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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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for HNI's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of HNI was -2.31. The lowest was -3.21. And the median was -2.75.
The historical data trend for HNI'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.
HNI Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.77 | -3.16 | -2.53 | -2.55 | -2.82 |
HNI Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.94 | -2.68 | -2.77 | -2.82 | -2.67 |
For the Business Equipment & Supplies subindustry, HNI'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.
For the Industrial Products industry and Industrials sector, HNI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HNI's Beneish M-Score falls into.
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 HNI 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 * 1.09 | + | 0.528 * 0.9045 | + | 0.404 * 1.0542 | + | 0.892 * 1.121 | + | 0.115 * 1.2002 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0587 | + | 4.679 * -0.070898 | - | 0.327 * 1.1031 | |||||||
= | -2.67 |
* 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 $229 Mil. Revenue was 588 + 679.8 + 711.6 + 563.5 = $2,543 Mil. Gross Profit was 232.8 + 273.1 + 285.3 + 215.5 = $1,007 Mil. Total Current Assets was $527 Mil. Total Assets was $1,913 Mil. Property, Plant and Equipment(Net PPE) was $678 Mil. Depreciation, Depletion and Amortization(DDA) was $101 Mil. Selling, General, & Admin. Expense(SGA) was $848 Mil. Total Current Liabilities was $408 Mil. Long-Term Debt & Capital Lease Obligation was $571 Mil. Net Income was 17.7 + 22.7 + 37.8 + -12.8 = $65 Mil. Non Operating Income was -0.1 + -31.4 + -5.3 + -8.1 = $-45 Mil. Cash Flow from Operations was -4.3 + 105 + 122.7 + 22.5 = $246 Mil. |
Total Receivables was $188 Mil. Revenue was 479.1 + 568.9 + 598.8 + 621.7 = $2,269 Mil. Gross Profit was 174.3 + 207.9 + 209.5 + 220.6 = $812 Mil. Total Current Assets was $447 Mil. Total Assets was $1,383 Mil. Property, Plant and Equipment(Net PPE) was $450 Mil. Depreciation, Depletion and Amortization(DDA) was $83 Mil. Selling, General, & Admin. Expense(SGA) was $715 Mil. Total Current Liabilities was $353 Mil. Long-Term Debt & Capital Lease Obligation was $289 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) |
= | (229.1 / 2542.9) | / | (187.5 / 2268.5) | |
= | 0.090094 | / | 0.082654 | |
= | 1.09 |
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) | |
= | (812.3 / 2268.5) | / | (1006.7 / 2542.9) | |
= | 0.358078 | / | 0.395887 | |
= | 0.9045 |
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 - (527.2 + 677.8) / 1912.6) | / | (1 - (447.1 + 450.4) / 1382.8) | |
= | 0.369968 | / | 0.350955 | |
= | 1.0542 |
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 | |
= | 2542.9 | / | 2268.5 | |
= | 1.121 |
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)) |
= | (83.2 / (83.2 + 450.4)) | / | (101.2 / (101.2 + 677.8)) | |
= | 0.155922 | / | 0.12991 | |
= | 1.2002 |
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) |
= | (848.4 / 2542.9) | / | (714.9 / 2268.5) | |
= | 0.333635 | / | 0.315142 | |
= | 1.0587 |
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) |
= | ((571.2 + 407.7) / 1912.6) | / | ((289 + 352.6) / 1382.8) | |
= | 0.511816 | / | 0.463986 | |
= | 1.1031 |
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 | |
= | (65.4 - -44.9 | - | 245.9) | / | 1912.6 | |
= | -0.070898 |
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.
HNI has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of HNI's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Steven M Bradford | officer: Sr. VP, Gen. Counsel & Sec. | 408 EAST SECOND STREET, MUSCATINE IA 52761 |
Jeffrey D Lorenger | officer: VP, Gen. Counsel and Secretary | 408 EAST SECOND STREET, PO BOX 1109, MUSCATINE IA 52761 |
Vincent P Berger | officer: President, Hearth & Home Tech | 7571 215TH STREET WEST, LAKEVILLE MN 55044 |
Marshall H Bridges | officer: VP and Chief Financial Officer | 408 EAST SECOND STREET, MUSCATINE IA 52761 |
Michael J. Roch | officer: CCO, WP & Health, Kimball Intl | C/O KIMBALL INTERNATIONAL, INC., 1600 ROYAL STREET, JASPER IN 47546 |
Gregory A Meunier | officer: Ex VP GL Ops, Kimball Intl | 1600 ROYAL ST, JASPER IN 47546 |
Kourtney L Smith | officer: COO, Kimball International | 1600 ROYAL STREET, JASPER IN 47549 |
Larry B Porcellato | director | ICI PAINTS, 15885 SPRAGUE ROAD, CLEVELAND OH 44136 |
Patrick D Hallinan | director | FORTUNE BRANDS HOME & SECURITY, INC., 520 LAKE COOK ROAD, DEERFIELD IL 60015 |
Radhakrishna S Rao | officer: Chief Info and Digital Officer | 600 EAST SECOND STREET, MUSCTAINE IA 52761 |
Ronald V Waters | director | 75 EAST ELM STREET, CHICAGO IL 60611 |
Miguel M Calado | director | 3600 AMHERST, UNIVERSITY PARK, DALLAS TX 75225 |
Kurt A Tjaden | officer: SVP HNI; President HNI Intl | 408 EAST SECOND STREET, MUSCATINE IA 52761 |
Jason Dean Hagedorn | officer: President, Allsteel Inc. | 600 EAST SECOND STREET, MUSCATINE IA 52761 |
Donna D Meade | officer: VP, Member Relations | 408 EAST SECOND STREET, MUSCATINE IA 52761 |
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