Griffon Beneish M-Score Historical Data
The historical data trend for Griffon'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.
Griffon Beneish M-Score Chart
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Griffon Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.75 |
-2.55 |
-2.54 |
-1.89 |
-3.19 |
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Griffon 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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-3.00 |
-3.24 |
-3.19 |
-3.31 |
-3.15 |
Competitive Comparison of Griffon's Beneish M-Score
For the Conglomerates subindustry, Griffon'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.
Griffon's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Griffon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Griffon's Beneish M-Score falls into.
Griffon 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 Griffon 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 * 0.9734 | + | 0.528 * 0.85 | + | 0.404 * 1.068 | + | 0.892 * 0.9307 | + | 0.115 * 1.1189 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0805 | + | 4.679 * -0.104704 | - | 0.327 * 1.1279 |
| = | -3.15 |
* 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 $350 Mil.
Revenue was 672.88 + 643.153 + 641.385 + 683.43 = $2,641 Mil.
Gross Profit was 270.665 + 236.641 + 245.88 + 274.624 = $1,028 Mil.
Total Current Assets was $1,007 Mil.
Total Assets was $2,424 Mil.
Property, Plant and Equipment(Net PPE) was $436 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $646 Mil.
Total Current Liabilities was $362 Mil.
Long-Term Debt & Capital Lease Obligation was $1,723 Mil.
Net Income was 64.143 + 42.177 + 41.965 + 49.205 = $197 Mil.
Non Operating Income was 0.602 + 0.459 + -1.507 + -0.61 = $-1 Mil.
Cash Flow from Operations was 39.455 + 143.132 + 122.567 + 147.166 = $452 Mil.
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Total Receivables was $386 Mil.
Revenue was 710.984 + 649.384 + 708.943 + 768.179 = $2,837 Mil.
Gross Profit was 194.492 + 233.825 + 249.8 + 260.601 = $939 Mil.
Total Current Assets was $1,215 Mil.
Total Assets was $2,660 Mil.
Property, Plant and Equipment(Net PPE) was $437 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $642 Mil.
Total Current Liabilities was $382 Mil.
Long-Term Debt & Capital Lease Obligation was $1,647 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) |
| = | (349.818 / 2640.848) | / | (386.119 / 2837.49) |
| = | 0.132464 | / | 0.136078 |
| | = | 0.9734 |
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) |
| = | (938.718 / 2837.49) | / | (1027.81 / 2640.848) |
| = | 0.330827 | / | 0.389197 |
| | = | 0.85 |
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 - (1007.166 + 435.589) / 2423.73) | / | (1 - (1214.57 + 437.489) / 2660.156) |
| = | 0.404738 | / | 0.378962 |
| | = | 1.068 |
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 |
| = | 2640.848 | / | 2837.49 |
| | = | 0.9307 |
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)) |
| = | (69.692 / (69.692 + 437.489)) | / | (60.981 / (60.981 + 435.589)) |
| = | 0.137411 | / | 0.122804 |
| | = | 1.1189 |
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) |
| = | (645.665 / 2640.848) | / | (642.053 / 2837.49) |
| = | 0.244492 | / | 0.226275 |
| | = | 1.0805 |
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) |
| = | ((1722.503 + 361.737) / 2423.73) | / | ((1646.582 + 381.653) / 2660.156) |
| = | 0.859931 | / | 0.76245 |
| | = | 1.1279 |
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 |
| = | (197.49 - -1.056 | - | 452.32) | / | 2423.73 |
| | = | -0.104704 |
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.
Griffon has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.
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