Arrow Electronics Beneish M-Score Historical Data
The historical data trend for Arrow Electronics'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.
Arrow Electronics Beneish M-Score Chart
|
Arrow Electronics Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.55 |
-2.60 |
-2.27 |
-2.18 |
-2.40 |
|
Arrow Electronics 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
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.30 |
-2.28 |
-2.38 |
-2.40 |
-2.42 |
Competitive Comparison of Arrow Electronics's Beneish M-Score
For the Electronics & Computer Distribution subindustry, Arrow Electronics'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.
Arrow Electronics's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Arrow Electronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arrow Electronics's Beneish M-Score falls into.
Arrow Electronics 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 Arrow Electronics 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 * 1.2204 | + | 0.528 * 1.0364 | + | 0.404 * 1.0058 | + | 0.892 * 0.8507 | + | 0.115 * 0.9553 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0788 | + | 4.679 * -0.002887 | - | 0.327 * 0.9924 |
| = | -2.42 |
* 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 $11,063 Mil.
Revenue was 6924.26 + 7849.157 + 8007.019 + 8514.516 = $31,295 Mil.
Gross Profit was 857.826 + 989.55 + 979.597 + 1066.049 = $3,893 Mil.
Total Current Assets was $16,901 Mil.
Total Assets was $20,263 Mil.
Property, Plant and Equipment(Net PPE) was $517 Mil.
Depreciation, Depletion and Amortization(DDA) was $176 Mil.
Selling, General, & Admin. Expense(SGA) was $2,358 Mil.
Total Current Liabilities was $11,361 Mil.
Long-Term Debt & Capital Lease Obligation was $2,632 Mil.
Net Income was 83.601 + 194.537 + 198.659 + 236.559 = $713 Mil.
Non Operating Income was -47.102 + -22.995 + -36.126 + -6.775 = $-113 Mil.
Cash Flow from Operations was 403.21 + 286.742 + 321.707 + -126.804 = $885 Mil.
|
Total Receivables was $10,656 Mil.
Revenue was 8736.428 + 9323.023 + 9266.432 + 9460.842 = $36,787 Mil.
Gross Profit was 1113.822 + 1205.995 + 1186.912 + 1236.214 = $4,743 Mil.
Total Current Assets was $16,867 Mil.
Total Assets was $20,277 Mil.
Property, Plant and Equipment(Net PPE) was $579 Mil.
Depreciation, Depletion and Amortization(DDA) was $186 Mil.
Selling, General, & Admin. Expense(SGA) was $2,569 Mil.
Total Current Liabilities was $10,390 Mil.
Long-Term Debt & Capital Lease Obligation was $3,719 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) |
| = | (11062.608 / 31294.952) | / | (10655.863 / 36786.725) |
| = | 0.353495 | / | 0.289666 |
| | = | 1.2204 |
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) |
| = | (4742.943 / 36786.725) | / | (3893.022 / 31294.952) |
| = | 0.128931 | / | 0.124398 |
| | = | 1.0364 |
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 - (16901.062 + 517.088) / 20262.876) | / | (1 - (16866.849 + 579.451) / 20276.532) |
| = | 0.140391 | / | 0.139582 |
| | = | 1.0058 |
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 |
| = | 31294.952 | / | 36786.725 |
| | = | 0.8507 |
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)) |
| = | (185.756 / (185.756 + 579.451)) | / | (176.164 / (176.164 + 517.088)) |
| = | 0.242753 | / | 0.254113 |
| | = | 0.9553 |
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) |
| = | (2357.574 / 31294.952) | / | (2568.981 / 36786.725) |
| = | 0.075334 | / | 0.069834 |
| | = | 1.0788 |
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) |
| = | ((2632.25 + 11360.616) / 20262.876) | / | ((3719.056 + 10390.096) / 20276.532) |
| = | 0.690567 | / | 0.695837 |
| | = | 0.9924 |
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 |
| = | (713.356 - -112.998 | - | 884.855) | / | 20262.876 |
| | = | -0.002887 |
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.
Arrow Electronics has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ARW has been successfully added to your