Barnes Group Beneish M-Score Historical Data
The historical data trend for Barnes Group'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.
Barnes Group Beneish M-Score Chart
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Barnes Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.86 |
-2.75 |
-2.35 |
-2.49 |
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Barnes Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.59 |
-2.69 |
-2.52 |
-2.49 |
-2.69 |
Competitive Comparison of Barnes Group's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Barnes Group'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.
Barnes Group's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Barnes Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Barnes Group's Beneish M-Score falls into.
Barnes Group 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 Barnes Group 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 * 0.7441 | + | 0.528 * 1.1055 | + | 0.404 * 1.0967 | + | 0.892 * 1.2034 | + | 0.115 * 0.8675 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9653 | + | 4.679 * -0.022967 | - | 0.327 * 1.4239 |
| = | -2.69 |
* 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 $309 Mil.
Revenue was 430.638 + 415.542 + 360.988 + 338.984 = $1,546 Mil.
Gross Profit was 130.542 + 111.114 + 107.498 + 114.359 = $464 Mil.
Total Current Assets was $915 Mil.
Total Assets was $3,274 Mil.
Property, Plant and Equipment(Net PPE) was $349 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $379 Mil.
Long-Term Debt & Capital Lease Obligation was $1,293 Mil.
Net Income was 1.947 + 7.216 + -21.73 + 17.352 = $5 Mil.
Non Operating Income was -1.696 + 0.016 + 0.874 + 2.894 = $2 Mil.
Cash Flow from Operations was -2.315 + 41.442 + 28.506 + 10.252 = $78 Mil.
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Total Receivables was $345 Mil.
Revenue was 335.357 + 313.473 + 314.744 + 321.268 = $1,285 Mil.
Gross Profit was 109.115 + 102.07 + 106.095 + 108.514 = $426 Mil.
Total Current Assets was $754 Mil.
Total Assets was $2,444 Mil.
Property, Plant and Equipment(Net PPE) was $322 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $308 Mil.
Total Current Liabilities was $313 Mil.
Long-Term Debt & Capital Lease Obligation was $564 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) |
| = | (308.732 / 1546.152) | / | (344.801 / 1284.842) |
| = | 0.199678 | / | 0.268361 |
| | = | 0.7441 |
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) |
| = | (425.794 / 1284.842) | / | (463.513 / 1546.152) |
| = | 0.331398 | / | 0.299785 |
| | = | 1.1055 |
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 - (915 + 348.509) / 3273.767) | / | (1 - (754.15 + 321.585) / 2444.369) |
| = | 0.61405 | / | 0.559913 |
| | = | 1.0967 |
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 |
| = | 1546.152 | / | 1284.842 |
| | = | 1.2034 |
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)) |
| = | (93.897 / (93.897 + 321.585)) | / | (122.779 / (122.779 + 348.509)) |
| = | 0.225995 | / | 0.260518 |
| | = | 0.8675 |
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) |
| = | (358.123 / 1546.152) | / | (308.31 / 1284.842) |
| = | 0.231622 | / | 0.239959 |
| | = | 0.9653 |
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) |
| = | ((1293.109 + 379.208) / 3273.767) | / | ((563.943 + 312.996) / 2444.369) |
| = | 0.510823 | / | 0.358759 |
| | = | 1.4239 |
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 |
| = | (4.785 - 2.088 | - | 77.885) | / | 3273.767 |
| | = | -0.022967 |
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.
Barnes Group has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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