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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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Johnson Controls International's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Johnson Controls International was 6.07. The lowest was -2.84. And the median was -2.44.
The historical data trend for Johnson Controls International'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.
Johnson Controls International Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | Sep22 | Sep23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.95 | -2.67 | -2.52 | -2.55 | -2.35 |
Johnson Controls International 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 | -2.43 | -2.31 | -2.35 | -2.39 | -2.35 |
For the Building Products & Equipment subindustry, Johnson Controls International'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 Construction industry and Industrials sector, Johnson Controls International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Johnson Controls International'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 Johnson Controls International 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 * 1.0836 | + | 0.528 * 1.0301 | + | 0.404 * 1.032 | + | 0.892 * 1.0283 | + | 0.115 * 0.9156 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0535 | + | 4.679 * 0.005638 | - | 0.327 * 1.0343 | |||||||
= | -2.35 |
* 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 $6,688 Mil. Revenue was 6699 + 6094 + 6906 + 7133 = $26,832 Mil. Gross Profit was 2181 + 1992 + 2208 + 2431 = $8,812 Mil. Total Current Assets was $11,877 Mil. Total Assets was $43,457 Mil. Property, Plant and Equipment(Net PPE) was $3,104 Mil. Depreciation, Depletion and Amortization(DDA) was $906 Mil. Selling, General, & Admin. Expense(SGA) was $6,795 Mil. Total Current Liabilities was $13,599 Mil. Long-Term Debt & Capital Lease Obligation was $7,348 Mil. Net Income was -277 + 374 + 549 + 1049 = $1,695 Mil. Non Operating Income was -192 + 34 + -145 + -1 = $-304 Mil. Cash Flow from Operations was -203 + -246 + 1390 + 813 = $1,754 Mil. |
Total Receivables was $6,002 Mil. Revenue was 6686 + 6068 + 6725 + 6614 = $26,093 Mil. Gross Profit was 2241 + 2091 + 2295 + 2200 = $8,827 Mil. Total Current Assets was $12,756 Mil. Total Assets was $43,420 Mil. Property, Plant and Equipment(Net PPE) was $3,094 Mil. Depreciation, Depletion and Amortization(DDA) was $807 Mil. Selling, General, & Admin. Expense(SGA) was $6,272 Mil. Total Current Liabilities was $12,403 Mil. Long-Term Debt & Capital Lease Obligation was $7,832 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) |
= | (6688 / 26832) | / | (6002 / 26093) | |
= | 0.249255 | / | 0.230023 | |
= | 1.0836 |
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) | |
= | (8827 / 26093) | / | (8812 / 26832) | |
= | 0.33829 | / | 0.328414 | |
= | 1.0301 |
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 - (11877 + 3104) / 43457) | / | (1 - (12756 + 3094) / 43420) | |
= | 0.655268 | / | 0.634961 | |
= | 1.032 |
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 | |
= | 26832 | / | 26093 | |
= | 1.0283 |
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)) |
= | (807 / (807 + 3094)) | / | (906 / (906 + 3104)) | |
= | 0.20687 | / | 0.225935 | |
= | 0.9156 |
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) |
= | (6795 / 26832) | / | (6272 / 26093) | |
= | 0.253242 | / | 0.240371 | |
= | 1.0535 |
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) |
= | ((7348 + 13599) / 43457) | / | ((7832 + 12403) / 43420) | |
= | 0.482017 | / | 0.466029 | |
= | 1.0343 |
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 | |
= | (1695 - -304 | - | 1754) | / | 43457 | |
= | 0.005638 |
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.
Johnson Controls International has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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Marc Vandiepenbeeck | officer: VP & Pres, EMEALA | 5757 N GREEN BAY AVE, MILWAUKEE WI 53209 |
George Oliver | officer: Pres. Tyco Safety Products | 5757 N. GREEN BAY AVENUE, MILWAUKEE WI 53209 |
Nathan D Manning | officer: VP & Pres, North America | 5757 N. GREEN BAY AVENUE, MILWAUKEE WI 53209 |
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Olivier Leonetti | officer: EVP and CFO-Elect | 5757 N. GREEN BAY AVENUE, P.O. BOX 591, MILWAUKEE WI 53201 |
Heuer Brandt Julie M | officer: VP, President BSNA | 5757 N. GREENBAY AVENUE, MILWAUKEE WI 53209 |
Ayesha Khanna | director | 5757 N. GREEN BAY AVENUE, MILWAUKEE WI 53209 |
Daniel C Mcconeghy | officer: VP Chief Accounting & Tax Ofcr | 5757 N. GREEN BAY AVENUE, MILWAUKEE WI 53209 |
Michael J Ellis | officer: EVP Chief Digital Officer | 5757 N. GREEN BAY AVENUE, MILWAUKEE WI 53209 |
Lei Zhang Schlitz | officer: VP & Pres, Global Products | 5757 N. GREENBAY AVENUE, GLENDALE WI 53129 |
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