.9236 | + | 0.892 * 1.0275 | + | 0.115 * 1.0022 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.71 | + | 4.679 * -0.013111 | - | 0.327 * 0.8732 |
| = | -2.47 |
* 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 円14,097 Mil.
Revenue was 21306 + 22412 + 21720 + 21200 = 円86,638 Mil.
Gross Profit was 9765 + 10298 + 9816 + 9978 = 円39,857 Mil.
Total Current Assets was 円69,392 Mil.
Total Assets was 円121,803 Mil.
Property, Plant and Equipment(Net PPE) was 円26,357 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,054 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,561 Mil.
Total Current Liabilities was 円14,297 Mil.
Long-Term Debt & Capital Lease Obligation was 円473 Mil.
Net Income was 2534 + 2402 + 2669 + 2918 = 円10,523 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 3469 + 1655 + 5392 + 1604 = 円12,120 Mil.
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Total Receivables was 円13,444 Mil.
Revenue was 20436 + 21917 + 21627 + 20336 = 円84,316 Mil.
Gross Profit was 8766 + 9880 + 8948 + 8535 = 円36,129 Mil.
Total Current Assets was 円63,688 Mil.
Total Assets was 円116,742 Mil.
Property, Plant and Equipment(Net PPE) was 円26,017 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,022 Mil.
Selling, General, & Admin. Expense(SGA) was 円4,881 Mil.
Total Current Liabilities was 円15,660 Mil.
Long-Term Debt & Capital Lease Obligation was 円551 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) |
| = | (14097 / 86638) | / | (13444 / 84316) |
| = | 0.162712 | / | 0.159448 |
| | = | 1.0205 |
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) |
| = | (36129 / 84316) | / | (39857 / 86638) |
| = | 0.428495 | / | 0.460041 |
| | = | 0.9314 |
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 - (69392 + 26357) / 121803) | / | (1 - (63688 + 26017) / 116742) |
| = | 0.213903 | / | 0.231596 |
| | = | 0.9236 |
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 |
| = | 86638 | / | 84316 |
| | = | 1.0275 |
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)) |
| = | (3022 / (3022 + 26017)) | / | (3054 / (3054 + 26357)) |
| = | 0.104067 | / | 0.103839 |
| | = | 1.0022 |
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) |
| = | (3561 / 86638) | / | (4881 / 84316) |
| = | 0.041102 | / | 0.057889 |
| | = | 0.71 |
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) |
| = | ((473 + 14297) / 121803) | / | ((551 + 15660) / 116742) |
| = | 0.121261 | / | 0.138862 |
| | = | 0.8732 |
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 |
| = | (10523 - 0 | - | 12120) | / | 121803 |
| | = | -0.013111 |
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.
MAX Co has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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