SPX Technologies Beneish M-Score Historical Data
The historical data trend for SPX 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.
SPX Technologies Beneish M-Score Chart
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SPX Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-2.70 |
-1.95 |
-2.04 |
-2.70 |
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SPX Technologies Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.10 |
-2.44 |
-2.59 |
-2.70 |
-2.59 |
Competitive Comparison of SPX Technologies's Beneish M-Score
For the Building Products & Equipment subindustry, SPX 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.
SPX Technologies's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, SPX Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SPX Technologies's Beneish M-Score falls into.
SPX 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 SPX 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 * 0.979 | + | 0.528 * 0.9425 | + | 0.404 * 1.1928 | + | 0.892 * 1.1628 | + | 0.115 * 1.1112 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9499 | + | 4.679 * -0.039041 | - | 0.327 * 1.3766 |
| = | -2.59 |
* 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 $350 Mil.
Revenue was 465.2 + 469.4 + 448.7 + 423.3 = $1,807 Mil.
Gross Profit was 182.9 + 187.9 + 168.6 + 163.6 = $703 Mil.
Total Current Assets was $780 Mil.
Total Assets was $2,800 Mil.
Property, Plant and Equipment(Net PPE) was $217 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $404 Mil.
Total Current Liabilities was $695 Mil.
Long-Term Debt & Capital Lease Obligation was $517 Mil.
Net Income was 49 + 31.5 + -20.4 + 36 = $96 Mil.
Non Operating Income was -4.6 + -13.2 + -0.2 + 0 = $-18 Mil.
Cash Flow from Operations was 10.5 + 126.5 + 14.4 + 72 = $223 Mil.
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Total Receivables was $307 Mil.
Revenue was 399.8 + 429.3 + 370.5 + 354 = $1,554 Mil.
Gross Profit was 149.9 + 162.2 + 133.1 + 124.6 = $570 Mil.
Total Current Assets was $820 Mil.
Total Assets was $2,021 Mil.
Property, Plant and Equipment(Net PPE) was $110 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $365 Mil.
Total Current Liabilities was $394 Mil.
Long-Term Debt & Capital Lease Obligation was $242 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) |
| = | (349.6 / 1806.6) | / | (307.1 / 1553.6) |
| = | 0.193513 | / | 0.19767 |
| | = | 0.979 |
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) |
| = | (569.8 / 1553.6) | / | (703 / 1806.6) |
| = | 0.366761 | / | 0.389129 |
| | = | 0.9425 |
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 - (779.6 + 217.2) / 2799.6) | / | (1 - (819.8 + 110.3) / 2021.4) |
| = | 0.643949 | / | 0.539873 |
| | = | 1.1928 |
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 |
| = | 1806.6 | / | 1553.6 |
| | = | 1.1628 |
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)) |
| = | (43.1 / (43.1 + 110.3)) | / | (73.5 / (73.5 + 217.2)) |
| = | 0.280965 | / | 0.252838 |
| | = | 1.1112 |
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) |
| = | (403.5 / 1806.6) | / | (365.3 / 1553.6) |
| = | 0.223348 | / | 0.235131 |
| | = | 0.9499 |
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) |
| = | ((516.6 + 694.8) / 2799.6) | / | ((241.5 + 393.9) / 2021.4) |
| = | 0.432705 | / | 0.314337 |
| | = | 1.3766 |
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 |
| = | (96.1 - -18 | - | 223.4) | / | 2799.6 |
| | = | -0.039041 |
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.
SPX Technologies has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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