Parker Hannifin Beneish M-Score Historical Data
The historical data trend for Parker Hannifin'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.
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Parker Hannifin Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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|
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-2.66 |
-2.68 |
-2.72 |
-2.57 |
-2.33 |
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Parker Hannifin 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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-2.21 |
-2.25 |
-2.33 |
-2.62 |
-2.61 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, Parker Hannifin'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.
Parker Hannifin Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, Parker Hannifin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Parker Hannifin's Beneish M-Score falls into.
Parker Hannifin 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 Parker Hannifin 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 * 0.8618 | + | 0.528 * 0.9318 | + | 0.404 * 1.0108 | + | 0.892 * 1.1539 | + | 0.115 * 0.8015 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9753 | + | 4.679 * -0.026025 | - | 0.327 * 0.9047 |
| = | -2.61 |
* 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 $2,933 Mil.
Revenue was 4820.947 + 4847.488 + 5095.943 + 5061.665 = $19,826 Mil.
Gross Profit was 1718.985 + 1750.139 + 1833.083 + 1720.901 = $7,023 Mil.
Total Current Assets was $6,730 Mil.
Total Assets was $29,695 Mil.
Property, Plant and Equipment(Net PPE) was $2,906 Mil.
Depreciation, Depletion and Amortization(DDA) was $903 Mil.
Selling, General, & Admin. Expense(SGA) was $3,300 Mil.
Total Current Liabilities was $7,497 Mil.
Long-Term Debt & Capital Lease Obligation was $8,109 Mil.
Net Income was 681.851 + 650.827 + 708.956 + 590.889 = $2,633 Mil.
Non Operating Income was 66 + 78.455 + -50.772 + 55.866 = $150 Mil.
Cash Flow from Operations was 702.028 + 649.959 + 1185.036 + 718.76 = $3,256 Mil.
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Total Receivables was $2,950 Mil.
Revenue was 4674.811 + 4232.775 + 4187.832 + 4086.387 = $17,182 Mil.
Gross Profit was 1437.999 + 1437.319 + 1418.907 + 1376.98 = $5,671 Mil.
Total Current Assets was $7,285 Mil.
Total Assets was $30,521 Mil.
Property, Plant and Equipment(Net PPE) was $2,840 Mil.
Depreciation, Depletion and Amortization(DDA) was $666 Mil.
Selling, General, & Admin. Expense(SGA) was $2,932 Mil.
Total Current Liabilities was $5,703 Mil.
Long-Term Debt & Capital Lease Obligation was $12,026 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) |
| = | (2933.084 / 19826.043) | / | (2949.519 / 17181.805) |
| = | 0.147941 | / | 0.171665 |
| | = | 0.8618 |
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) |
| = | (5671.205 / 17181.805) | / | (7023.108 / 19826.043) |
| = | 0.33007 | / | 0.354236 |
| | = | 0.9318 |
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 - (6729.86 + 2905.744) / 29694.935) | / | (1 - (7285 + 2839.524) / 30520.887) |
| = | 0.675514 | / | 0.668276 |
| | = | 1.0108 |
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 |
| = | 19826.043 | / | 17181.805 |
| | = | 1.1539 |
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)) |
| = | (665.864 / (665.864 + 2839.524)) | / | (902.569 / (902.569 + 2905.744)) |
| = | 0.189954 | / | 0.237 |
| | = | 0.8015 |
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) |
| = | (3299.826 / 19826.043) | / | (2932.224 / 17181.805) |
| = | 0.166439 | / | 0.170659 |
| | = | 0.9753 |
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) |
| = | ((8108.696 + 7497.073) / 29694.935) | / | ((12025.86 + 5703.403) / 30520.887) |
| = | 0.525536 | / | 0.58089 |
| | = | 0.9047 |
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 |
| = | (2632.523 - 149.549 | - | 3255.783) | / | 29694.935 |
| | = | -0.026025 |
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.
Parker Hannifin has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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