Applied Industrial Technologies Beneish M-Score Historical Data
The historical data trend for Applied Industrial Technologies'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.
Applied Industrial Technologies Beneish M-Score Chart
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Applied Industrial Technologies Annual Data
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Jun23 |
| Beneish M-Score |
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-2.52 |
-2.93 |
-2.43 |
-2.08 |
-2.39 |
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Applied Industrial Technologies Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.03 |
-2.10 |
-2.39 |
-2.47 |
-2.56 |
Competitive Comparison of Applied Industrial Technologies's Beneish M-Score
For the Industrial Distribution subindustry, Applied Industrial Technologies'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.
Applied Industrial Technologies's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Applied Industrial Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Applied Industrial Technologies's Beneish M-Score falls into.
Applied Industrial Technologies 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 Applied Industrial Technologies 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 * 0.94 | + | 0.528 * 0.9862 | + | 0.404 * 0.9071 | + | 0.892 * 1.0715 | + | 0.115 * 1.0003 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.982 | + | 4.679 * -0.018932 | - | 0.327 * 0.8641 |
| = | -2.56 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $659 Mil.
Revenue was 1077.153 + 1095.188 + 1158.074 + 1132.035 = $4,462 Mil.
Gross Profit was 317.09 + 325.082 + 338.559 + 333.118 = $1,314 Mil.
Total Current Assets was $1,682 Mil.
Total Assets was $2,783 Mil.
Property, Plant and Equipment(Net PPE) was $218 Mil.
Depreciation, Depletion and Amortization(DDA) was $53 Mil.
Selling, General, & Admin. Expense(SGA) was $826 Mil.
Total Current Liabilities was $449 Mil.
Long-Term Debt & Capital Lease Obligation was $572 Mil.
Net Income was 91.228 + 93.826 + 92.215 + 97.187 = $374 Mil.
Non Operating Income was 2.924 + -0.431 + 1.393 + 0.142 = $4 Mil.
Cash Flow from Operations was 101.758 + 66.209 + 179.939 + 75.204 = $423 Mil.
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Total Receivables was $655 Mil.
Revenue was 1060.28 + 1062.405 + 1061.459 + 980.662 = $4,165 Mil.
Gross Profit was 308.505 + 306.783 + 306.627 + 287.324 = $1,209 Mil.
Total Current Assets was $1,422 Mil.
Total Assets was $2,523 Mil.
Property, Plant and Equipment(Net PPE) was $219 Mil.
Depreciation, Depletion and Amortization(DDA) was $53 Mil.
Selling, General, & Admin. Expense(SGA) was $785 Mil.
Total Current Liabilities was $447 Mil.
Long-Term Debt & Capital Lease Obligation was $624 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) |
| = | (659.196 / 4462.45) | / | (654.51 / 4164.806) |
| = | 0.147721 | / | 0.157153 |
| | = | 0.94 |
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) |
| = | (1209.239 / 4164.806) | / | (1313.849 / 4462.45) |
| = | 0.290347 | / | 0.294423 |
| | = | 0.9862 |
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 - (1681.992 + 218.223) / 2782.765) | / | (1 - (1422.252 + 218.587) / 2522.904) |
| = | 0.317149 | / | 0.349623 |
| | = | 0.9071 |
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 |
| = | 4462.45 | / | 4164.806 |
| | = | 1.0715 |
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)) |
| = | (53.039 / (53.039 + 218.587)) | / | (52.934 / (52.934 + 218.223)) |
| = | 0.195265 | / | 0.195215 |
| | = | 1.0003 |
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) |
| = | (826.319 / 4462.45) | / | (785.357 / 4164.806) |
| = | 0.185172 | / | 0.18857 |
| | = | 0.982 |
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) |
| = | ((571.854 + 449.126) / 2782.765) | / | ((624.052 + 447.205) / 2522.904) |
| = | 0.366894 | / | 0.424613 |
| | = | 0.8641 |
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 |
| = | (374.456 - 4.028 | - | 423.11) | / | 2782.765 |
| | = | -0.018932 |
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.
Applied Industrial Technologies has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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