Fabryki Mebli Forte Beneish M-Score Historical Data
The historical data trend for Fabryki Mebli Forte'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.
Fabryki Mebli Forte Beneish M-Score Chart
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Fabryki Mebli Forte Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.76 |
-2.38 |
-3.05 |
-2.89 |
-2.61 |
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Fabryki Mebli Forte Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.04 |
-2.42 |
-2.03 |
-3.05 |
-2.83 |
Competitive Comparison of Fabryki Mebli Forte's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Fabryki Mebli Forte'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.
Fabryki Mebli Forte's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Fabryki Mebli Forte's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fabryki Mebli Forte's Beneish M-Score falls into.
Fabryki Mebli Forte 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 Fabryki Mebli Forte 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 * 1.4737 | + | 0.528 * 1.274 | + | 0.404 * 0.995 | + | 0.892 * 0.7166 | + | 0.115 * 0.9912 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1719 | + | 4.679 * -0.150189 | - | 0.327 * 0.8159 |
| = | -2.83 |
* 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 (Dec23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was zł189.6 Mil.
Revenue was 281.967 + 211.995 + 263.671 + 250.597 = zł1,008.2 Mil.
Gross Profit was 79.343 + 64.088 + 79.769 + 73.121 = zł296.3 Mil.
Total Current Assets was zł435.0 Mil.
Total Assets was zł1,422.0 Mil.
Property, Plant and Equipment(Net PPE) was zł816.8 Mil.
Depreciation, Depletion and Amortization(DDA) was zł55.1 Mil.
Selling, General, & Admin. Expense(SGA) was zł304.4 Mil.
Total Current Liabilities was zł468.1 Mil.
Long-Term Debt & Capital Lease Obligation was zł37.6 Mil.
Net Income was 0.808 + -71.431 + 1.302 + -17.24 = zł-86.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 38.146 + 36.099 + 16.783 + 35.985 = zł127.0 Mil.
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Total Receivables was zł179.6 Mil.
Revenue was 333.132 + 355.565 + 378.539 + 339.772 = zł1,407.0 Mil.
Gross Profit was 117.007 + 124.661 + 154.566 + 130.6 = zł526.8 Mil.
Total Current Assets was zł533.4 Mil.
Total Assets was zł1,541.5 Mil.
Property, Plant and Equipment(Net PPE) was zł822.7 Mil.
Depreciation, Depletion and Amortization(DDA) was zł55.0 Mil.
Selling, General, & Admin. Expense(SGA) was zł362.5 Mil.
Total Current Liabilities was zł339.4 Mil.
Long-Term Debt & Capital Lease Obligation was zł332.4 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) |
| = | (189.644 / 1008.23) | / | (179.581 / 1407.008) |
| = | 0.188096 | / | 0.127633 |
| | = | 1.4737 |
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) |
| = | (526.834 / 1407.008) | / | (296.321 / 1008.23) |
| = | 0.374436 | / | 0.293902 |
| | = | 1.274 |
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 - (435.003 + 816.806) / 1422.035) | / | (1 - (533.375 + 822.671) / 1541.495) |
| = | 0.119706 | / | 0.120305 |
| | = | 0.995 |
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 |
| = | 1008.23 | / | 1407.008 |
| | = | 0.7166 |
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)) |
| = | (54.955 / (54.955 + 822.671)) | / | (55.081 / (55.081 + 816.806)) |
| = | 0.062618 | / | 0.063174 |
| | = | 0.9912 |
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) |
| = | (304.396 / 1008.23) | / | (362.488 / 1407.008) |
| = | 0.301911 | / | 0.25763 |
| | = | 1.1719 |
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) |
| = | ((37.626 + 468.093) / 1422.035) | / | ((332.444 + 339.425) / 1541.495) |
| = | 0.35563 | / | 0.435855 |
| | = | 0.8159 |
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 |
| = | (-86.561 - 0 | - | 127.013) | / | 1422.035 |
| | = | -0.150189 |
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.
Fabryki Mebli Forte has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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