Flowserve Beneish M-Score Historical Data
The historical data trend for Flowserve'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.
Flowserve Beneish M-Score Chart
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Flowserve Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.69 |
-2.55 |
-2.07 |
-2.54 |
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Flowserve Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.07 |
-2.10 |
-2.19 |
-2.31 |
-2.54 |
Competitive Comparison of Flowserve's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Flowserve'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.
Flowserve's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Flowserve's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Flowserve's Beneish M-Score falls into.
Flowserve 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 Flowserve 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 * 0.8823 | + | 0.528 * 0.9307 | + | 0.404 * 0.982 | + | 0.892 * 1.1951 | + | 0.115 * 1.057 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9862 | + | 4.679 * -0.020953 | - | 0.327 * 0.9814 |
| = | -2.54 |
* 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 $1,162 Mil.
Revenue was 1165.178 + 1094.718 + 1080.376 + 980.305 = $4,321 Mil.
Gross Profit was 339.543 + 317.694 + 322.76 + 296.83 = $1,277 Mil.
Total Current Assets was $2,704 Mil.
Total Assets was $5,109 Mil.
Property, Plant and Equipment(Net PPE) was $663 Mil.
Depreciation, Depletion and Amortization(DDA) was $84 Mil.
Selling, General, & Admin. Expense(SGA) was $961 Mil.
Total Current Liabilities was $1,439 Mil.
Long-Term Debt & Capital Lease Obligation was $1,306 Mil.
Net Income was 62.617 + 46.156 + 51.203 + 26.766 = $187 Mil.
Non Operating Income was -17.934 + -9.083 + -1.573 + -3.396 = $-32 Mil.
Cash Flow from Operations was 194.632 + 80.756 + 23.796 + 26.588 = $326 Mil.
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Total Receivables was $1,102 Mil.
Revenue was 1038.959 + 872.881 + 882.222 + 821.058 = $3,615 Mil.
Gross Profit was 295.242 + 239.577 + 249.829 + 209.647 = $994 Mil.
Total Current Assets was $2,451 Mil.
Total Assets was $4,791 Mil.
Property, Plant and Equipment(Net PPE) was $676 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $815 Mil.
Total Current Liabilities was $1,243 Mil.
Long-Term Debt & Capital Lease Obligation was $1,379 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) |
| = | (1162.097 / 4320.577) | / | (1102.089 / 3615.12) |
| = | 0.268968 | / | 0.304855 |
| | = | 0.8823 |
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) |
| = | (994.295 / 3615.12) | / | (1276.827 / 4320.577) |
| = | 0.275038 | / | 0.295522 |
| | = | 0.9307 |
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 - (2703.777 + 662.588) / 5108.719) | / | (1 - (2450.972 + 675.925) / 4790.634) |
| = | 0.341055 | / | 0.34729 |
| | = | 0.982 |
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 |
| = | 4320.577 | / | 3615.12 |
| | = | 1.1951 |
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)) |
| = | (90.953 / (90.953 + 675.925)) | / | (83.747 / (83.747 + 662.588)) |
| = | 0.118602 | / | 0.112211 |
| | = | 1.057 |
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) |
| = | (961.16 / 4320.577) | / | (815.475 / 3615.12) |
| = | 0.222461 | / | 0.225573 |
| | = | 0.9862 |
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) |
| = | ((1305.972 + 1438.576) / 5108.719) | / | ((1379.347 + 1243.151) / 4790.634) |
| = | 0.537228 | / | 0.547422 |
| | = | 0.9814 |
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 |
| = | (186.742 - -31.986 | - | 325.772) | / | 5108.719 |
| | = | -0.020953 |
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.
Flowserve has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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