Mueller Industries Beneish M-Score Historical Data
The historical data trend for Mueller Industries'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.
Mueller Industries Beneish M-Score Chart
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Mueller Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-2.55 |
-1.78 |
-2.90 |
-2.81 |
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Mueller Industries Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
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Mar21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.90 |
-3.08 |
-2.78 |
-2.81 |
-3.00 |
Competitive Comparison of Mueller Industries's Beneish M-Score
For the Metal Fabrication subindustry, Mueller Industries'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.
Mueller Industries's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Mueller Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mueller Industries's Beneish M-Score falls into.
Mueller Industries 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 Mueller Industries 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 * 1.0289 | + | 0.528 * 1.0227 | + | 0.404 * 0.8004 | + | 0.892 * 0.8072 | + | 0.115 * 1.1849 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1702 | + | 4.679 * -0.082112 | - | 0.327 * 0.7694 |
| = | -3.01 |
* 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 €390 Mil.
Revenue was 781.682 + 671.59 + 768.145 + 827.916 = €3,049 Mil.
Gross Profit was 221.675 + 179.726 + 225.568 + 237.868 = €865 Mil.
Total Current Assets was €2,010 Mil.
Total Assets was €2,663 Mil.
Property, Plant and Equipment(Net PPE) was €390 Mil.
Depreciation, Depletion and Amortization(DDA) was €36 Mil.
Selling, General, & Admin. Expense(SGA) was €188 Mil.
Total Current Liabilities was €332 Mil.
Long-Term Debt & Capital Lease Obligation was €24 Mil.
Net Income was 127.294 + 109.341 + 124.348 + 164.027 = €525 Mil.
Non Operating Income was 0.915 + 27.703 + -3.947 + 38.883 = €64 Mil.
Cash Flow from Operations was 159.735 + 159.811 + 232.057 + 128.493 = €680 Mil.
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Total Receivables was €470 Mil.
Revenue was 907.093 + 828.436 + 954.278 + 1087.94 = €3,778 Mil.
Gross Profit was 273.096 + 242.401 + 268.855 + 311.355 = €1,096 Mil.
Total Current Assets was €1,650 Mil.
Total Assets was €2,316 Mil.
Property, Plant and Equipment(Net PPE) was €380 Mil.
Depreciation, Depletion and Amortization(DDA) was €42 Mil.
Selling, General, & Admin. Expense(SGA) was €199 Mil.
Total Current Liabilities was €380 Mil.
Long-Term Debt & Capital Lease Obligation was €22 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) |
| = | (390.454 / 3049.333) | / | (470.147 / 3777.747) |
| = | 0.128046 | / | 0.124452 |
| | = | 1.0289 |
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) |
| = | (1095.707 / 3777.747) | / | (864.837 / 3049.333) |
| = | 0.290042 | / | 0.283615 |
| | = | 1.0227 |
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 - (2009.838 + 390.389) / 2662.703) | / | (1 - (1650.388 + 380.344) / 2315.966) |
| = | 0.098575 | / | 0.12316 |
| | = | 0.8004 |
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 |
| = | 3049.333 | / | 3777.747 |
| | = | 0.8072 |
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)) |
| = | (41.746 / (41.746 + 380.344)) | / | (35.553 / (35.553 + 390.389)) |
| = | 0.098903 | / | 0.083469 |
| | = | 1.1849 |
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) |
| = | (188.421 / 3049.333) | / | (199.481 / 3777.747) |
| = | 0.061791 | / | 0.052804 |
| | = | 1.1702 |
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) |
| = | ((23.535 + 332.379) / 2662.703) | / | ((22.438 + 379.9) / 2315.966) |
| = | 0.133666 | / | 0.173724 |
| | = | 0.7694 |
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 |
| = | (525.01 - 63.554 | - | 680.096) | / | 2662.703 |
| | = | -0.082112 |
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.
Mueller Industries has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
Mueller Industries (FRA:MUD) Business Description
Traded in Other Exchanges
Address
150 Schilling Boulevard, Suite 100, Collierville, TN, USA, 38017
Mueller Industries Inc makes copper, brass, aluminum, and plastic products. The company reports three business segments: piping systems, industrial metals, and climate. Piping systems, earning most of the company's revenue, produces tubes, fittings, rods, valves, and other products and operates various firms worldwide. The industrial metals segment manufactures impacts and micro-gauge, brass rod and copper bar products, and brass value-added products. The climate segment produces items used to create temperature-control goods, including valves, twisted tubes, coaxial heat exchangers, and others. Numerous systems use the aforementioned products, including HVAC, water distribution, refrigeration, and automotive. Most sales derive from the United States, but the company operates worldwide.
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