Graco Beneish M-Score Historical Data
The historical data trend for Graco'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.
Graco Beneish M-Score Chart
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Graco Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.37 |
-2.48 |
-2.14 |
-2.64 |
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Graco 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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-2.14 |
-2.30 |
-2.52 |
-2.61 |
-2.64 |
Competitive Comparison of Graco's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Graco'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.
Graco's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Graco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Graco's Beneish M-Score falls into.
Graco 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 Graco 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 * 1.0001 | + | 0.528 * 0.9329 | + | 0.404 * 0.8957 | + | 0.892 * 1.0243 | + | 0.115 * 1.0539 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0424 | + | 4.679 * -0.041314 | - | 0.327 * 0.7352 |
| = | -2.64 |
* 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 $354 Mil.
Revenue was 566.644 + 539.672 + 559.644 + 529.646 = $2,196 Mil.
Gross Profit was 299.942 + 284.524 + 291.415 + 285.14 = $1,161 Mil.
Total Current Assets was $1,366 Mil.
Total Assets was $2,722 Mil.
Property, Plant and Equipment(Net PPE) was $760 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $432 Mil.
Total Current Liabilities was $395 Mil.
Long-Term Debt & Capital Lease Obligation was $12 Mil.
Net Income was 109.954 + 133.123 + 134.268 + 129.166 = $507 Mil.
Non Operating Income was -41.727 + 3.283 + 4.365 + 2.029 = $-32 Mil.
Cash Flow from Operations was 159.647 + 209.047 + 191.494 + 90.829 = $651 Mil.
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Total Receivables was $346 Mil.
Revenue was 555.045 + 545.644 + 548.547 + 494.285 = $2,144 Mil.
Gross Profit was 272.816 + 261.088 + 269.06 + 254.475 = $1,057 Mil.
Total Current Assets was $1,206 Mil.
Total Assets was $2,439 Mil.
Property, Plant and Equipment(Net PPE) was $637 Mil.
Depreciation, Depletion and Amortization(DDA) was $66 Mil.
Selling, General, & Admin. Expense(SGA) was $405 Mil.
Total Current Liabilities was $400 Mil.
Long-Term Debt & Capital Lease Obligation was $96 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) |
| = | (354.439 / 2195.606) | / | (346.01 / 2143.521) |
| = | 0.161431 | / | 0.161421 |
| | = | 1.0001 |
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) |
| = | (1057.439 / 2143.521) | / | (1161.021 / 2195.606) |
| = | 0.493319 | / | 0.528793 |
| | = | 0.9329 |
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 - (1365.809 + 760.481) / 2722.007) | / | (1 - (1205.62 + 637.394) / 2438.9) |
| = | 0.218852 | / | 0.244326 |
| | = | 0.8957 |
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 |
| = | 2195.606 | / | 2143.521 |
| | = | 1.0243 |
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)) |
| = | (65.997 / (65.997 + 637.394)) | / | (74.321 / (74.321 + 760.481)) |
| = | 0.093827 | / | 0.089028 |
| | = | 1.0539 |
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) |
| = | (432.156 / 2195.606) | / | (404.731 / 2143.521) |
| = | 0.196828 | / | 0.188816 |
| | = | 1.0424 |
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) |
| = | ((11.785 + 395.2) / 2722.007) | / | ((96.057 + 399.917) / 2438.9) |
| = | 0.149517 | / | 0.20336 |
| | = | 0.7352 |
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 |
| = | (506.511 - -32.05 | - | 651.017) | / | 2722.007 |
| | = | -0.041314 |
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.
Graco has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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