Kitz Beneish M-Score Historical Data
The historical data trend for Kitz'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.
Kitz Beneish M-Score Chart
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Kitz Annual Data
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Dec22 |
| Beneish M-Score |
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-2.46 |
-2.67 |
-2.81 |
-2.62 |
-2.36 |
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Kitz Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Kitz's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Kitz'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.
Kitz's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Kitz's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kitz's Beneish M-Score falls into.
Kitz 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 Kitz 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 * 0.9594 | + | 0.528 * 1.0454 | + | 0.404 * 0.8684 | + | 0.892 * 0.9936 | + | 0.115 * 1.0566 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 5.2E-5 | - | 0.327 * 0.9218 |
| = | -2.52 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $166 Mil.
Revenue was $1,185 Mil.
Gross Profit was $288 Mil.
Total Current Assets was $691 Mil.
Total Assets was $1,131 Mil.
Property, Plant and Equipment(Net PPE) was $335 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $173 Mil.
Long-Term Debt & Capital Lease Obligation was $250 Mil.
Net Income was $63 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $63 Mil.
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Total Receivables was $174 Mil.
Revenue was $1,193 Mil.
Gross Profit was $303 Mil.
Total Current Assets was $761 Mil.
Total Assets was $1,260 Mil.
Property, Plant and Equipment(Net PPE) was $364 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $289 Mil.
Long-Term Debt & Capital Lease Obligation was $222 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) |
| = | (166.031 / 1185.296) | / | (174.168 / 1192.889) |
| = | 0.140076 | / | 0.146005 |
| | = | 0.9594 |
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) |
| = | (302.733 / 1192.889) | / | (287.73 / 1185.296) |
| = | 0.253781 | / | 0.242749 |
| | = | 1.0454 |
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 - (690.636 + 335.026) / 1130.854) | / | (1 - (760.949 + 364.007) / 1259.908) |
| = | 0.09302 | / | 0.107113 |
| | = | 0.8684 |
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 |
| = | 1185.296 | / | 1192.889 |
| | = | 0.9936 |
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)) |
| = | (59.447 / (59.447 + 364.007)) | / | (51.336 / (51.336 + 335.026)) |
| = | 0.140386 | / | 0.13287 |
| | = | 1.0566 |
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) |
| = | (0 / 1185.296) | / | (0 / 1192.889) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((250.276 + 172.961) / 1130.854) | / | ((222.185 + 289.363) / 1259.908) |
| = | 0.374263 | / | 0.40602 |
| | = | 0.9218 |
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 |
| = | (63.366 - 0 | - | 63.307) | / | 1130.854 |
| | = | 5.2E-5 |
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.
Kitz has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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