AAON Beneish M-Score Historical Data
The historical data trend for AAON'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.
AAON Beneish M-Score Chart
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AAON Annual Data
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Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-3.40 |
8.93 |
-1.86 |
-2.23 |
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AAON Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Mar21 |
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Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.86 |
-1.91 |
-2.14 |
-2.15 |
-2.23 |
Competitive Comparison of AAON's Beneish M-Score
For the Building Products & Equipment subindustry, AAON'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.
AAON's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, AAON's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AAON's Beneish M-Score falls into.
AAON 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 AAON 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 * 0.9797 | + | 0.528 * 0.7828 | + | 0.404 * 0.8523 | + | 0.892 * 1.3147 | + | 0.115 * 0.9342 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1677 | + | 4.679 * 0.019345 | - | 0.327 * 0.6809 |
| = | -2.23 |
* 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.
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) |
| = | (183.302 / 1168.518) | / | (142.309 / 888.788) |
| = | 0.156867 | / | 0.160116 |
| | = | 0.9797 |
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) |
| = | (237.572 / 888.788) | / | (399.02 / 1168.518) |
| = | 0.267299 | / | 0.341475 |
| | = | 0.7828 |
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 - (408.954 + 381.721) / 941.436) | / | (1 - (349.116 + 311.868) / 813.903) |
| = | 0.160139 | / | 0.187884 |
| | = | 0.8523 |
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 |
| = | 1168.518 | / | 888.788 |
| | = | 1.3147 |
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)) |
| = | (35.43 / (35.43 + 311.868)) | / | (46.792 / (46.792 + 381.721)) |
| = | 0.102016 | / | 0.109196 |
| | = | 0.9342 |
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) |
| = | (157.778 / 1168.518) | / | (102.773 / 888.788) |
| = | 0.135024 | / | 0.115633 |
| | = | 1.1677 |
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) |
| = | ((48.529 + 126.749) / 941.436) | / | ((76.997 + 145.567) / 813.903) |
| = | 0.186182 | / | 0.273453 |
| | = | 0.6809 |
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 |
| = | (177.623 - 0.516 | - | 158.895) | / | 941.436 |
| | = | 0.019345 |
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.
AAON has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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