Adentra Beneish M-Score Historical Data
The historical data trend for Adentra'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.
Adentra Beneish M-Score Chart
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Adentra Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.89 |
-2.81 |
-1.20 |
-2.28 |
-3.19 |
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Adentra Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.09 |
-3.36 |
-3.38 |
-3.19 |
-2.99 |
Competitive Comparison of Adentra's Beneish M-Score
For the Industrial Distribution subindustry, Adentra'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.
Adentra's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Adentra's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adentra's Beneish M-Score falls into.
Adentra 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 Adentra 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 * 1.1178 | + | 0.528 * 0.9812 | + | 0.404 * 1.0107 | + | 0.892 * 0.8803 | + | 0.115 * 0.9616 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1676 | + | 4.679 * -0.107008 | - | 0.327 * 0.9123 |
| = | -2.99 |
* 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 C$290 Mil.
Revenue was 724.363 + 690.735 + 755.94 + 778.473 = C$2,950 Mil.
Gross Profit was 160.042 + 149.391 + 160.081 + 158.7 = C$628 Mil.
Total Current Assets was C$847 Mil.
Total Assets was C$1,708 Mil.
Property, Plant and Equipment(Net PPE) was C$259 Mil.
Depreciation, Depletion and Amortization(DDA) was C$96 Mil.
Selling, General, & Admin. Expense(SGA) was C$460 Mil.
Total Current Liabilities was C$345 Mil.
Long-Term Debt & Capital Lease Obligation was C$629 Mil.
Net Income was 14.444 + 12.07 + 10.941 + 12.446 = C$50 Mil.
Non Operating Income was 0 + -0.805 + -0.682 + 0.229 = C$-1 Mil.
Cash Flow from Operations was 8.135 + 75.736 + 80.003 + 70.084 = C$234 Mil.
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Total Receivables was C$294 Mil.
Revenue was 793.418 + 780.776 + 879.954 + 896.617 = C$3,351 Mil.
Gross Profit was 160.082 + 157.822 + 185.364 + 196.963 = C$700 Mil.
Total Current Assets was C$949 Mil.
Total Assets was C$1,851 Mil.
Property, Plant and Equipment(Net PPE) was C$256 Mil.
Depreciation, Depletion and Amortization(DDA) was C$90 Mil.
Selling, General, & Admin. Expense(SGA) was C$448 Mil.
Total Current Liabilities was C$505 Mil.
Long-Term Debt & Capital Lease Obligation was C$652 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) |
| = | (289.524 / 2949.511) | / | (294.242 / 3350.765) |
| = | 0.09816 | / | 0.087813 |
| | = | 1.1178 |
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) |
| = | (700.231 / 3350.765) | / | (628.214 / 2949.511) |
| = | 0.208976 | / | 0.212989 |
| | = | 0.9812 |
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 - (846.908 + 258.875) / 1708.269) | / | (1 - (948.837 + 256.418) / 1851.289) |
| = | 0.352688 | / | 0.348964 |
| | = | 1.0107 |
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 |
| = | 2949.511 | / | 3350.765 |
| | = | 0.8803 |
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)) |
| = | (89.848 / (89.848 + 256.418)) | / | (95.668 / (95.668 + 258.875)) |
| = | 0.259477 | / | 0.269835 |
| | = | 0.9616 |
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) |
| = | (459.963 / 2949.511) | / | (447.543 / 3350.765) |
| = | 0.155946 | / | 0.133564 |
| | = | 1.1676 |
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) |
| = | ((628.906 + 344.866) / 1708.269) | / | ((651.647 + 505.157) / 1851.289) |
| = | 0.570034 | / | 0.624864 |
| | = | 0.9123 |
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 |
| = | (49.901 - -1.258 | - | 233.958) | / | 1708.269 |
| | = | -0.107008 |
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.
Adentra has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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