The Toro Co Beneish M-Score Historical Data
The historical data trend for The Toro Co'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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The Toro Co Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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|
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-2.21 |
-2.89 |
-2.54 |
-2.17 |
-2.16 |
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The Toro Co 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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-2.28 |
-2.23 |
-2.18 |
-2.16 |
-2.11 |
Competitive Comparison
For the Tools & Accessories subindustry, The Toro Co'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.
The Toro Co Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, The Toro Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Toro Co's Beneish M-Score falls into.
The Toro Co 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 The Toro Co 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 * 1.3919 | + | 0.528 * 0.9765 | + | 0.404 * 0.8335 | + | 0.892 * 0.9314 | + | 0.115 * 1.056 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0873 | + | 4.679 * 0.033767 | - | 0.327 * 0.9932 |
| = | -2.11 |
* 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 $489 Mil.
Revenue was 1001.9 + 983.25 + 1081.784 + 1339.326 = $4,406 Mil.
Gross Profit was 344.5 + 329.601 + 372.354 + 479.721 = $1,526 Mil.
Total Current Assets was $1,967 Mil.
Total Assets was $3,801 Mil.
Property, Plant and Equipment(Net PPE) was $761 Mil.
Depreciation, Depletion and Amortization(DDA) was $122 Mil.
Selling, General, & Admin. Expense(SGA) was $992 Mil.
Total Current Liabilities was $922 Mil.
Long-Term Debt & Capital Lease Obligation was $1,288 Mil.
Net Income was 64.9 + 70.338 + -14.963 + 167.465 = $288 Mil.
Non Operating Income was 7.7 + 7.222 + -145.767 + 6.734 = $-124 Mil.
Cash Flow from Operations was -92.2 + 152.135 + 93.026 + 130.539 = $284 Mil.
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Total Receivables was $377 Mil.
Revenue was 1148.8 + 1172.022 + 1160.55 + 1249.478 = $4,731 Mil.
Gross Profit was 395.9 + 398.849 + 399.906 + 405.369 = $1,600 Mil.
Total Current Assets was $1,758 Mil.
Total Assets was $3,655 Mil.
Property, Plant and Equipment(Net PPE) was $659 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General, & Admin. Expense(SGA) was $980 Mil.
Total Current Liabilities was $988 Mil.
Long-Term Debt & Capital Lease Obligation was $1,152 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) |
| = | (489.1 / 4406.26) | / | (377.262 / 4730.85) |
| = | 0.111001 | / | 0.079745 |
| | = | 1.3919 |
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) |
| = | (1600.024 / 4730.85) | / | (1526.176 / 4406.26) |
| = | 0.338211 | / | 0.346365 |
| | = | 0.9765 |
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 - (1966.5 + 761) / 3801.1) | / | (1 - (1757.694 + 658.72) / 3654.946) |
| = | 0.282445 | / | 0.338865 |
| | = | 0.8335 |
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 |
| = | 4406.26 | / | 4730.85 |
| | = | 0.9314 |
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)) |
| = | (112.157 / (112.157 + 658.72)) | / | (121.6 / (121.6 + 761)) |
| = | 0.145493 | / | 0.137775 |
| | = | 1.056 |
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) |
| = | (992.003 / 4406.26) | / | (979.55 / 4730.85) |
| = | 0.225135 | / | 0.207056 |
| | = | 1.0873 |
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) |
| = | ((1288.2 + 921.9) / 3801.1) | / | ((1151.695 + 987.973) / 3654.946) |
| = | 0.581437 | / | 0.585417 |
| | = | 0.9932 |
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 |
| = | (287.74 - -124.111 | - | 283.5) | / | 3801.1 |
| | = | 0.033767 |
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.
The Toro Co has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
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