Thor Industries Beneish M-Score Historical Data
The historical data trend for Thor Industries'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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Thor Industries Annual Data
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Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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-2.41 |
-2.69 |
-2.23 |
-2.36 |
-3.02 |
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Thor Industries Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.91 |
-2.90 |
-3.02 |
-2.95 |
-2.69 |
Competitive Comparison
For the Recreational Vehicles subindustry, Thor Industries'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.
Thor Industries Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Thor Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thor Industries's Beneish M-Score falls into.
Thor Industries 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 Thor Industries 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 * 1.2908 | + | 0.528 * 1.1482 | + | 0.404 * 0.9732 | + | 0.892 * 0.7446 | + | 0.115 * 1.0376 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1479 | + | 4.679 * -0.066675 | - | 0.327 * 0.9466 |
| = | -2.69 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $626 Mil.
Revenue was 2207.369 + 2500.759 + 2738.066 + 2928.82 = $10,375 Mil.
Gross Profit was 270.847 + 357.932 + 394.305 + 432.637 = $1,456 Mil.
Total Current Assets was $2,839 Mil.
Total Assets was $7,226 Mil.
Property, Plant and Equipment(Net PPE) was $1,382 Mil.
Depreciation, Depletion and Amortization(DDA) was $278 Mil.
Selling, General, & Admin. Expense(SGA) was $858 Mil.
Total Current Liabilities was $1,626 Mil.
Long-Term Debt & Capital Lease Obligation was $1,390 Mil.
Net Income was 7.217 + 53.565 + 90.287 + 120.719 = $272 Mil.
Non Operating Income was 16.865 + -14.913 + 5.173 + -5.667 = $1 Mil.
Cash Flow from Operations was -103.868 + 59.668 + 507.513 + 288.799 = $752 Mil.
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Total Receivables was $651 Mil.
Revenue was 2346.635 + 3108.084 + 3821.766 + 4657.517 = $13,934 Mil.
Gross Profit was 282.935 + 486.476 + 667.887 + 807.445 = $2,245 Mil.
Total Current Assets was $2,863 Mil.
Total Assets was $7,312 Mil.
Property, Plant and Equipment(Net PPE) was $1,325 Mil.
Depreciation, Depletion and Amortization(DDA) was $278 Mil.
Selling, General, & Admin. Expense(SGA) was $1,003 Mil.
Total Current Liabilities was $1,466 Mil.
Long-Term Debt & Capital Lease Obligation was $1,759 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) |
| = | (625.618 / 10375.014) | / | (650.96 / 13934.002) |
| = | 0.0603 | / | 0.046717 |
| | = | 1.2908 |
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) |
| = | (2244.743 / 13934.002) | / | (1455.721 / 10375.014) |
| = | 0.161098 | / | 0.14031 |
| | = | 1.1482 |
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 - (2839.262 + 1382.227) / 7225.829) | / | (1 - (2863.027 + 1325.032) / 7311.96) |
| = | 0.415778 | / | 0.427232 |
| | = | 0.9732 |
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 |
| = | 10375.014 | / | 13934.002 |
| | = | 0.7446 |
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)) |
| = | (278.28 / (278.28 + 1325.032)) | / | (277.65 / (277.65 + 1382.227)) |
| = | 0.173566 | / | 0.167271 |
| | = | 1.0376 |
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) |
| = | (857.708 / 10375.014) | / | (1003.496 / 13934.002) |
| = | 0.082671 | / | 0.072018 |
| | = | 1.1479 |
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) |
| = | ((1390.469 + 1626.461) / 7225.829) | / | ((1758.506 + 1466.489) / 7311.96) |
| = | 0.41752 | / | 0.441058 |
| | = | 0.9466 |
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 |
| = | (271.788 - 1.458 | - | 752.112) | / | 7225.829 |
| | = | -0.066675 |
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.
Thor Industries has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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