MarineMax Beneish M-Score Historical Data
The historical data trend for MarineMax'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.
MarineMax Beneish M-Score Chart
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MarineMax Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.82 |
-3.65 |
-3.06 |
-2.11 |
-1.22 |
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MarineMax 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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-0.88 |
-1.24 |
-1.22 |
-1.78 |
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Competitive Comparison of MarineMax's Beneish M-Score
For the Specialty Retail subindustry, MarineMax'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.
MarineMax's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, MarineMax's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MarineMax's Beneish M-Score falls into.
MarineMax 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 MarineMax 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 * 1.3403 | + | 0.528 * 1.0321 | + | 0.404 * 0.9027 | + | 0.892 * 1.0302 | + | 0.115 * 0.6049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0891 | + | 4.679 * 0.097193 | - | 0.327 * 1.0206 |
| = | -1.78 |
* 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 $95 Mil.
Revenue was 527.274 + 594.595 + 721.844 + 570.34 = $2,414 Mil.
Gross Profit was 175.481 + 203.715 + 243.808 + 200.909 = $824 Mil.
Total Current Assets was $1,206 Mil.
Total Assets was $2,527 Mil.
Property, Plant and Equipment(Net PPE) was $673 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $641 Mil.
Total Current Liabilities was $940 Mil.
Long-Term Debt & Capital Lease Obligation was $507 Mil.
Net Income was 0.93 + 15.141 + 44.416 + 30.035 = $91 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -89.095 + -25.298 + 53.585 + -94.228 = $-155 Mil.
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Total Receivables was $69 Mil.
Revenue was 507.927 + 536.764 + 688.537 + 610.106 = $2,343 Mil.
Gross Profit was 186.897 + 196.767 + 236.473 + 205.315 = $825 Mil.
Total Current Assets was $873 Mil.
Total Assets was $2,113 Mil.
Property, Plant and Equipment(Net PPE) was $640 Mil.
Depreciation, Depletion and Amortization(DDA) was $24 Mil.
Selling, General, & Admin. Expense(SGA) was $571 Mil.
Total Current Liabilities was $649 Mil.
Long-Term Debt & Capital Lease Obligation was $536 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) |
| = | (94.601 / 2414.053) | / | (68.514 / 2343.334) |
| = | 0.039188 | / | 0.029238 |
| | = | 1.3403 |
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) |
| = | (825.452 / 2343.334) | / | (823.913 / 2414.053) |
| = | 0.352255 | / | 0.341299 |
| | = | 1.0321 |
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 - (1206.021 + 673.277) / 2526.507) | / | (1 - (873.371 + 640.181) / 2113.284) |
| = | 0.256168 | / | 0.283791 |
| | = | 0.9027 |
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 |
| = | 2414.053 | / | 2343.334 |
| | = | 1.0302 |
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)) |
| = | (24.04 / (24.04 + 640.181)) | / | (42.846 / (42.846 + 673.277)) |
| = | 0.036193 | / | 0.059831 |
| | = | 0.6049 |
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) |
| = | (640.612 / 2414.053) | / | (570.95 / 2343.334) |
| = | 0.265368 | / | 0.243649 |
| | = | 1.0891 |
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) |
| = | ((506.522 + 940.006) / 2526.507) | / | ((536.308 + 649.202) / 2113.284) |
| = | 0.572541 | / | 0.56098 |
| | = | 1.0206 |
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 |
| = | (90.522 - 0 | - | -155.036) | / | 2526.507 |
| | = | 0.097193 |
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.
MarineMax has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.
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