Oshkosh (FRA:OK3) Beneish M-Score : -2.12 (As of Apr. 29, 2024)

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What is Oshkosh Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Oshkosh's Beneish M-Score or its related term are showing as below:

FRA:OK3' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.38 Max: -1.76
Current: -2.12

During the past 13 years, the highest Beneish M-Score of Oshkosh was -1.76. The lowest was -3.01. And the median was -2.38.

Oshkosh Beneish M-Score Historical Data

The historical data trend for Oshkosh'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.

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Oshkosh Beneish M-Score Chart

Oshkosh Annual Data

Trend

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Dec22

Dec23

Beneish M-Score

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-2.39

-2.53

-2.79

-2.46

-2.36

Oshkosh Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.31	-2.53	-2.35	-2.36	-2.12

Competitive Comparison of Oshkosh's Beneish M-Score

For the Farm & Heavy Construction Machinery subindustry, Oshkosh'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.

Oshkosh's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, Oshkosh's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Oshkosh's Beneish M-Score falls into.

Oshkosh 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 Oshkosh for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1094

0.528 * 0.7536

0.404 * 1.1552

0.892 * 1.1142

0.115 * 0.8412

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0105

4.679 * 0.055032

0.327 * 1.0725

-2.13

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €2,173 Mil.
Revenue was 2340.296 + 2262.056 + 2351.776 + 2227.291 = €9,181 Mil.
Gross Profit was 432.4 + 416.685 + 438.61 + 391.814 = €1,680 Mil.
Total Current Assets was €4,353 Mil.
Total Assets was €8,713 Mil.
Property, Plant and Equipment(Net PPE) was €1,015 Mil.
Depreciation, Depletion and Amortization(DDA) was €163 Mil.
Selling, General, & Admin. Expense(SGA) was €747 Mil.
Total Current Liabilities was €3,054 Mil.
Long-Term Debt & Capital Lease Obligation was €551 Mil.
Net Income was 165.048 + 138.284 + 172.127 + 161.525 = €637 Mil.
Non Operating Income was -1.84 + 0.55 + 2.436 + 4.43 = €6 Mil.
Cash Flow from Operations was -327.336 + 439.793 + 156.104 + -116.667 = €152 Mil.

Total Receivables was €1,758 Mil.
Revenue was 2118.405 + 2080.198 + 2087.367 + 1954.436 = €8,240 Mil.
Gross Profit was 311.769 + 315.579 + 281.487 + 227.135 = €1,136 Mil.
Total Current Assets was €4,122 Mil.
Total Assets was €7,394 Mil.
Property, Plant and Equipment(Net PPE) was €814 Mil.
Depreciation, Depletion and Amortization(DDA) was €107 Mil.
Selling, General, & Admin. Expense(SGA) was €663 Mil.
Total Current Liabilities was €2,296 Mil.
Long-Term Debt & Capital Lease Obligation was €556 Mil.

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)
	=	(2172.58 / 9181.419)	/	(1757.695 / 8240.406)
	=	0.236628	/	0.213302
	=	1.1094

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)
	=	(1135.97 / 8240.406)	/	(1679.509 / 9181.419)
	=	0.137854	/	0.182925
	=	0.7536

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 - (4352.98 + 1014.668) / 8713.32)	/	(1 - (4122.302 + 813.981) / 7393.918)
	=	0.383972	/	0.332386
	=	1.1552

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
	=	9181.419	/	8240.406
	=	1.1142

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))
	=	(106.969 / (106.969 + 813.981))	/	(162.54 / (162.54 + 1014.668))
	=	0.116151	/	0.138072
	=	0.8412

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)
	=	(746.762 / 9181.419)	/	(663.229 / 8240.406)
	=	0.081334	/	0.080485
	=	1.0105

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)
	=	((550.988 + 3053.94) / 8713.32)	/	((555.917 + 2296.332) / 7393.918)
	=	0.413726	/	0.385756
	=	1.0725

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
	=	(636.984 - 5.576	-	151.894)	/	8713.32
	=	0.055032

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.

Oshkosh has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.

Oshkosh Beneish M-Score Related Terms

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Oshkosh (FRA:OK3) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Farm & Heavy Construction Machinery » Oshkosh Corp (FRA:OK3) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

OSK:USA

Address

1917 Four Wheel Drive, Oshkosh, WI, USA, 54902

Website

https://www.oshkoshcorp.com

Oshkosh is the top producer of access equipment, specialty vehicles, and military trucks. It serves diverse end markets, where it is typically the market share leader in North America, or, in the case of JLG aerial work platforms, a global leader. In recent years, the company has manufactured joint light tactical vehicles, or JLTV, for the U.S. Department of Defense. However, Oshkosh recently lost the JLTV recompete, bringing its U.S. Postal Service contract into focus, which calls for the electrification of U.S. postal vehicles. The company reports four segments—access equipment (48% of revenue), defense (26%), fire and emergency (13%), and commercial (13%)—and generated $8.3 billion in revenue in 2022.

Oshkosh (FRA:OK3) Headlines

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