Holley Beneish M-Score Historical Data
The historical data trend for Holley'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.
Holley Beneish M-Score Chart
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Holley Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.53 |
-2.66 |
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Holley Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.57 |
-2.54 |
-2.85 |
-2.66 |
-2.90 |
Competitive Comparison of Holley's Beneish M-Score
For the Auto Parts subindustry, Holley'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.
Holley's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Holley's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Holley's Beneish M-Score falls into.
Holley 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 Holley 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 * 0.8851 | + | 0.528 * 0.9709 | + | 0.404 * 1.0271 | + | 0.892 * 0.9782 | + | 0.115 * 0.9809 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8605 | + | 4.679 * -0.069228 | - | 0.327 * 0.9789 |
| = | -2.90 |
* 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 $48.7 Mil.
Revenue was 158.636 + 155.707 + 156.53 + 175.262 = $646.1 Mil.
Gross Profit was 52.059 + 60.254 + 58.374 + 69.748 = $240.4 Mil.
Total Current Assets was $289.8 Mil.
Total Assets was $1,191.7 Mil.
Property, Plant and Equipment(Net PPE) was $74.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.1 Mil.
Selling, General, & Admin. Expense(SGA) was $123.2 Mil.
Total Current Liabilities was $101.7 Mil.
Long-Term Debt & Capital Lease Obligation was $585.4 Mil.
Net Income was 3.73 + 1.202 + 0.752 + 12.979 = $18.7 Mil.
Non Operating Income was 3.02 + 1.357 + -3.179 + -3.33 = $-2.1 Mil.
Cash Flow from Operations was 18.843 + 31.229 + 22.48 + 30.744 = $103.3 Mil.
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Total Receivables was $56.3 Mil.
Revenue was 172.205 + 154.165 + 154.775 + 179.42 = $660.6 Mil.
Gross Profit was 67.713 + 47.257 + 48.392 + 75.288 = $238.7 Mil.
Total Current Assets was $324.2 Mil.
Total Assets was $1,242.3 Mil.
Property, Plant and Equipment(Net PPE) was $78.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.8 Mil.
Selling, General, & Admin. Expense(SGA) was $146.4 Mil.
Total Current Liabilities was $95.6 Mil.
Long-Term Debt & Capital Lease Obligation was $636.2 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) |
| = | (48.721 / 646.135) | / | (56.277 / 660.565) |
| = | 0.075404 | / | 0.085195 |
| | = | 0.8851 |
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) |
| = | (238.65 / 660.565) | / | (240.435 / 646.135) |
| = | 0.361282 | / | 0.372113 |
| | = | 0.9709 |
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 - (289.808 + 74.857) / 1191.734) | / | (1 - (324.184 + 78.72) / 1242.317) |
| = | 0.694005 | / | 0.675683 |
| | = | 1.0271 |
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 |
| = | 646.135 | / | 660.565 |
| | = | 0.9782 |
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)) |
| = | (30.842 / (30.842 + 78.72)) | / | (30.131 / (30.131 + 74.857)) |
| = | 0.281503 | / | 0.286995 |
| | = | 0.9809 |
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) |
| = | (123.223 / 646.135) | / | (146.403 / 660.565) |
| = | 0.190708 | / | 0.221633 |
| | = | 0.8605 |
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) |
| = | ((585.378 + 101.724) / 1191.734) | / | ((636.151 + 95.565) / 1242.317) |
| = | 0.576557 | / | 0.588993 |
| | = | 0.9789 |
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 |
| = | (18.663 - -2.132 | - | 103.296) | / | 1191.734 |
| | = | -0.069228 |
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.
Holley has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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