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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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for O'Reilly Automotive's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of O'Reilly Automotive was -2.50. The lowest was -2.84. And the median was -2.70.
The historical data trend for O'Reilly Automotive'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.
O'Reilly Automotive Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.54 | -2.84 | -2.76 | -2.68 | -2.67 |
O'Reilly Automotive 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 | -2.71 | -2.67 | -2.50 | -2.52 | -2.65 |
For the Specialty Retail subindustry, O'Reilly Automotive'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 Retail - Cyclical industry and Consumer Cyclical sector, O'Reilly Automotive's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where O'Reilly Automotive'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 O'Reilly Automotive 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 * 0.9499 | + | 0.528 * 0.9988 | + | 0.404 * 1.0171 | + | 0.892 * 1.0525 | + | 0.115 * 0.9547 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0185 | + | 4.679 * -0.03908 | - | 0.327 * 0.9706 | |||||||
= | -2.65 |
* 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 $556 Mil. Revenue was 4364.437 + 4272.201 + 3976.24 + 3832.015 = $16,445 Mil. Gross Profit was 2251.225 + 2168.06 + 2034.172 + 1967.429 = $8,421 Mil. Total Current Assets was $5,698 Mil. Total Assets was $14,578 Mil. Property, Plant and Equipment(Net PPE) was $7,706 Mil. Depreciation, Depletion and Amortization(DDA) was $452 Mil. Selling, General, & Admin. Expense(SGA) was $5,190 Mil. Total Current Liabilities was $8,185 Mil. Long-Term Debt & Capital Lease Obligation was $7,298 Mil. Net Income was 665.464 + 622.848 + 547.238 + 552.504 = $2,388 Mil. Non Operating Income was 4.304 + 1.561 + 3.401 + 6.963 = $16 Mil. Cash Flow from Operations was 772.015 + 948.859 + 704.215 + 516.429 = $2,942 Mil. |
Total Receivables was $556 Mil. Revenue was 4203.38 + 4068.991 + 3707.864 + 3644.493 = $15,625 Mil. Gross Profit was 2160.463 + 2086.582 + 1890.329 + 1853.954 = $7,991 Mil. Total Current Assets was $5,378 Mil. Total Assets was $13,552 Mil. Property, Plant and Equipment(Net PPE) was $7,102 Mil. Depreciation, Depletion and Amortization(DDA) was $396 Mil. Selling, General, & Admin. Expense(SGA) was $4,841 Mil. Total Current Liabilities was $7,831 Mil. Long-Term Debt & Capital Lease Obligation was $6,998 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) |
= | (556.25 / 16444.893) | / | (556.381 / 15624.728) | |
= | 0.033825 | / | 0.035609 | |
= | 0.9499 |
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) | |
= | (7991.328 / 15624.728) | / | (8420.886 / 16444.893) | |
= | 0.511454 | / | 0.512067 | |
= | 0.9988 |
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 - (5698.287 + 7706.311) / 14577.522) | / | (1 - (5377.712 + 7102.061) / 13551.838) | |
= | 0.080461 | / | 0.079108 | |
= | 1.0171 |
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 | |
= | 16444.893 | / | 15624.728 | |
= | 1.0525 |
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)) |
= | (396.468 / (396.468 + 7102.061)) | / | (451.802 / (451.802 + 7706.311)) | |
= | 0.052873 | / | 0.055381 | |
= | 0.9547 |
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) |
= | (5189.643 / 16444.893) | / | (4841.471 / 15624.728) | |
= | 0.315578 | / | 0.30986 | |
= | 1.0185 |
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) |
= | ((7297.972 + 8185.165) / 14577.522) | / | ((6998.341 + 7831.082) / 13551.838) | |
= | 1.062124 | / | 1.094274 | |
= | 0.9706 |
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 | |
= | (2388.054 - 16.229 | - | 2941.518) | / | 14577.522 | |
= | -0.03908 |
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.
O'Reilly Automotive has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of O'Reilly Automotive's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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Mark Joseph Merz | officer: SVP OF FINANCE | 233 SOUTH PATTERSON AVENUE, SPRINGFIELD MO 65802 |
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