Alta Equipment Group Beneish M-Score Historical Data
The historical data trend for Alta Equipment Group'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.
Alta Equipment Group Beneish M-Score Chart
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Alta Equipment Group Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.31 |
-2.25 |
-2.62 |
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Alta Equipment Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.25 |
-2.23 |
-2.30 |
-2.16 |
-2.62 |
Competitive Comparison of Alta Equipment Group's Beneish M-Score
For the Rental & Leasing Services subindustry, Alta Equipment Group'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.
Alta Equipment Group's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Alta Equipment Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alta Equipment Group's Beneish M-Score falls into.
Alta Equipment Group 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 Alta Equipment Group 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 * 0.8968 | + | 0.528 * 0.9878 | + | 0.404 * 0.9503 | + | 0.892 * 1.194 | + | 0.115 * 0.9915 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9947 | + | 4.679 * -0.038195 | - | 0.327 * 1.0251 |
| = | -2.62 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $249 Mil.
Revenue was 521.5 + 466.2 + 468.4 + 420.7 = $1,877 Mil.
Gross Profit was 133 + 126.1 + 126.8 + 121.3 = $507 Mil.
Total Current Assets was $838 Mil.
Total Assets was $1,571 Mil.
Property, Plant and Equipment(Net PPE) was $576 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $430 Mil.
Total Current Liabilities was $635 Mil.
Long-Term Debt & Capital Lease Obligation was $759 Mil.
Net Income was -1.9 + 7.4 + 2.4 + 1 = $9 Mil.
Non Operating Income was 2.5 + 1.4 + 0.2 + 1 = $5 Mil.
Cash Flow from Operations was 83.2 + 14.4 + -13.7 + -20.1 = $64 Mil.
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Total Receivables was $233 Mil.
Revenue was 428.6 + 405 + 406.5 + 331.7 = $1,572 Mil.
Gross Profit was 110.8 + 111.6 + 105.8 + 91.4 = $420 Mil.
Total Current Assets was $663 Mil.
Total Assets was $1,291 Mil.
Property, Plant and Equipment(Net PPE) was $491 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General, & Admin. Expense(SGA) was $362 Mil.
Total Current Liabilities was $471 Mil.
Long-Term Debt & Capital Lease Obligation was $646 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) |
| = | (249.3 / 1876.8) | / | (232.8 / 1571.8) |
| = | 0.132832 | / | 0.14811 |
| | = | 0.8968 |
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) |
| = | (419.6 / 1571.8) | / | (507.2 / 1876.8) |
| = | 0.266955 | / | 0.270247 |
| | = | 0.9878 |
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 - (838 + 575.7) / 1570.9) | / | (1 - (663.3 + 491.4) / 1290.6) |
| = | 0.10007 | / | 0.1053 |
| | = | 0.9503 |
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 |
| = | 1876.8 | / | 1571.8 |
| | = | 1.194 |
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)) |
| = | (112 / (112 + 491.4)) | / | (132.6 / (132.6 + 575.7)) |
| = | 0.185615 | / | 0.187209 |
| | = | 0.9915 |
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) |
| = | (430.3 / 1876.8) | / | (362.3 / 1571.8) |
| = | 0.229273 | / | 0.2305 |
| | = | 0.9947 |
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) |
| = | ((758.9 + 635.1) / 1570.9) | / | ((646 + 471.2) / 1290.6) |
| = | 0.887389 | / | 0.865644 |
| | = | 1.0251 |
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 |
| = | (8.9 - 5.1 | - | 63.8) | / | 1570.9 |
| | = | -0.038195 |
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.
Alta Equipment Group has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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