JELD-WEN Holding Beneish M-Score Historical Data
The historical data trend for JELD-WEN Holding'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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JELD-WEN Holding Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-2.83 |
-2.33 |
-2.37 |
-3.06 |
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JELD-WEN Holding 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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-2.37 |
-2.64 |
-2.92 |
-3.05 |
-3.06 |
Competitive Comparison
For the Building Products & Equipment subindustry, JELD-WEN Holding'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.
JELD-WEN Holding Beneish M-Score Distribution
For the Construction industry and Industrials sector, JELD-WEN Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JELD-WEN Holding's Beneish M-Score falls into.
JELD-WEN Holding 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 JELD-WEN Holding 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 * 1.0213 | + | 0.528 * 0.8919 | + | 0.404 * 0.7887 | + | 0.892 * 0.9523 | + | 0.115 * 0.9696 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0813 | + | 4.679 * -0.091611 | - | 0.327 * 0.8981 |
| = | -3.06 |
* 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 $517 Mil.
Revenue was 1021.065 + 1076.98 + 1125.767 + 1222.617 = $4,446 Mil.
Gross Profit was 191.683 + 223.596 + 225.555 + 232.068 = $873 Mil.
Total Current Assets was $1,494 Mil.
Total Assets was $2,980 Mil.
Property, Plant and Equipment(Net PPE) was $791 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $695 Mil.
Total Current Liabilities was $679 Mil.
Long-Term Debt & Capital Lease Obligation was $1,312 Mil.
Net Income was -34.755 + 43.785 + 38.281 + 15.134 = $62 Mil.
Non Operating Income was 9.351 + -9.371 + -7.358 + -2.353 = $-10 Mil.
Cash Flow from Operations was 72.205 + 119.612 + 154.027 + -0.656 = $345 Mil.
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Total Receivables was $531 Mil.
Revenue was 1179.014 + 1140.025 + 1179.154 + 1171.022 = $4,669 Mil.
Gross Profit was 201.251 + 206.389 + 206.614 + 203.298 = $818 Mil.
Total Current Assets was $1,696 Mil.
Total Assets was $3,501 Mil.
Property, Plant and Equipment(Net PPE) was $771 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $675 Mil.
Total Current Liabilities was $787 Mil.
Long-Term Debt & Capital Lease Obligation was $1,818 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) |
| = | (516.674 / 4446.429) | / | (531.232 / 4669.215) |
| = | 0.1162 | / | 0.113773 |
| | = | 1.0213 |
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) |
| = | (817.552 / 4669.215) | / | (872.902 / 4446.429) |
| = | 0.175094 | / | 0.196315 |
| | = | 0.8919 |
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 - (1494.342 + 791.173) / 2980.125) | / | (1 - (1695.606 + 770.997) / 3501.361) |
| = | 0.233081 | / | 0.29553 |
| | = | 0.7887 |
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 |
| = | 4446.429 | / | 4669.215 |
| | = | 0.9523 |
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)) |
| = | (131.754 / (131.754 + 770.997)) | / | (140.192 / (140.192 + 791.173)) |
| = | 0.145947 | / | 0.150523 |
| | = | 0.9696 |
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) |
| = | (694.664 / 4446.429) | / | (674.596 / 4669.215) |
| = | 0.15623 | / | 0.144477 |
| | = | 1.0813 |
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) |
| = | ((1312.068 + 678.909) / 2980.125) | / | ((1817.858 + 786.626) / 3501.361) |
| = | 0.668085 | / | 0.743849 |
| | = | 0.8981 |
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 |
| = | (62.445 - -9.731 | - | 345.188) | / | 2980.125 |
| | = | -0.091611 |
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.
JELD-WEN Holding has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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