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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Stanley Black & Decker's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Stanley Black & Decker was -1.88. The lowest was -2.88. And the median was -2.53.
The historical data trend for Stanley Black & Decker'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.
Stanley Black & Decker Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.53 | -2.79 | -2.15 | -1.88 | -2.60 |
Stanley Black & Decker Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.37 | -2.60 | -2.61 | -2.88 | -2.81 |
For the Tools & Accessories subindustry, Stanley Black & Decker'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.
For the Industrial Products industry and Industrials sector, Stanley Black & Decker's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stanley Black & Decker's Beneish M-Score falls into.
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 Stanley Black & Decker 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 * 0.9651 | + | 0.528 * 0.768 | + | 0.404 * 1.0032 | + | 0.892 * 0.9595 | + | 0.115 * 0.9824 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0726 | + | 4.679 * -0.027057 | - | 0.327 * 0.9929 | |||||||
= | -2.81 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $1,503 Mil. Revenue was 3751.3 + 4024.4 + 3869.5 + 3736.5 = $15,382 Mil. Gross Profit was 1120.6 + 1141.2 + 1108.5 + 1104.4 = $4,475 Mil. Total Current Assets was $6,831 Mil. Total Assets was $22,482 Mil. Property, Plant and Equipment(Net PPE) was $2,063 Mil. Depreciation, Depletion and Amortization(DDA) was $598 Mil. Selling, General, & Admin. Expense(SGA) was $3,301 Mil. Total Current Liabilities was $5,292 Mil. Long-Term Debt & Capital Lease Obligation was $5,604 Mil. Net Income was 91.1 + -11.2 + 19.5 + -304.4 = $-205 Mil. Non Operating Income was -155.4 + -256.3 + -120.5 + -261.6 = $-794 Mil. Cash Flow from Operations was 285.8 + 573 + -431 + 769.3 = $1,197 Mil. |
Total Receivables was $1,623 Mil. Revenue was 3953.9 + 4158.9 + 3931.8 + 3986.8 = $16,031 Mil. Gross Profit was 1060.6 + 932.1 + 835.5 + 753.5 = $3,582 Mil. Total Current Assets was $7,379 Mil. Total Assets was $24,097 Mil. Property, Plant and Equipment(Net PPE) was $2,201 Mil. Depreciation, Depletion and Amortization(DDA) was $624 Mil. Selling, General, & Admin. Expense(SGA) was $3,207 Mil. Total Current Liabilities was $5,663 Mil. Long-Term Debt & Capital Lease Obligation was $6,099 Mil. |
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) |
= | (1503.1 / 15381.7) | / | (1623.3 / 16031.4) | |
= | 0.09772 | / | 0.101258 | |
= | 0.9651 |
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) | |
= | (3581.7 / 16031.4) | / | (4474.7 / 15381.7) | |
= | 0.223418 | / | 0.290911 | |
= | 0.768 |
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 - (6830.9 + 2063) / 22481.8) | / | (1 - (7379.1 + 2200.7) / 24097.1) | |
= | 0.604396 | / | 0.60245 | |
= | 1.0032 |
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 | |
= | 15381.7 | / | 16031.4 | |
= | 0.9595 |
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)) |
= | (623.8 / (623.8 + 2200.7)) | / | (598.3 / (598.3 + 2063)) | |
= | 0.220853 | / | 0.224815 | |
= | 0.9824 |
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) |
= | (3300.6 / 15381.7) | / | (3207.3 / 16031.4) | |
= | 0.21458 | / | 0.200064 | |
= | 1.0726 |
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) |
= | ((5604.1 + 5292.3) / 22481.8) | / | ((6099.2 + 5663.3) / 24097.1) | |
= | 0.484676 | / | 0.488129 | |
= | 0.9929 |
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 | |
= | (-205 - -793.8 | - | 1197.1) | / | 22481.8 | |
= | -0.027057 |
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.
Stanley Black & Decker has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Stanley Black & Decker's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Janet Link | officer: SVP, General Counsel & Sec'y | 6501 LEGACY DRIVE, PLANO TX 75024 |
Graham Robinson | officer: SVP & President of Industrial | 1000 STANLEY DRIVE, NEW BRITAIN CT 06053 |
Susan K Carter | director | C/O INGERSOLL-RAND COMPANY, 800-E BEATY STREET, DAVIDSON NC 28036 |
Christopher John Nelson | officer: Chief Operating Officer | 13995 PASTEUR BOULEVARD, PALM BEACH GARDENS FL 33418 |
Tamer Abuaita | officer: SVP, Global Supply Chain | C/O SOVOS BRANDS, INC., 168 CENTENNIAL PARKWAY, SUITE 200, LOUISVILLE CO 80027 |
Patrick D Hallinan | officer: EVP, Chief Financial Officer | FORTUNE BRANDS HOME & SECURITY, INC., 520 LAKE COOK ROAD, DEERFIELD IL 60015 |
John Lucas | officer: SVP, Chief HR Officer | 200 INNOVATION WAY, AKRON OH 44316 |
Walburger Corbin | officer: Interim CFO | 1000 STANLEY DRIVE, NEW BRITAIN CT 06053 |
Scot Greulach | officer: Chief Accounting Officer | 1000 STANLEY DRIVE, NEW BRITAIN CT 06053 |
Robert J Manning | director | 1201 THIRD AVE, STE 4900, SEATTLE WA 98101 |
Andrea J. Ayers | director | STANLEY BLACK & DECKER, IN., 1000 STANLEY DRIVE, NEW BRITAIN CT 06053 |
Jocelyn Belisle | officer: VP, Chief Accounting Officer | 1000 STANLEY DRIVE, NEW BRITAIN CT 06053 |
Stephen Subasic | officer: SVP, Chief HR Officer | 1000 STANLEY DRIVE, NEW BRITAIN CT 06053 |
Adrian V Mitchell | director | C/O MACY'S, INC., 151 WEST 34TH STREET, NEW YORK NY 10001 |
Jaime A Ramirez | officer: Pres.Construct.&DIY, Latin Am. | 1000 STANLEY DRIVE, NEW BRITAIN CT 06053 |
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