Johnson Controls International Beneish M-Score Historical Data
The historical data trend for Johnson Controls International'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.
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Johnson Controls International Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.95 |
-2.67 |
-2.52 |
-2.55 |
-2.35 |
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Johnson Controls International 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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-2.45 |
-2.43 |
-2.31 |
-2.35 |
-2.39 |
Competitive Comparison
For the Building Products & Equipment subindustry, Johnson Controls International'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.
Johnson Controls International Beneish M-Score Distribution
For the Construction industry and Industrials sector, Johnson Controls International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Johnson Controls International's Beneish M-Score falls into.
Johnson Controls International 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 Johnson Controls International 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 * 1.0047 | + | 0.528 * 1.0125 | + | 0.404 * 1.0057 | + | 0.892 * 1.0515 | + | 0.115 * 0.9472 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9473 | + | 4.679 * 0.006958 | - | 0.327 * 1.0244 |
| = | -2.39 |
* 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 $6,045 Mil.
Revenue was 6094 + 6906 + 7133 + 6686 = $26,819 Mil.
Gross Profit was 1992 + 2208 + 2431 + 2241 = $8,872 Mil.
Total Current Assets was $12,054 Mil.
Total Assets was $43,981 Mil.
Property, Plant and Equipment(Net PPE) was $3,131 Mil.
Depreciation, Depletion and Amortization(DDA) was $876 Mil.
Selling, General, & Admin. Expense(SGA) was $6,123 Mil.
Total Current Liabilities was $12,409 Mil.
Long-Term Debt & Capital Lease Obligation was $7,959 Mil.
Net Income was 374 + 549 + 1049 + 133 = $2,105 Mil.
Non Operating Income was 34 + -145 + -1 + -360 = $-472 Mil.
Cash Flow from Operations was -246 + 1390 + 813 + 314 = $2,271 Mil.
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Total Receivables was $5,722 Mil.
Revenue was 6068 + 6725 + 6614 + 6098 = $25,505 Mil.
Gross Profit was 2091 + 2295 + 2200 + 1957 = $8,543 Mil.
Total Current Assets was $11,837 Mil.
Total Assets was $42,797 Mil.
Property, Plant and Equipment(Net PPE) was $3,098 Mil.
Depreciation, Depletion and Amortization(DDA) was $809 Mil.
Selling, General, & Admin. Expense(SGA) was $6,147 Mil.
Total Current Liabilities was $11,563 Mil.
Long-Term Debt & Capital Lease Obligation was $7,784 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) |
| = | (6045 / 26819) | / | (5722 / 25505) |
| = | 0.2254 | / | 0.224348 |
| | = | 1.0047 |
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) |
| = | (8543 / 25505) | / | (8872 / 26819) |
| = | 0.334954 | / | 0.33081 |
| | = | 1.0125 |
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 - (12054 + 3131) / 43981) | / | (1 - (11837 + 3098) / 42797) |
| = | 0.654737 | / | 0.651027 |
| | = | 1.0057 |
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 |
| = | 26819 | / | 25505 |
| | = | 1.0515 |
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)) |
| = | (809 / (809 + 3098)) | / | (876 / (876 + 3131)) |
| = | 0.207064 | / | 0.218617 |
| | = | 0.9472 |
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) |
| = | (6123 / 26819) | / | (6147 / 25505) |
| = | 0.228308 | / | 0.241012 |
| | = | 0.9473 |
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) |
| = | ((7959 + 12409) / 43981) | / | ((7784 + 11563) / 42797) |
| = | 0.463109 | / | 0.452064 |
| | = | 1.0244 |
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 |
| = | (2105 - -472 | - | 2271) | / | 43981 |
| | = | 0.006958 |
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.
Johnson Controls International has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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