WESCO International Beneish M-Score Historical Data
The historical data trend for WESCO International'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.
WESCO International Beneish M-Score Chart
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WESCO International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-1.89 |
-2.20 |
-2.07 |
-2.36 |
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WESCO International 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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-2.43 |
-2.36 |
-2.77 |
-2.60 |
-2.60 |
Competitive Comparison of WESCO International's Beneish M-Score
For the Industrial Distribution subindustry, WESCO International'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.
WESCO International's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, WESCO International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WESCO International's Beneish M-Score falls into.
WESCO International 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 WESCO International 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 * 0.9873 | + | 0.528 * 1.0051 | + | 0.404 * 0.9844 | + | 0.892 * 0.9698 | + | 0.115 * 1.0498 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0271 | + | 4.679 * -0.017106 | - | 0.327 * 0.9882 |
| = | -2.60 |
* 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 $4,028 Mil.
Revenue was 5489.4 + 5479.7 + 5350 + 5473.4 = $21,793 Mil.
Gross Profit was 1212.7 + 1198 + 1137.9 + 1170.8 = $4,719 Mil.
Total Current Assets was $8,684 Mil.
Total Assets was $15,275 Mil.
Property, Plant and Equipment(Net PPE) was $1,189 Mil.
Depreciation, Depletion and Amortization(DDA) was $183 Mil.
Selling, General, & Admin. Expense(SGA) was $3,267 Mil.
Total Current Liabilities was $3,929 Mil.
Long-Term Debt & Capital Lease Obligation was $5,632 Mil.
Net Income was 204.3 + 232.1 + 115.8 + 141.9 = $694 Mil.
Non Operating Income was 24.4 + 77.2 + -29.6 + -10.5 = $62 Mil.
Cash Flow from Operations was 302.1 + -223.8 + 746.3 + 69.3 = $894 Mil.
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Total Receivables was $4,207 Mil.
Revenue was 5644.4 + 5745.5 + 5521.9 + 5558.5 = $22,470 Mil.
Gross Profit was 1222 + 1242.4 + 1208.5 + 1218.3 = $4,891 Mil.
Total Current Assets was $8,611 Mil.
Total Assets was $15,169 Mil.
Property, Plant and Equipment(Net PPE) was $1,108 Mil.
Depreciation, Depletion and Amortization(DDA) was $180 Mil.
Selling, General, & Admin. Expense(SGA) was $3,280 Mil.
Total Current Liabilities was $3,654 Mil.
Long-Term Debt & Capital Lease Obligation was $5,954 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) |
| = | (4027.9 / 21792.5) | / | (4206.7 / 22470.3) |
| = | 0.18483 | / | 0.187212 |
| | = | 0.9873 |
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) |
| = | (4891.2 / 22470.3) | / | (4719.4 / 21792.5) |
| = | 0.217674 | / | 0.216561 |
| | = | 1.0051 |
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 - (8683.5 + 1189.3) / 15275) | / | (1 - (8611.4 + 1107.6) / 15168.6) |
| = | 0.353663 | / | 0.359268 |
| | = | 0.9844 |
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 |
| = | 21792.5 | / | 22470.3 |
| | = | 0.9698 |
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)) |
| = | (179.8 / (179.8 + 1107.6)) | / | (182.5 / (182.5 + 1189.3)) |
| = | 0.139661 | / | 0.133037 |
| | = | 1.0498 |
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) |
| = | (3267.1 / 21792.5) | / | (3279.9 / 22470.3) |
| = | 0.149919 | / | 0.145966 |
| | = | 1.0271 |
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) |
| = | ((5632.4 + 3928.5) / 15275) | / | ((5953.7 + 3653.6) / 15168.6) |
| = | 0.625918 | / | 0.633368 |
| | = | 0.9882 |
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 |
| = | (694.1 - 61.5 | - | 893.9) | / | 15275 |
| | = | -0.017106 |
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.
WESCO International has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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