Compass Diversified Holdings Beneish M-Score Historical Data
The historical data trend for Compass Diversified Holdings'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.
Compass Diversified Holdings Beneish M-Score Chart
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Compass Diversified Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.78 |
-2.71 |
-2.27 |
-2.32 |
-2.22 |
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Compass Diversified Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.14 |
-2.32 |
-2.41 |
-2.22 |
Competitive Comparison of Compass Diversified Holdings's Beneish M-Score
For the Conglomerates subindustry, Compass Diversified Holdings'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.
Compass Diversified Holdings's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Compass Diversified Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Compass Diversified Holdings's Beneish M-Score falls into.
Compass Diversified Holdings 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 Compass Diversified Holdings 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 * 1.0431 | + | 0.528 * 0.8983 | + | 0.404 * 0.8301 | + | 0.892 * 1.0248 | + | 0.115 * 0.9489 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1072 | + | 4.679 * 0.067033 | - | 0.327 * 0.9116 |
| = | -2.22 |
* 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 $318 Mil.
Revenue was 422.924 + 569.565 + 524.159 + 542.228 = $2,059 Mil.
Gross Profit was 164.384 + 254.218 + 236.89 + 237.831 = $893 Mil.
Total Current Assets was $1,604 Mil.
Total Assets was $3,817 Mil.
Property, Plant and Equipment(Net PPE) was $193 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $550 Mil.
Total Current Liabilities was $312 Mil.
Long-Term Debt & Capital Lease Obligation was $1,662 Mil.
Net Income was 137.437 + -10.154 + 13.606 + 105.397 = $246 Mil.
Non Operating Income was -57.158 + -31.525 + -0.101 + 1.127 = $-88 Mil.
Cash Flow from Operations was 21.128 + 19.713 + 21.694 + 15.545 = $78 Mil.
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Total Receivables was $298 Mil.
Revenue was 407.201 + 575.819 + 515.597 + 510.513 = $2,009 Mil.
Gross Profit was 140.921 + 229.559 + 211.757 + 200.815 = $783 Mil.
Total Current Assets was $1,210 Mil.
Total Assets was $3,850 Mil.
Property, Plant and Equipment(Net PPE) was $185 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $484 Mil.
Total Current Liabilities was $360 Mil.
Long-Term Debt & Capital Lease Obligation was $1,824 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) |
| = | (318.241 / 2058.876) | / | (297.722 / 2009.13) |
| = | 0.15457 | / | 0.148185 |
| | = | 1.0431 |
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) |
| = | (783.052 / 2009.13) | / | (893.323 / 2058.876) |
| = | 0.389747 | / | 0.433889 |
| | = | 0.8983 |
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 - (1603.82 + 192.562) / 3816.981) | / | (1 - (1210.185 + 184.501) / 3849.631) |
| = | 0.529371 | / | 0.637709 |
| | = | 0.8301 |
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 |
| = | 2058.876 | / | 2009.13 |
| | = | 1.0248 |
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)) |
| = | (124.719 / (124.719 + 184.501)) | / | (142.367 / (142.367 + 192.562)) |
| = | 0.403334 | / | 0.425066 |
| | = | 0.9489 |
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) |
| = | (549.589 / 2058.876) | / | (484.369 / 2009.13) |
| = | 0.266936 | / | 0.241084 |
| | = | 1.1072 |
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) |
| = | ((1661.879 + 312.358) / 3816.981) | / | ((1824.468 + 359.832) / 3849.631) |
| = | 0.517225 | / | 0.567405 |
| | = | 0.9116 |
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 |
| = | (246.286 - -87.657 | - | 78.08) | / | 3816.981 |
| | = | 0.067033 |
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.
Compass Diversified Holdings has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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