Core & Main Beneish M-Score Historical Data
The historical data trend for Core & Main'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.
Core & Main Beneish M-Score Chart
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Core & Main Annual Data
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Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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- |
- |
-1.71 |
-2.39 |
-3.09 |
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Core & Main Quarterly Data
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Jan19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.39 |
-2.63 |
-2.92 |
-3.15 |
-3.09 |
Competitive Comparison of Core & Main's Beneish M-Score
For the Industrial Distribution subindustry, Core & Main'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.
Core & Main's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Core & Main's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Core & Main's Beneish M-Score falls into.
Core & Main 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 Core & Main 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 * 1.0111 | + | 0.528 * 0.9949 | + | 0.404 * 1.1827 | + | 0.892 * 1.0077 | + | 0.115 * 1.116 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0499 | + | 4.679 * -0.1377 | - | 0.327 * 1.173 |
| = | -3.09 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $973 Mil.
Revenue was 1440 + 1827 + 1861 + 1574 = $6,702 Mil.
Gross Profit was 384 + 494 + 501 + 439 = $1,818 Mil.
Total Current Assets was $1,773 Mil.
Total Assets was $5,069 Mil.
Property, Plant and Equipment(Net PPE) was $343 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $931 Mil.
Total Current Liabilities was $774 Mil.
Long-Term Debt & Capital Lease Obligation was $2,001 Mil.
Net Income was 63 + 112 + 110 + 86 = $371 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 294 + 373 + 282 + 120 = $1,069 Mil.
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Total Receivables was $955 Mil.
Revenue was 1374 + 1818 + 1861 + 1598 = $6,651 Mil.
Gross Profit was 373 + 500 + 501 + 421 = $1,795 Mil.
Total Current Assets was $2,211 Mil.
Total Assets was $4,909 Mil.
Property, Plant and Equipment(Net PPE) was $280 Mil.
Depreciation, Depletion and Amortization(DDA) was $148 Mil.
Selling, General, & Admin. Expense(SGA) was $880 Mil.
Total Current Liabilities was $726 Mil.
Long-Term Debt & Capital Lease Obligation was $1,565 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) |
| = | (973 / 6702) | / | (955 / 6651) |
| = | 0.145181 | / | 0.143587 |
| | = | 1.0111 |
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) |
| = | (1795 / 6651) | / | (1818 / 6702) |
| = | 0.269884 | / | 0.271262 |
| | = | 0.9949 |
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 - (1773 + 343) / 5069) | / | (1 - (2211 + 280) / 4909) |
| = | 0.582561 | / | 0.492565 |
| | = | 1.1827 |
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 |
| = | 6702 | / | 6651 |
| | = | 1.0077 |
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)) |
| = | (148 / (148 + 280)) | / | (154 / (154 + 343)) |
| = | 0.345794 | / | 0.309859 |
| | = | 1.116 |
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) |
| = | (931 / 6702) | / | (880 / 6651) |
| = | 0.138914 | / | 0.132311 |
| | = | 1.0499 |
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) |
| = | ((2001 + 774) / 5069) | / | ((1565 + 726) / 4909) |
| = | 0.547445 | / | 0.466694 |
| | = | 1.173 |
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 |
| = | (371 - 0 | - | 1069) | / | 5069 |
| | = | -0.1377 |
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.
Core & Main has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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