Fiskars Oyj Beneish M-Score Historical Data
The historical data trend for Fiskars Oyj'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.
Fiskars Oyj Beneish M-Score Chart
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Fiskars Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.91 |
-2.55 |
-2.16 |
-2.88 |
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Fiskars Oyj Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.47 |
-2.62 |
-3.10 |
-2.88 |
-2.90 |
Competitive Comparison of Fiskars Oyj's Beneish M-Score
For the Home Improvement Retail subindustry, Fiskars Oyj'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.
Fiskars Oyj's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Fiskars Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fiskars Oyj's Beneish M-Score falls into.
Fiskars Oyj 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 Fiskars Oyj 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 * 1.0244 | + | 0.528 * 1.0104 | + | 0.404 * 1.0938 | + | 0.892 * 0.9557 | + | 0.115 * 0.937 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1641 | + | 4.679 * -0.08039 | - | 0.327 * 1.1072 |
| = | -2.90 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €242 Mil.
Revenue was 282.9 + 345.8 + 241.3 + 267.9 = €1,138 Mil.
Gross Profit was 122.9 + 144.8 + 113.6 + 125.4 = €507 Mil.
Total Current Assets was €641 Mil.
Total Assets was €1,671 Mil.
Property, Plant and Equipment(Net PPE) was €303 Mil.
Depreciation, Depletion and Amortization(DDA) was €71 Mil.
Selling, General, & Admin. Expense(SGA) was €434 Mil.
Total Current Liabilities was €409 Mil.
Long-Term Debt & Capital Lease Obligation was €445 Mil.
Net Income was 2.4 + 28.1 + 9 + 12.6 = €52 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -13.1 + 90.4 + 61.9 + 47.2 = €186 Mil.
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Total Receivables was €247 Mil.
Revenue was 274.9 + 304.1 + 292.6 + 319.1 = €1,191 Mil.
Gross Profit was 127.6 + 134.6 + 133.3 + 140.2 = €536 Mil.
Total Current Assets was €675 Mil.
Total Assets was €1,576 Mil.
Property, Plant and Equipment(Net PPE) was €274 Mil.
Depreciation, Depletion and Amortization(DDA) was €59 Mil.
Selling, General, & Admin. Expense(SGA) was €390 Mil.
Total Current Liabilities was €486 Mil.
Long-Term Debt & Capital Lease Obligation was €242 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) |
| = | (241.6 / 1137.9) | / | (246.8 / 1190.7) |
| = | 0.212321 | / | 0.207273 |
| | = | 1.0244 |
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) |
| = | (535.7 / 1190.7) | / | (506.7 / 1137.9) |
| = | 0.449903 | / | 0.445294 |
| | = | 1.0104 |
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 - (641.1 + 302.5) / 1670.6) | / | (1 - (674.9 + 274.1) / 1576) |
| = | 0.435173 | / | 0.397843 |
| | = | 1.0938 |
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 |
| = | 1137.9 | / | 1190.7 |
| | = | 0.9557 |
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)) |
| = | (59.4 / (59.4 + 274.1)) | / | (71 / (71 + 302.5)) |
| = | 0.178111 | / | 0.190094 |
| | = | 0.937 |
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) |
| = | (434.2 / 1137.9) | / | (390.3 / 1190.7) |
| = | 0.38158 | / | 0.32779 |
| | = | 1.1641 |
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) |
| = | ((445.4 + 408.8) / 1670.6) | / | ((242 + 485.8) / 1576) |
| = | 0.511313 | / | 0.461802 |
| | = | 1.1072 |
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 |
| = | (52.1 - 0 | - | 186.4) | / | 1670.6 |
| | = | -0.08039 |
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.
Fiskars Oyj has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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