Park-Ohio Holdings Beneish M-Score Historical Data
The historical data trend for Park-Ohio Holdings'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.
Park-Ohio Holdings Beneish M-Score Chart
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Park-Ohio Holdings Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.58 |
-2.57 |
-2.52 |
-2.66 |
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Park-Ohio Holdings Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-2.58 |
-2.63 |
-2.66 |
-2.66 |
-2.55 |
Competitive Comparison of Park-Ohio Holdings's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Park-Ohio Holdings'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.
Park-Ohio Holdings's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Park-Ohio Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Park-Ohio Holdings's Beneish M-Score falls into.
Park-Ohio Holdings 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 Park-Ohio Holdings 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 * 1.0416 | + | 0.528 * 0.8808 | + | 0.404 * 1.113 | + | 0.892 * 1.061 | + | 0.115 * 0.9227 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0729 | + | 4.679 * -0.028164 | - | 0.327 * 0.9751 |
| = | -2.55 |
* 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 $284 Mil.
Revenue was 417.6 + 389.3 + 418.8 + 428.1 = $1,654 Mil.
Gross Profit was 71.4 + 64.1 + 70 + 70.1 = $276 Mil.
Total Current Assets was $884 Mil.
Total Assets was $1,403 Mil.
Property, Plant and Equipment(Net PPE) was $229 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $180 Mil.
Total Current Liabilities was $394 Mil.
Long-Term Debt & Capital Lease Obligation was $691 Mil.
Net Income was 9.6 + -14.5 + 11.1 + 5.4 = $12 Mil.
Non Operating Income was -0.3 + 0 + 0 + -4.1 = $-4 Mil.
Cash Flow from Operations was 2.3 + 29.1 + 23.4 + 0.7 = $56 Mil.
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Total Receivables was $257 Mil.
Revenue was 423.5 + 381.6 + 383.8 + 369.8 = $1,559 Mil.
Gross Profit was 67.2 + 55.5 + 52.4 + 53.7 = $229 Mil.
Total Current Assets was $946 Mil.
Total Assets was $1,447 Mil.
Property, Plant and Equipment(Net PPE) was $233 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $158 Mil.
Total Current Liabilities was $445 Mil.
Long-Term Debt & Capital Lease Obligation was $702 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) |
| = | (283.8 / 1653.8) | / | (256.8 / 1558.7) |
| = | 0.171605 | / | 0.164753 |
| | = | 1.0416 |
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) |
| = | (228.8 / 1558.7) | / | (275.6 / 1653.8) |
| = | 0.146789 | / | 0.166647 |
| | = | 0.8808 |
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 - (883.7 + 228.9) / 1402.5) | / | (1 - (945.6 + 233) / 1447.4) |
| = | 0.206702 | / | 0.185712 |
| | = | 1.113 |
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 |
| = | 1653.8 | / | 1558.7 |
| | = | 1.061 |
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)) |
| = | (30.1 / (30.1 + 233)) | / | (32.4 / (32.4 + 228.9)) |
| = | 0.114405 | / | 0.123995 |
| | = | 0.9227 |
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) |
| = | (180.2 / 1653.8) | / | (158.3 / 1558.7) |
| = | 0.108961 | / | 0.101559 |
| | = | 1.0729 |
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) |
| = | ((690.9 + 393.5) / 1402.5) | / | ((702.3 + 445.4) / 1447.4) |
| = | 0.773191 | / | 0.792939 |
| | = | 0.9751 |
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 |
| = | (11.6 - -4.4 | - | 55.5) | / | 1402.5 |
| | = | -0.028164 |
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.
Park-Ohio Holdings has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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