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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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Albany International's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Albany International was -1.84. The lowest was -2.83. And the median was -2.51.
The historical data trend for Albany International'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.
Albany International Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.61 | -2.47 | -2.83 | -2.34 | -2.32 |
Albany International Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.26 | -2.26 | -2.34 | -2.32 | -2.38 |
For the Textile Manufacturing subindustry, Albany International'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 Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Albany International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Albany International'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 Albany International 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 * 1.1657 | + | 0.528 * 1.0324 | + | 0.404 * 0.9616 | + | 0.892 * 1.1249 | + | 0.115 * 1.0881 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1316 | + | 4.679 * -0.038692 | - | 0.327 * 0.9025 | |||||||
= | -2.38 |
* 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 $496 Mil. Revenue was 313.33 + 323.584 + 281.106 + 274.123 = $1,192 Mil. Gross Profit was 108.686 + 119.861 + 101.835 + 102.704 = $433 Mil. Total Current Assets was $845 Mil. Total Assets was $1,798 Mil. Property, Plant and Equipment(Net PPE) was $590 Mil. Depreciation, Depletion and Amortization(DDA) was $82 Mil. Selling, General, & Admin. Expense(SGA) was $222 Mil. Total Current Liabilities was $212 Mil. Long-Term Debt & Capital Lease Obligation was $435 Mil. Net Income was 27.291 + 30.45 + 27.109 + 26.672 = $112 Mil. Non Operating Income was 1.484 + 1.238 + -0.089 + 4.419 = $7 Mil. Cash Flow from Operations was 9.597 + 74.244 + 59.137 + 31.068 = $174 Mil. |
Total Receivables was $379 Mil. Revenue was 269.096 + 268.786 + 260.563 + 261.369 = $1,060 Mil. Gross Profit was 99.318 + 97.092 + 100.493 + 100.593 = $397 Mil. Total Current Assets was $889 Mil. Total Assets was $1,696 Mil. Property, Plant and Equipment(Net PPE) was $450 Mil. Depreciation, Depletion and Amortization(DDA) was $69 Mil. Selling, General, & Admin. Expense(SGA) was $174 Mil. Total Current Liabilities was $185 Mil. Long-Term Debt & Capital Lease Obligation was $491 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) |
= | (496.404 / 1192.143) | / | (378.563 / 1059.814) | |
= | 0.416396 | / | 0.357198 | |
= | 1.1657 |
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) | |
= | (397.496 / 1059.814) | / | (433.086 / 1192.143) | |
= | 0.375062 | / | 0.363284 | |
= | 1.0324 |
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 - (845.172 + 589.97) / 1798.18) | / | (1 - (889.455 + 450.254) / 1695.758) | |
= | 0.201892 | / | 0.209965 | |
= | 0.9616 |
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 | |
= | 1192.143 | / | 1059.814 | |
= | 1.1249 |
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)) |
= | (68.654 / (68.654 + 450.254)) | / | (81.67 / (81.67 + 589.97)) | |
= | 0.132305 | / | 0.121598 | |
= | 1.0881 |
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) |
= | (221.939 / 1192.143) | / | (174.36 / 1059.814) | |
= | 0.186168 | / | 0.164519 | |
= | 1.1316 |
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) |
= | ((434.689 + 211.99) / 1798.18) | / | ((491 + 184.691) / 1695.758) | |
= | 0.35963 | / | 0.39846 | |
= | 0.9025 |
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 | |
= | (111.522 - 7.052 | - | 174.046) | / | 1798.18 | |
= | -0.038692 |
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.
Albany International has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Albany International's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Gunnar Kleveland | director, officer: President and CEO | C/O ALBANY INTERNATIONAL CORP., 216 AIRPORT DRIVE, ROCHESTER NH 03867 |
Robert Alan Hansen | officer: Senior Vice President & CTO | C/O ALBANY INTERNATIONAL CORP, PO BOX 1907, ALBANY NY 12201-1907 |
John J Tedone | officer: VP - Controller & CAO | 501 DUNN ROAD, COVENTRY CT 06238 |
Robert D. Starr | officer: CFO & Treasurer | 10 STOCKBRIDGE DRIVE, AVON CT 06001 |
Elisabeth Indriani | officer: CAO & Corporate Controller | C/O ALBANY INTERNATIONAL CORP., 216 AIRPORT DRIVE, ROCHESTER NH 03867 |
John Michael Mcquade | director | C/O ALBANY INTERNATIONAL CORP, 216 AIRPORT DRIVE, ROCHESTER NH 03867 |
Katharine Plourde | director | 120 EAST END AVE, NEW YORK NY 10028 |
Erland E Kailbourne | director | C/O RAND CAPITAL CORP, 2200 RAND BUILDING, BUFFFALO NY 14203 |
Russell Toney | director | 3005 HIGHLAND PARKWAY, SUITE 200, DOWNERS GROVE IL 60515 |
Christina M Alvord | director | 1200 URBAN CENTER DRIVE, BIRMINGHAM AL 35242 |
Daniel A Halftermeyer | officer: President, MC | C/O ALBANY INTERNATIONAL CORP., P.O. BOX 1907, ALBANY NY 12201-1907 |
Christine L Standish | director | C/O ALBANY INTERNATIONAL CORP, PO BOX 1907, ALBANY NY 12201-1907 |
David M Pawlick | officer: Vice President-Controller | C/O ALBANY INTERNATIONAL CORP., P.O. BOX 1907, ALBANY NY 12201-1907 |
Alice Mccarvill | officer: Exec VP Human Resources | C/O ALBANY INTERNATIONAL CORP., 216 AIRPORT DRIVE, ROCHESTER NH 03867 |
Gregory N Harwell | officer: President- AEC | C/O ALBANY INTERNATIONAL CORP., 216 AIRPORT DRIVE, ROCHESTER NH 03867 |
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