Hayward Holdings Beneish M-Score Historical Data
The historical data trend for Hayward Holdings'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.
Hayward Holdings Beneish M-Score Chart
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Hayward Holdings Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.89 |
-2.21 |
-2.38 |
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Hayward Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.21 |
-2.41 |
-3.01 |
-2.10 |
-2.38 |
Competitive Comparison of Hayward Holdings's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Hayward Holdings'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.
Hayward Holdings's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Hayward Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hayward Holdings's Beneish M-Score falls into.
Hayward Holdings 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 Hayward Holdings 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 * 1.574 | + | 0.528 * 0.9454 | + | 0.404 * 0.9526 | + | 0.892 * 0.7552 | + | 0.115 * 1.1102 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2432 | + | 4.679 * -0.030577 | - | 0.327 * 0.9769 |
| = | -2.38 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $280.9 Mil.
Revenue was 278.469 + 220.304 + 283.543 + 210.136 = $992.5 Mil.
Gross Profit was 137.138 + 105.411 + 136.51 + 97.891 = $477.0 Mil.
Total Current Assets was $724.7 Mil.
Total Assets was $2,946.3 Mil.
Property, Plant and Equipment(Net PPE) was $159.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.1 Mil.
Selling, General, & Admin. Expense(SGA) was $233.6 Mil.
Total Current Liabilities was $239.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,079.3 Mil.
Net Income was 31.036 + 11.788 + 29.453 + 8.41 = $80.7 Mil.
Non Operating Income was -5.746 + -5.28 + -1.934 + -0.804 = $-13.8 Mil.
Cash Flow from Operations was -32.397 + 50.421 + 257.398 + -90.882 = $184.5 Mil.
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Total Receivables was $236.3 Mil.
Revenue was 258.967 + 245.267 + 399.442 + 410.46 = $1,314.1 Mil.
Gross Profit was 109.492 + 107.784 + 189.365 + 190.394 = $597.0 Mil.
Total Current Assets was $612.3 Mil.
Total Assets was $2,875.0 Mil.
Property, Plant and Equipment(Net PPE) was $149.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.6 Mil.
Selling, General, & Admin. Expense(SGA) was $248.8 Mil.
Total Current Liabilities was $232.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,085.1 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) |
| = | (280.869 / 992.452) | / | (236.282 / 1314.136) |
| = | 0.283005 | / | 0.1798 |
| | = | 1.574 |
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) |
| = | (597.035 / 1314.136) | / | (476.95 / 992.452) |
| = | 0.454318 | / | 0.480577 |
| | = | 0.9454 |
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 - (724.741 + 158.979) / 2946.284) | / | (1 - (612.284 + 149.828) / 2875.013) |
| = | 0.700056 | / | 0.734919 |
| | = | 0.9526 |
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 |
| = | 992.452 | / | 1314.136 |
| | = | 0.7552 |
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)) |
| = | (57.639 / (57.639 + 149.828)) | / | (53.062 / (53.062 + 158.979)) |
| = | 0.277822 | / | 0.250244 |
| | = | 1.1102 |
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) |
| = | (233.607 / 992.452) | / | (248.812 / 1314.136) |
| = | 0.235384 | / | 0.189335 |
| | = | 1.2432 |
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) |
| = | ((1079.28 + 239.683) / 2946.284) | / | ((1085.055 + 232.41) / 2875.013) |
| = | 0.44767 | / | 0.458247 |
| | = | 0.9769 |
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 |
| = | (80.687 - -13.764 | - | 184.54) | / | 2946.284 |
| | = | -0.030577 |
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.
Hayward Holdings has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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