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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Malibu Boats's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Malibu Boats was -0.91. The lowest was -4.12. And the median was -2.45.
The historical data trend for Malibu Boats'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.
Malibu Boats Annual Data | |||||||||||||||||||||
Trend | Jun14 | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.37 | -3.19 | -0.91 | -2.40 | -2.72 |
Malibu Boats Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.72 | -2.72 | -2.35 | -3.56 | -3.72 |
For the Recreational Vehicles subindustry, Malibu Boats'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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Malibu Boats's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Malibu Boats's Beneish M-Score falls into.
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 Malibu Boats 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 * 0.7379 | + | 0.528 * 1.0871 | + | 0.404 * 0.8561 | + | 0.892 * 0.7614 | + | 0.115 * 1.0982 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 2.6061 | + | 4.679 * -0.102235 | - | 0.327 * 1.1076 | |||||||
= | -3.72 |
* 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 $45 Mil. Revenue was 203.419 + 211.074 + 255.83 + 372.303 = $1,043 Mil. Gross Profit was 40.333 + 37.475 + 56.794 + 102.462 = $237 Mil. Total Current Assets was $256 Mil. Total Assets was $798 Mil. Property, Plant and Equipment(Net PPE) was $251 Mil. Depreciation, Depletion and Amortization(DDA) was $32 Mil. Selling, General, & Admin. Expense(SGA) was $196 Mil. Total Current Liabilities was $153 Mil. Long-Term Debt & Capital Lease Obligation was $15 Mil. Net Income was -66.831 + 9.881 + 20.259 + -17.42 = $-54 Mil. Non Operating Income was -88.375 + 0.009 + 0.01 + -0.178 = $-89 Mil. Cash Flow from Operations was 23.512 + 64.12 + -48.411 + 76.743 = $116 Mil. |
Total Receivables was $81 Mil. Revenue was 375.119 + 338.732 + 302.211 + 353.206 = $1,369 Mil. Gross Profit was 98.574 + 75.654 + 74.605 + 89.627 = $338 Mil. Total Current Assets was $308 Mil. Total Assets was $882 Mil. Property, Plant and Equipment(Net PPE) was $198 Mil. Depreciation, Depletion and Amortization(DDA) was $28 Mil. Selling, General, & Admin. Expense(SGA) was $99 Mil. Total Current Liabilities was $147 Mil. Long-Term Debt & Capital Lease Obligation was $20 Mil. |
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) |
= | (45.477 / 1042.626) | / | (80.934 / 1369.268) | |
= | 0.043618 | / | 0.059107 | |
= | 0.7379 |
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) | |
= | (338.46 / 1369.268) | / | (237.064 / 1042.626) | |
= | 0.247183 | / | 0.227372 | |
= | 1.0871 |
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 - (255.992 + 251.003) / 797.586) | / | (1 - (308.307 + 198.437) / 882.169) | |
= | 0.364338 | / | 0.42557 | |
= | 0.8561 |
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 | |
= | 1042.626 | / | 1369.268 | |
= | 0.7614 |
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)) |
= | (27.944 / (27.944 + 198.437)) | / | (31.787 / (31.787 + 251.003)) | |
= | 0.123438 | / | 0.112405 | |
= | 1.0982 |
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) |
= | (196.078 / 1042.626) | / | (98.808 / 1369.268) | |
= | 0.188062 | / | 0.072161 | |
= | 2.6061 |
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) |
= | ((15 + 152.971) / 797.586) | / | ((20.26 + 147.472) / 882.169) | |
= | 0.210599 | / | 0.190136 | |
= | 1.1076 |
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 | |
= | (-54.111 - -88.534 | - | 115.964) | / | 797.586 | |
= | -0.102235 |
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.
Malibu Boats has a M-score of -3.72 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Malibu Boats's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
David Scott Black | officer: Interim CFO | C/O MALIBU BOATS, INC., 5075 KIMBERLY WAY, LOUDON TN 37774 |
Ritchie L. Anderson | officer: Chief Operating Officer | 5075 KIMBERLY WAY, LOUDON TN 37774 |
Springer Jackie D. Jr. | officer: Chief Executive Officer | 5075 KIMBERLY WAY, LOUDON TN 37774 |
Nancy M Taylor | director | TREDEGAR CORP, 1100 BOULDERS PARKWAY, RICHMOND VA 23219 |
Peter E Murphy | director | ONE CAESARS PALACE DRIVE, LAS VEGAS NV 89109 |
Wayne R. Wilson | officer: Chief Financial Officer | 5075 KIMBERLY WAY, LOUDON TN 37774 |
Mark W. Lanigan | director, 10 percent owner | 5075 KIMBERLY WAY, LOUDON TN 37774 |
Michael K. Hooks | director, 10 percent owner | 2000 AVENUE OF THE STARS, LOS ANGELES CA 90067 |
Joan M Lewis | director | C/O MALIBU BOATS, INC., 5075 KIMBERLY WAY, LOUDON TN 37774 |
Deborah S. Kent | officer: VP Human Resources | 5075 KIMBERLY WAY, LOUDON TN 37774 |
Phillip S. Estes | director | 5075 KIMBERLY WAY, LOUDON TN 37774 |
St Clair William Paxson Jr | director, officer: President of Cobalt Boats, LLC | 2625 VERONA ROAD, MISSION HILLS KS 66208 |
Dan L. Gasper | officer: VP of Product Design | 5075 KIMBERLY WAY, LOUDON TN 37774 |
Black Canyon Investments, L.p. | 10 percent owner | 2000 AVENUE OF THE STARS, 11TH FLOOR, LOS ANGELES CA 90067 |
Canyon Value Realization Master Fund, L.p. | 10 percent owner | 2000 AVENUE OF THE STARS, 11TH FLOOR, LOS ANGELES CA 90067 |
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