Gibraltar Industries Beneish M-Score Historical Data
The historical data trend for Gibraltar 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.
Gibraltar Industries Beneish M-Score Chart
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Gibraltar Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.21 |
-1.96 |
-2.56 |
-2.87 |
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Gibraltar Industries 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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-2.56 |
-2.72 |
-2.92 |
-3.16 |
-2.87 |
Competitive Comparison of Gibraltar Industries's Beneish M-Score
For the Building Products & Equipment subindustry, Gibraltar 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.
Gibraltar Industries's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Gibraltar Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gibraltar Industries's Beneish M-Score falls into.
Gibraltar 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 Gibraltar 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 * 1.0432 | + | 0.528 * 0.8727 | + | 0.404 * 0.9503 | + | 0.892 * 0.9912 | + | 0.115 * 1.0597 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1097 | + | 4.679 * -0.083896 | - | 0.327 * 0.78 |
| = | -2.87 |
* 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 $225 Mil.
Revenue was 328.811 + 390.744 + 364.914 + 293.267 = $1,378 Mil.
Gross Profit was 82.914 + 105.384 + 96.739 + 76.929 = $362 Mil.
Total Current Assets was $462 Mil.
Total Assets was $1,256 Mil.
Property, Plant and Equipment(Net PPE) was $153 Mil.
Depreciation, Depletion and Amortization(DDA) was $27 Mil.
Selling, General, & Admin. Expense(SGA) was $207 Mil.
Total Current Liabilities was $226 Mil.
Long-Term Debt & Capital Lease Obligation was $36 Mil.
Net Income was 19.434 + 39.277 + 30.723 + 21.099 = $111 Mil.
Non Operating Income was -4.478 + 1.04 + 0.509 + 0.397 = $-3 Mil.
Cash Flow from Operations was 11.82 + 92.562 + 76.049 + 38.045 = $218 Mil.
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Total Receivables was $217 Mil.
Revenue was 313.861 + 391.291 + 366.949 + 317.865 = $1,390 Mil.
Gross Profit was 69.023 + 94.556 + 90.271 + 64.844 = $319 Mil.
Total Current Assets was $424 Mil.
Total Assets was $1,211 Mil.
Property, Plant and Equipment(Net PPE) was $136 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $189 Mil.
Total Current Liabilities was $215 Mil.
Long-Term Debt & Capital Lease Obligation was $108 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) |
| = | (224.55 / 1377.736) | / | (217.156 / 1389.966) |
| = | 0.162985 | / | 0.156231 |
| | = | 1.0432 |
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) |
| = | (318.694 / 1389.966) | / | (361.966 / 1377.736) |
| = | 0.229282 | / | 0.262725 |
| | = | 0.8727 |
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 - (462.251 + 152.521) / 1256.451) | / | (1 - (423.937 + 136.086) / 1210.613) |
| = | 0.510708 | / | 0.537405 |
| | = | 0.9503 |
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 |
| = | 1377.736 | / | 1389.966 |
| | = | 0.9912 |
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)) |
| = | (26.167 / (26.167 + 136.086)) | / | (27.378 / (27.378 + 152.521)) |
| = | 0.161273 | / | 0.152185 |
| | = | 1.0597 |
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) |
| = | (207.44 / 1377.736) | / | (188.592 / 1389.966) |
| = | 0.150566 | / | 0.135681 |
| | = | 1.1097 |
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) |
| = | ((35.989 + 225.578) / 1256.451) | / | ((107.803 + 215.32) / 1210.613) |
| = | 0.208179 | / | 0.266909 |
| | = | 0.78 |
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 |
| = | (110.533 - -2.532 | - | 218.476) | / | 1256.451 |
| | = | -0.083896 |
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.
Gibraltar Industries has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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