Wynnstay Group Beneish M-Score Historical Data
The historical data trend for Wynnstay Group'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.
Wynnstay Group Beneish M-Score Chart
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Wynnstay Group Annual Data
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Oct14 |
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Oct19 |
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Oct23 |
| Beneish M-Score |
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-2.64 |
-3.04 |
-2.34 |
-2.02 |
-2.62 |
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Wynnstay Group Quarterly Data
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Oct14 |
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Oct23 |
| Beneish M-Score |
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-2.34 |
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-2.02 |
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-2.62 |
Competitive Comparison of Wynnstay Group's Beneish M-Score
For the Agricultural Inputs subindustry, Wynnstay Group'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.
Wynnstay Group's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, Wynnstay Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wynnstay Group's Beneish M-Score falls into.
Wynnstay Group 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 Wynnstay Group 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 * 0.6712 | + | 0.528 * 1.1802 | + | 0.404 * 1.0929 | + | 0.892 * 1.4311 | + | 0.115 * 1.1798 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8094 | + | 4.679 * -0.004242 | - | 0.327 * 0.9114 |
| = | -2.20 |
* 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 (Oct23) TTM: | Last Year (Oct21) TTM: |
Total Receivables was $99.8 Mil.
Revenue was 397.976 + 509.513 + 427.861 + 434.232 = $1,769.6 Mil.
Gross Profit was 47.629 + 49.745 + 56.172 + 53.379 = $206.9 Mil.
Total Current Assets was $205.4 Mil.
Total Assets was $285.2 Mil.
Property, Plant and Equipment(Net PPE) was $47.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.2 Mil.
Selling, General, & Admin. Expense(SGA) was $169.1 Mil.
Total Current Liabilities was $100.8 Mil.
Long-Term Debt & Capital Lease Obligation was $17.0 Mil.
Net Income was 3.748 + 4.796 + 10.917 + 9.719 = $29.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 43.618 + -23.157 + 23.753 + -13.824 = $30.4 Mil.
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Total Receivables was $103.9 Mil.
Revenue was 343.393 + 345.857 + 262.481 + 284.83 = $1,236.6 Mil.
Gross Profit was 47.393 + 46.116 + 38.001 + 39.139 = $170.6 Mil.
Total Current Assets was $200.5 Mil.
Total Assets was $266.4 Mil.
Property, Plant and Equipment(Net PPE) was $38.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.4 Mil.
Selling, General, & Admin. Expense(SGA) was $146.0 Mil.
Total Current Liabilities was $112.9 Mil.
Long-Term Debt & Capital Lease Obligation was $7.9 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) |
| = | (99.775 / 1769.582) | / | (103.877 / 1236.561) |
| = | 0.056383 | / | 0.084005 |
| | = | 0.6712 |
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) |
| = | (170.649 / 1236.561) | / | (206.925 / 1769.582) |
| = | 0.138003 | / | 0.116934 |
| | = | 1.1802 |
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 - (205.402 + 47.171) / 285.217) | / | (1 - (200.467 + 38.067) / 266.436) |
| = | 0.114453 | / | 0.104723 |
| | = | 1.0929 |
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 |
| = | 1769.582 | / | 1236.561 |
| | = | 1.4311 |
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)) |
| = | (16.409 / (16.409 + 38.067)) | / | (16.172 / (16.172 + 47.171)) |
| = | 0.301215 | / | 0.255308 |
| | = | 1.1798 |
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) |
| = | (169.142 / 1769.582) | / | (146.018 / 1236.561) |
| = | 0.095583 | / | 0.118084 |
| | = | 0.8094 |
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) |
| = | ((16.999 + 100.78) / 285.217) | / | ((7.851 + 112.867) / 266.436) |
| = | 0.412945 | / | 0.453084 |
| | = | 0.9114 |
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 |
| = | (29.18 - 0 | - | 30.39) | / | 285.217 |
| | = | -0.004242 |
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.
Wynnstay Group has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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