Are Holdings Beneish M-Score Historical Data
The historical data trend for Are Holdings'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.
Are Holdings Beneish M-Score Chart
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Are Holdings Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-1.90 |
-1.00 |
-2.01 |
-2.48 |
-0.68 |
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Are Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.48 |
-1.99 |
-1.95 |
-2.03 |
-0.68 |
Competitive Comparison of Are Holdings's Beneish M-Score
For the Waste Management subindustry, Are Holdings'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.
Are Holdings's Beneish M-Score Distribution in the Waste Management Industry
For the Waste Management industry and Industrials sector, Are Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Are Holdings's Beneish M-Score falls into.
Are Holdings 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 Are Holdings 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 * 0.8738 | + | 0.528 * 1.5108 | + | 0.404 * 4.3017 | + | 0.892 * 1.0291 | + | 0.115 * 0.7016 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.917 | + | 4.679 * 0.039568 | - | 0.327 * 0.9335 |
| = | -0.78 |
* 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 $1,036 Mil.
Revenue was 581.51 + 578.102 + 577.443 + 470.599 = $2,208 Mil.
Gross Profit was 30.55 + 36.796 + 42.254 + 37.034 = $147 Mil.
Total Current Assets was $1,694 Mil.
Total Assets was $2,123 Mil.
Property, Plant and Equipment(Net PPE) was $222 Mil.
Depreciation, Depletion and Amortization(DDA) was $25 Mil.
Selling, General, & Admin. Expense(SGA) was $56 Mil.
Total Current Liabilities was $721 Mil.
Long-Term Debt & Capital Lease Obligation was $508 Mil.
Net Income was 116.094 + 12.759 + 19.365 + 16.95 = $165 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 136.031 + -126.336 + 50.215 + 21.272 = $81 Mil.
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Total Receivables was $1,152 Mil.
Revenue was 648.056 + 542.365 + 508.8 + 446.015 = $2,145 Mil.
Gross Profit was 39.15 + 59.971 + 61.186 + 54.963 = $215 Mil.
Total Current Assets was $1,783 Mil.
Total Assets was $2,151 Mil.
Property, Plant and Equipment(Net PPE) was $318 Mil.
Depreciation, Depletion and Amortization(DDA) was $24 Mil.
Selling, General, & Admin. Expense(SGA) was $60 Mil.
Total Current Liabilities was $939 Mil.
Long-Term Debt & Capital Lease Obligation was $396 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) |
| = | (1036.373 / 2207.654) | / | (1152.484 / 2145.236) |
| = | 0.469445 | / | 0.537229 |
| | = | 0.8738 |
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) |
| = | (215.27 / 2145.236) | / | (146.634 / 2207.654) |
| = | 0.100348 | / | 0.066421 |
| | = | 1.5108 |
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 - (1693.868 + 221.548) / 2122.554) | / | (1 - (1783.378 + 318.357) / 2150.522) |
| = | 0.097589 | / | 0.022686 |
| | = | 4.3017 |
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 |
| = | 2207.654 | / | 2145.236 |
| | = | 1.0291 |
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)) |
| = | (24.31 / (24.31 + 318.357)) | / | (24.923 / (24.923 + 221.548)) |
| = | 0.070944 | / | 0.101119 |
| | = | 0.7016 |
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) |
| = | (56.193 / 2207.654) | / | (59.547 / 2145.236) |
| = | 0.025454 | / | 0.027758 |
| | = | 0.917 |
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) |
| = | ((508.448 + 720.972) / 2122.554) | / | ((395.528 + 938.77) / 2150.522) |
| = | 0.579217 | / | 0.620453 |
| | = | 0.9335 |
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 |
| = | (165.168 - 0 | - | 81.182) | / | 2122.554 |
| | = | 0.039568 |
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.
Are Holdings has a M-score of -0.78 signals that the company is likely to be a manipulator.
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