Meritor Beneish M-Score Historical Data
The historical data trend for Meritor'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.
Meritor Beneish M-Score Chart
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Meritor Annual Data
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Trend |
Sep12 |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
| Beneish M-Score |
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-1.96 |
-2.94 |
-2.52 |
-2.53 |
-2.58 |
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Meritor Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
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-2.10 |
-2.23 |
-2.58 |
-2.41 |
-2.17 |
Competitive Comparison of Meritor's Beneish M-Score
For the Auto Parts subindustry, Meritor'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.
Meritor's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Meritor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Meritor's Beneish M-Score falls into.
Meritor 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 Meritor 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 * 0.9766 | + | 0.528 * 0.9018 | + | 0.404 * 0.9594 | + | 0.892 * 1.3038 | + | 0.115 * 1.0316 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9096 | + | 4.679 * 0.024082 | - | 0.327 * 1.009 |
| = | -2.17 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $769 Mil.
Revenue was 1154 + 984 + 945 + 1016 = $4,099 Mil.
Gross Profit was 137 + 127 + 110 + 132 = $506 Mil.
Total Current Assets was $1,663 Mil.
Total Assets was $3,322 Mil.
Property, Plant and Equipment(Net PPE) was $511 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $268 Mil.
Total Current Liabilities was $1,190 Mil.
Long-Term Debt & Capital Lease Obligation was $1,025 Mil.
Net Income was 62 + 54 + 62 + 42 = $220 Mil.
Non Operating Income was 25 + 21 + 22 + 20 = $88 Mil.
Cash Flow from Operations was -17 + -21 + 51 + 39 = $52 Mil.
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Total Receivables was $604 Mil.
Revenue was 983 + 889 + 758 + 514 = $3,144 Mil.
Gross Profit was 148 + 115 + 59 + 28 = $350 Mil.
Total Current Assets was $1,507 Mil.
Total Assets was $3,140 Mil.
Property, Plant and Equipment(Net PPE) was $502 Mil.
Depreciation, Depletion and Amortization(DDA) was $103 Mil.
Selling, General, & Admin. Expense(SGA) was $226 Mil.
Total Current Liabilities was $889 Mil.
Long-Term Debt & Capital Lease Obligation was $1,186 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) |
| = | (769 / 4099) | / | (604 / 3144) |
| = | 0.187607 | / | 0.192112 |
| | = | 0.9766 |
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) |
| = | (350 / 3144) | / | (506 / 4099) |
| = | 0.111323 | / | 0.123445 |
| | = | 0.9018 |
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 - (1663 + 511) / 3322) | / | (1 - (1507 + 502) / 3140) |
| = | 0.345575 | / | 0.360191 |
| | = | 0.9594 |
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 |
| = | 4099 | / | 3144 |
| | = | 1.3038 |
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)) |
| = | (103 / (103 + 502)) | / | (101 / (101 + 511)) |
| = | 0.170248 | / | 0.165033 |
| | = | 1.0316 |
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) |
| = | (268 / 4099) | / | (226 / 3144) |
| = | 0.065382 | / | 0.071883 |
| | = | 0.9096 |
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) |
| = | ((1025 + 1190) / 3322) | / | ((1186 + 889) / 3140) |
| = | 0.666767 | / | 0.660828 |
| | = | 1.009 |
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 |
| = | (220 - 88 | - | 52) | / | 3322 |
| | = | 0.024082 |
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.
Meritor has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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