MasterBrand Beneish M-Score Historical Data
The historical data trend for MasterBrand'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.
MasterBrand Beneish M-Score Chart
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MasterBrand Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-3.19 |
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MasterBrand Quarterly Data
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Dec19 |
Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-4.20 |
-3.19 |
-2.99 |
Competitive Comparison of MasterBrand's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, MasterBrand'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.
MasterBrand's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, MasterBrand's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MasterBrand's Beneish M-Score falls into.
MasterBrand 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 MasterBrand 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 * 0.9526 | + | 0.528 * 0.8771 | + | 0.404 * 1.0399 | + | 0.892 * 0.8465 | + | 0.115 * 1.0095 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0658 | + | 4.679 * -0.069997 | - | 0.327 * 0.822 |
| = | -2.99 |
* 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 $224 Mil.
Revenue was 638.1 + 677.1 + 677.3 + 695.1 = $2,688 Mil.
Gross Profit was 204.7 + 223.1 + 237.5 + 236.2 = $902 Mil.
Total Current Assets was $703 Mil.
Total Assets was $2,400 Mil.
Property, Plant and Equipment(Net PPE) was $413 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $575 Mil.
Total Current Liabilities was $340 Mil.
Long-Term Debt & Capital Lease Obligation was $727 Mil.
Net Income was 37.5 + 36.1 + 59.7 + 51.2 = $185 Mil.
Non Operating Income was -0.1 + -5.6 + -0.4 + -3.6 = $-10 Mil.
Cash Flow from Operations was 18.7 + 69.1 + 142.5 + 131.9 = $362 Mil.
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Total Receivables was $278 Mil.
Revenue was 676.7 + 784.4 + 858.4 + 855.6 = $3,175 Mil.
Gross Profit was 204.6 + 215 + 264.9 + 249.6 = $934 Mil.
Total Current Assets was $811 Mil.
Total Assets was $2,508 Mil.
Property, Plant and Equipment(Net PPE) was $407 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $638 Mil.
Total Current Liabilities was $389 Mil.
Long-Term Debt & Capital Lease Obligation was $968 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) |
| = | (224.4 / 2687.6) | / | (278.3 / 3175.1) |
| = | 0.083495 | / | 0.087651 |
| | = | 0.9526 |
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) |
| = | (934.1 / 3175.1) | / | (901.5 / 2687.6) |
| = | 0.294195 | / | 0.335429 |
| | = | 0.8771 |
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 - (702.5 + 413.2) / 2400.1) | / | (1 - (810.6 + 406.8) / 2508.1) |
| = | 0.535144 | / | 0.514613 |
| | = | 1.0399 |
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 |
| = | 2687.6 | / | 3175.1 |
| | = | 0.8465 |
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)) |
| = | (64.6 / (64.6 + 406.8)) | / | (64.9 / (64.9 + 413.2)) |
| = | 0.137039 | / | 0.135746 |
| | = | 1.0095 |
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) |
| = | (575.1 / 2687.6) | / | (637.5 / 3175.1) |
| = | 0.213983 | / | 0.200781 |
| | = | 1.0658 |
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) |
| = | ((726.9 + 340.4) / 2400.1) | / | ((968 + 388.8) / 2508.1) |
| = | 0.44469 | / | 0.540967 |
| | = | 0.822 |
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 |
| = | (184.5 - -9.7 | - | 362.2) | / | 2400.1 |
| | = | -0.069997 |
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.
MasterBrand has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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