TriMas Beneish M-Score Historical Data
The historical data trend for TriMas'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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TriMas Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.25 |
-2.72 |
-2.71 |
-2.50 |
-2.51 |
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TriMas 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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-2.50 |
-2.61 |
-2.57 |
-2.50 |
-2.51 |
Competitive Comparison
For the Packaging & Containers subindustry, TriMas'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.
TriMas Beneish M-Score Distribution
For the Packaging & Containers industry and Consumer Cyclical sector, TriMas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TriMas's Beneish M-Score falls into.
TriMas 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 TriMas 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 * 1.1061 | + | 0.528 * 1.046 | + | 0.404 * 0.9967 | + | 0.892 * 1.011 | + | 0.115 * 1.0525 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0134 | + | 4.679 * -0.035456 | - | 0.327 * 1.0046 |
| = | -2.51 |
* 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 $148.0 Mil.
Revenue was 209.56 + 235.34 + 233.19 + 215.46 = $893.6 Mil.
Gross Profit was 43.17 + 55.93 + 54.53 + 47.69 = $201.3 Mil.
Total Current Assets was $397.4 Mil.
Total Assets was $1,341.7 Mil.
Property, Plant and Equipment(Net PPE) was $373.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.6 Mil.
Selling, General, & Admin. Expense(SGA) was $134.6 Mil.
Total Current Liabilities was $159.5 Mil.
Long-Term Debt & Capital Lease Obligation was $435.4 Mil.
Net Income was 7.94 + 16.49 + 11.02 + 4.91 = $40.4 Mil.
Non Operating Income was -0.27 + -0.05 + 0.16 + -0.07 = $-0.2 Mil.
Cash Flow from Operations was 30.59 + 31.38 + 16.5 + 9.69 = $88.2 Mil.
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Total Receivables was $132.4 Mil.
Revenue was 203.31 + 218.53 + 237.68 + 224.31 = $883.8 Mil.
Gross Profit was 45.58 + 48.33 + 60.68 + 53.71 = $208.3 Mil.
Total Current Assets was $422.7 Mil.
Total Assets was $1,305.0 Mil.
Property, Plant and Equipment(Net PPE) was $325.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.2 Mil.
Selling, General, & Admin. Expense(SGA) was $131.4 Mil.
Total Current Liabilities was $140.2 Mil.
Long-Term Debt & Capital Lease Obligation was $435.7 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) |
| = | (148.03 / 893.55) | / | (132.37 / 883.83) |
| = | 0.165665 | / | 0.149769 |
| | = | 1.1061 |
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) |
| = | (208.3 / 883.83) | / | (201.32 / 893.55) |
| = | 0.235679 | / | 0.225304 |
| | = | 1.046 |
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 - (397.38 + 373.21) / 1341.66) | / | (1 - (422.66 + 325.03) / 1305) |
| = | 0.425644 | / | 0.427057 |
| | = | 0.9967 |
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 |
| = | 893.55 | / | 883.83 |
| | = | 1.011 |
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)) |
| = | (53.22 / (53.22 + 325.03)) | / | (57.59 / (57.59 + 373.21)) |
| = | 0.140701 | / | 0.133682 |
| | = | 1.0525 |
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) |
| = | (134.63 / 893.55) | / | (131.41 / 883.83) |
| = | 0.150669 | / | 0.148682 |
| | = | 1.0134 |
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) |
| = | ((435.35 + 159.45) / 1341.66) | / | ((435.74 + 140.15) / 1305) |
| = | 0.443331 | / | 0.441295 |
| | = | 1.0046 |
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 |
| = | (40.36 - -0.23 | - | 88.16) | / | 1341.66 |
| | = | -0.035456 |
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.
TriMas has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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