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FOXF (Fox Factory Holding) Beneish M-Score : -2.93 (As of Oct. 31, 2024)


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What is Fox Factory Holding Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Fox Factory Holding's Beneish M-Score or its related term are showing as below:

FOXF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.29   Max: -1.29
Current: -2.93

During the past 13 years, the highest Beneish M-Score of Fox Factory Holding was -1.29. The lowest was -2.94. And the median was -2.29.


Fox Factory Holding Beneish M-Score Historical Data

The historical data trend for Fox Factory Holding'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.

* Premium members only.

Fox Factory Holding Beneish M-Score Chart

Fox Factory Holding Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.11 -2.34 -1.95 -2.01 -2.71

Fox Factory Holding Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.66 -2.75 -2.71 -2.94 -2.93

Competitive Comparison of Fox Factory Holding's Beneish M-Score

For the Auto Parts subindustry, Fox Factory Holding'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.


Fox Factory Holding's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Fox Factory Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fox Factory Holding's Beneish M-Score falls into.



Fox Factory Holding 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 Fox Factory Holding 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 * 1.109+0.528 * 1.0724+0.404 * 1.3495+0.892 * 0.8314+0.115 * 0.9238
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3425+4.679 * -0.077368-0.327 * 1.4668
=-2.93

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was $158 Mil.
Revenue was 348.491 + 333.472 + 332.495 + 331.117 = $1,346 Mil.
Gross Profit was 110.963 + 103.158 + 92.261 + 107.227 = $414 Mil.
Total Current Assets was $792 Mil.
Total Assets was $2,266 Mil.
Property, Plant and Equipment(Net PPE) was $336 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $246 Mil.
Total Current Liabilities was $253 Mil.
Long-Term Debt & Capital Lease Obligation was $734 Mil.
Net Income was 5.407 + -3.496 + 4.051 + 35.293 = $41 Mil.
Non Operating Income was 0.311 + -0.309 + -2.426 + 0.878 = $-2 Mil.
Cash Flow from Operations was 26.685 + 9.352 + 52.058 + 129.993 = $218 Mil.
Total Receivables was $171 Mil.
Revenue was 400.715 + 399.851 + 408.641 + 409.168 = $1,618 Mil.
Gross Profit was 132.026 + 133.298 + 130.872 + 137.267 = $533 Mil.
Total Current Assets was $847 Mil.
Total Assets was $1,794 Mil.
Property, Plant and Equipment(Net PPE) was $279 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $220 Mil.
Total Current Liabilities was $208 Mil.
Long-Term Debt & Capital Lease Obligation was $325 Mil.




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)
=(157.949 / 1345.575) / (171.303 / 1618.375)
=0.117384 / 0.105849
=1.109

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)
=(533.463 / 1618.375) / (413.609 / 1345.575)
=0.329629 / 0.307385
=1.0724

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 - (791.72 + 335.812) / 2265.621) / (1 - (846.722 + 279.355) / 1793.763)
=0.50233 / 0.372226
=1.3495

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
=1345.575 / 1618.375
=0.8314

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))
=(53.505 / (53.505 + 279.355)) / (70.745 / (70.745 + 335.812))
=0.160743 / 0.17401
=0.9238

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)
=(245.934 / 1345.575) / (220.336 / 1618.375)
=0.182772 / 0.136146
=1.3425

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)
=((733.833 + 252.827) / 2265.621) / ((325 + 207.562) / 1793.763)
=0.435492 / 0.296897
=1.4668

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
=(41.255 - -1.546 - 218.088) / 2265.621
=-0.077368

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.

Fox Factory Holding has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.


Fox Factory Holding Beneish M-Score Related Terms

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Fox Factory Holding Business Description

Traded in Other Exchanges
Address
2055 Sugarloaf Circle, Suite 300, Duluth, GA, USA, 30097
Fox Factory Holding Corp is a designer, manufacturer, and marketer of performance-defining products and systems used predominantly on bikes, Side-by-Sides, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, motorcycles, and commercial trucks. Its business operates under the FOX, FOX RACING SHOX, and RACE FACE brands. Geographically, it derives a majority of revenue from North America and also has a presence in Asia, Europe, and the Rest of the World.
Executives
Christopher Tutton officer: SEE REMARKS (A) C/O FOX FACTORY HOLDING CORP., 6634 HIGHWAY 53, BRASELTON GA 30517
Ted Waitman director SIXTY ONE WILTON ROAD, SECOND FLOOR, WESTPORT CT 06880
Michael C. Dennison director C/O FOX FACTORY HOLDING CORP., 2055 SUGARLOAF CIRCLE, SUITE 300, DULUTH GA 30097
Thomas L. Fletcher officer: SEE REMARKS (A) C/O FOX FACTORY HOLDING CORP., 2055 SUGARLOAF CIRCLE, SUITE 300, DULUTH GA 30097
Thomas E. Duncan director C/O FOX FACTORY HOLDING CORP., 2055 SUGARLOAF CIRCLE, SUITE 300, DULUTH GA 30097
Paul Stecher officer: SEE REMARKS (A) C/O FOX FACTORY HOLDING CORP., 2055 SUGARLOAF CIRCLE, SUITE 300, DULUTH GA 30097
Dennis Charles Schemm officer: CFO & Treasurer CONTINENTAL BUILDING PRODUCTS, 12950 WORLDGATE DRIVE, HERNDON VA 20170
Dudley W Mendenhall director 5818 EL CAMINO REAL, CARLSBAD CA 92008
Brendan Enick officer: Chief Accounting Officer C/O FOX FACTORY HOLDING CORP., 2055 SUGARLOAF CIRCLE, SUITE 300, DULUTH GA 30097
Maggie Elizabeth Torres officer: Interim CFO & Treasurer C/O FOX FACTORY HOLDING CORP., 2055 SUGARLOAF CIRCLE, SUITE 300, DULUTH GA 30097
Elizabeth A Fetter director 1400 MARINA WAY SOUTH, RICHMOND CA 94804
Richard T. Winters officer: SEE REMARKS (A) C/O FOX FACTORY HOLDING CORP., 2055 SUGARLOAF CIRCLE, SUITE 300, DULUTH GA 30097
Scott Randall Humphrey officer: CFO & TREASURER C/O FOX FACTORY HOLDING CORP., 6634 HIGHWAY 53, BRASELTON GA 30517
Toby D Merchant officer: Chief Legal Officer C/O FOX FACTORY HOLDING CORP., 2055 SUGARLOAF CIRCLE, SUITE 300, DULUTH GA 30097
Larry L Enterline director, officer: Chief Executive Officer 2709 WATER RIDGE PARKWAY, 2ND FLOOR, CHARLOTTE NC 28217

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