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TRS (TriMas) Beneish M-Score : -2.59 (As of Oct. 29, 2024)


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What is TriMas Beneish M-Score?

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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for TriMas's Beneish M-Score or its related term are showing as below:

TRS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.61   Max: -1.32
Current: -2.59

During the past 13 years, the highest Beneish M-Score of TriMas was -1.32. The lowest was -3.02. And the median was -2.61.


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.

* Premium members only.

TriMas Beneish M-Score Chart

TriMas Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.25 -2.72 -2.71 -2.50 -2.51

TriMas Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.57 -2.50 -2.51 -2.54 -2.59

Competitive Comparison of TriMas's Beneish M-Score

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's Beneish M-Score Distribution in the Packaging & Containers Industry

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 * 0.9821+0.528 * 0.9989+0.404 * 0.9509+0.892 * 1.0483+0.115 * 1.0046
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9398+4.679 * -0.026013-0.327 * 1.0104
=-2.59

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was $169.7 Mil.
Revenue was 240.5 + 227.1 + 209.56 + 235.34 = $912.5 Mil.
Gross Profit was 54.01 + 52.71 + 43.17 + 55.93 = $205.8 Mil.
Total Current Assets was $438.9 Mil.
Total Assets was $1,365.8 Mil.
Property, Plant and Equipment(Net PPE) was $368.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.3 Mil.
Selling, General, & Admin. Expense(SGA) was $138.9 Mil.
Total Current Liabilities was $155.7 Mil.
Long-Term Debt & Capital Lease Obligation was $463.4 Mil.
Net Income was 10.94 + 5.14 + 7.94 + 16.49 = $40.5 Mil.
Non Operating Income was 0.04 + -0.32 + -0.27 + -0.05 = $-0.6 Mil.
Cash Flow from Operations was 18.36 + -3.69 + 30.59 + 31.38 = $76.6 Mil.
Total Receivables was $164.8 Mil.
Revenue was 233.19 + 215.46 + 203.31 + 218.53 = $870.5 Mil.
Gross Profit was 54.53 + 47.69 + 45.58 + 48.33 = $196.1 Mil.
Total Current Assets was $409.9 Mil.
Total Assets was $1,356.4 Mil.
Property, Plant and Equipment(Net PPE) was $363.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.8 Mil.
Selling, General, & Admin. Expense(SGA) was $141.0 Mil.
Total Current Liabilities was $151.6 Mil.
Long-Term Debt & Capital Lease Obligation was $456.9 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)
=(169.66 / 912.5) / (164.8 / 870.49)
=0.185929 / 0.189319
=0.9821

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)
=(196.13 / 870.49) / (205.82 / 912.5)
=0.22531 / 0.225556
=0.9989

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 - (438.9 + 368.53) / 1365.84) / (1 - (409.94 + 363.25) / 1356.36)
=0.40884 / 0.429952
=0.9509

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
=912.5 / 870.49
=1.0483

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))
=(55.77 / (55.77 + 363.25)) / (56.28 / (56.28 + 368.53))
=0.133096 / 0.132483
=1.0046

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)
=(138.89 / 912.5) / (140.99 / 870.49)
=0.152208 / 0.161966
=0.9398

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)
=((463.43 + 155.69) / 1365.84) / ((456.87 + 151.62) / 1356.36)
=0.453289 / 0.44862
=1.0104

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
=(40.51 - -0.6 - 76.64) / 1365.84
=-0.026013

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 -2.59 suggests that the company is unlikely to be a manipulator.


TriMas Business Description

Traded in Other Exchanges
Address
38505 Woodward Avenue, Suite 200, Bloomfield Hills, MI, USA, 48304
TriMas Corp is a United States-based company that designs, manufactures, and distributes engineered and applied products. The company operates through three segments namely: The packaging segment manufactures and distributes closure and dispensing systems. The aerospace segment supplies blind bolts, fasteners, rivets, and other products for the aerospace industry. The specialty product segment manufactures and distributes steel cylinders, wellhead engines, compression systems, industrial sealing, and fasteners.
Executives
Daniel P Tredwell director 177 BROAD STREET, 10TH FLOOR, STAMFORD CT 06901
Scott A Mell officer: Chief Financial Officer 4884 CIDER HILL DRIVE, ROCHESTER MI 48306
Herbert K Parker director 38505 WOODWARD AVENUE, SUITE 200, BLOOMFIELD HILLS MI 48304
Jeffrey M Greene director 4990 OLDE TOWNE WAY, MARIETTA GA 30068
Jeffrey A Fielkow director 38505 WOODWARD AVENUE, SUITE 200, BLOOMFIELD HILLS MI 48304
Thomas A Amato director, officer: President and CEO 38505 WOODWARD AVENUE, SUITE 200, BLOOMFIELD HILLS MI 48304
Teresa M. Finley director 927 STOVALL BOULEVARD NE, ATLANTA GA 30319
Jodi F. Robin officer: General Counsel and Secretary 38505 WOODWARD AVENUE, BLOOMFIELD HILLS MI 48304
Paul Swart other: Chief Accounting Officer 38505 WOODWARD AVENUE, STE. 200, BLOOMFIELD HILLS MI 48304
Samuel Iii Valenti director, officer: Chairman 39400 WOODWARD AVENUE, SUITE 100, BLOOMFIELD HILLS MI 48304
Salik Fabio Leandro Matheus officer: President, TriMas Packaging 3012 FOREST CREEK CT., NAPERVILLE IL 60565
John Philip Schaefer officer: President, TriMas Aerospace 27411 VALDERAS, MISSION VIEJO CA 92691
Robert J Zalupski officer: Vice President & Treasurer 38505 WOODWARD AVENUE, SUITE 200, BLOOMFIELD HILLS MI 48304
Joshua A Sherbin officer: Vice President & Secretary 38505 WOODWARD AVENUE, SUITE 200, BLOOMFIELD HILLS MI 48304
Holly M Boehne director 6955 BLACK DUCK DRIVE, LINO LAKES MN 55014