Kimball Electronics Beneish M-Score Historical Data
The historical data trend for Kimball Electronics'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.
Kimball Electronics Beneish M-Score Chart
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Kimball Electronics Annual Data
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Trend |
Jun14 |
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Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-1.59 |
-2.80 |
-3.04 |
-1.83 |
-2.06 |
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Kimball Electronics Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.75 |
-1.98 |
-2.06 |
-2.49 |
-2.33 |
Competitive Comparison of Kimball Electronics's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Kimball Electronics'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.
Kimball Electronics's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Kimball Electronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kimball Electronics's Beneish M-Score falls into.
Kimball Electronics 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 Kimball Electronics 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 * 0.9915 | + | 0.528 * 0.9405 | + | 0.404 * 0.9688 | + | 0.892 * 1.1616 | + | 0.115 * 0.9669 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0094 | + | 4.679 * 0.010165 | - | 0.327 * 0.9633 |
| = | -2.33 |
* 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 $392 Mil.
Revenue was 421.235 + 438.081 + 496.141 + 484.703 = $1,840 Mil.
Gross Profit was 34.433 + 35.542 + 49.681 + 42.972 = $163 Mil.
Total Current Assets was $931 Mil.
Total Assets was $1,277 Mil.
Property, Plant and Equipment(Net PPE) was $276 Mil.
Depreciation, Depletion and Amortization(DDA) was $35 Mil.
Selling, General, & Admin. Expense(SGA) was $70 Mil.
Total Current Liabilities was $473 Mil.
Long-Term Debt & Capital Lease Obligation was $235 Mil.
Net Income was 8.29 + 10.754 + 19.202 + 16.4 = $55 Mil.
Non Operating Income was 0.702 + -1.131 + 0.466 + 1.433 = $1 Mil.
Cash Flow from Operations was -30.723 + 12.801 + 44.081 + 14.036 = $40 Mil.
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Total Receivables was $340 Mil.
Revenue was 436.696 + 405.889 + 373.497 + 368.057 = $1,584 Mil.
Gross Profit was 34.191 + 29.321 + 34.221 + 33.944 = $132 Mil.
Total Current Assets was $888 Mil.
Total Assets was $1,195 Mil.
Property, Plant and Equipment(Net PPE) was $239 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $60 Mil.
Total Current Liabilities was $453 Mil.
Long-Term Debt & Capital Lease Obligation was $235 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) |
| = | (391.593 / 1840.16) | / | (340.014 / 1584.139) |
| = | 0.212804 | / | 0.214636 |
| | = | 0.9915 |
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) |
| = | (131.677 / 1584.139) | / | (162.628 / 1840.16) |
| = | 0.083122 | / | 0.088377 |
| | = | 0.9405 |
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 - (930.502 + 275.984) / 1277.034) | / | (1 - (888.297 + 238.862) / 1195.317) |
| = | 0.055244 | / | 0.057021 |
| | = | 0.9688 |
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 |
| = | 1840.16 | / | 1584.139 |
| | = | 1.1616 |
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)) |
| = | (29.064 / (29.064 + 238.862)) | / | (34.875 / (34.875 + 275.984)) |
| = | 0.108478 | / | 0.112189 |
| | = | 0.9669 |
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) |
| = | (70.071 / 1840.16) | / | (59.762 / 1584.139) |
| = | 0.038079 | / | 0.037725 |
| | = | 1.0094 |
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) |
| = | ((235 + 472.839) / 1277.034) | / | ((235 + 452.762) / 1195.317) |
| = | 0.554284 | / | 0.57538 |
| | = | 0.9633 |
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 |
| = | (54.646 - 1.47 | - | 40.195) | / | 1277.034 |
| | = | 0.010165 |
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.
Kimball Electronics has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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