Masco Beneish M-Score Historical Data
The historical data trend for Masco'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.
Masco Beneish M-Score Chart
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Masco Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.20 |
-2.90 |
-2.41 |
-2.98 |
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Masco 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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-2.77 |
-2.75 |
-2.86 |
-2.98 |
-2.80 |
Competitive Comparison of Masco's Beneish M-Score
For the Building Products & Equipment subindustry, Masco'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.
Masco's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Masco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Masco's Beneish M-Score falls into.
Masco 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 Masco 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 * 1.077 | + | 0.528 * 0.8782 | + | 0.404 * 1.136 | + | 0.892 * 0.9015 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1384 | + | 4.679 * -0.064962 | - | 0.327 * 0.9435 |
| = | -2.82 |
* 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 €1,205 Mil.
Revenue was 1771.92 + 1725.794 + 1854.323 + 1963.221 = €7,315 Mil.
Gross Profit was 630.2 + 599.718 + 697.128 + 709.787 = €2,637 Mil.
Total Current Assets was €2,622 Mil.
Total Assets was €4,909 Mil.
Property, Plant and Equipment(Net PPE) was €1,263 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €1,378 Mil.
Total Current Liabilities was €1,510 Mil.
Long-Term Debt & Capital Lease Obligation was €2,941 Mil.
Net Income was 197.8 + 175.147 + 233.313 + 242.749 = €849 Mil.
Non Operating Income was -4.6 + -9.17 + -10.307 + 0.923 = €-23 Mil.
Cash Flow from Operations was -86.48 + 444.745 + 449.76 + 383.045 = €1,191 Mil.
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Total Receivables was €1,241 Mil.
Revenue was 1848.386 + 1815.312 + 2226.04 + 2224.992 = €8,115 Mil.
Gross Profit was 624.846 + 514.48 + 701.95 + 727.474 = €2,569 Mil.
Total Current Assets was €2,940 Mil.
Total Assets was €5,072 Mil.
Property, Plant and Equipment(Net PPE) was €1,200 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €1,343 Mil.
Total Current Liabilities was €1,885 Mil.
Long-Term Debt & Capital Lease Obligation was €2,989 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) |
| = | (1205.2 / 7315.258) | / | (1241.286 / 8114.73) |
| = | 0.164752 | / | 0.152967 |
| | = | 1.077 |
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) |
| = | (2568.75 / 8114.73) | / | (2636.833 / 7315.258) |
| = | 0.316554 | / | 0.360457 |
| | = | 0.8782 |
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 - (2622 + 1263.16) / 4909.12) | / | (1 - (2940.232 + 1200.19) / 5071.62) |
| = | 0.208583 | / | 0.18361 |
| | = | 1.136 |
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 |
| = | 7315.258 | / | 8114.73 |
| | = | 0.9015 |
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)) |
| = | (0 / (0 + 1200.19)) | / | (0 / (0 + 1263.16)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1377.842 / 7315.258) | / | (1342.568 / 8114.73) |
| = | 0.188352 | / | 0.165448 |
| | = | 1.1384 |
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) |
| = | ((2941.24 + 1509.72) / 4909.12) | / | ((2988.8 + 1884.812) / 5071.62) |
| = | 0.906672 | / | 0.960958 |
| | = | 0.9435 |
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 |
| = | (849.009 - -23.154 | - | 1191.07) | / | 4909.12 |
| | = | -0.064962 |
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.
Masco has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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