Innovate Beneish M-Score Historical Data
The historical data trend for Innovate'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.
Innovate Beneish M-Score Chart
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Innovate Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.13 |
-4.90 |
-0.30 |
-2.36 |
-2.96 |
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Innovate 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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-2.59 |
-2.55 |
-2.94 |
-2.96 |
-3.27 |
Competitive Comparison of Innovate's Beneish M-Score
For the Engineering & Construction subindustry, Innovate'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.
Innovate's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Innovate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Innovate's Beneish M-Score falls into.
Innovate 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 Innovate 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 * 0.9039 | + | 0.528 * 0.8966 | + | 0.404 * 1.0485 | + | 0.892 * 0.8863 | + | 0.115 * 1.0963 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0064 | + | 4.679 * -0.12142 | - | 0.327 * 1.0508 |
| = | -3.28 |
* 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 €325 Mil.
Revenue was 289.984 + 331.037 + 351.656 + 340.402 = €1,313 Mil.
Gross Profit was 44.712 + 56.029 + 55.002 + 48.55 = €204 Mil.
Total Current Assets was €395 Mil.
Total Assets was €868 Mil.
Property, Plant and Equipment(Net PPE) was €187 Mil.
Depreciation, Depletion and Amortization(DDA) was €32 Mil.
Selling, General, & Admin. Expense(SGA) was €153 Mil.
Total Current Liabilities was €321 Mil.
Long-Term Debt & Capital Lease Obligation was €633 Mil.
Net Income was -16.008 + -8.528 + -6.559 + -9.138 = €-40 Mil.
Non Operating Income was -2.208 + -3.76 + -1.031 + 0 = €-7 Mil.
Cash Flow from Operations was -23.368 + 56.12 + 24.456 + 14.953 = €72 Mil.
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Total Receivables was €405 Mil.
Revenue was 296.919 + 386.379 + 427.23 + 371.021 = €1,482 Mil.
Gross Profit was 40.722 + 59.378 + 58.984 + 47.584 = €207 Mil.
Total Current Assets was €456 Mil.
Total Assets was €975 Mil.
Property, Plant and Equipment(Net PPE) was €213 Mil.
Depreciation, Depletion and Amortization(DDA) was €40 Mil.
Selling, General, & Admin. Expense(SGA) was €172 Mil.
Total Current Liabilities was €350 Mil.
Long-Term Debt & Capital Lease Obligation was €671 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) |
| = | (324.668 / 1313.079) | / | (405.263 / 1481.549) |
| = | 0.247257 | / | 0.27354 |
| | = | 0.9039 |
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) |
| = | (206.668 / 1481.549) | / | (204.293 / 1313.079) |
| = | 0.139495 | / | 0.155583 |
| | = | 0.8966 |
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 - (394.864 + 187.496) / 868.02) | / | (1 - (455.699 + 213.419) / 975.189) |
| = | 0.329094 | / | 0.313858 |
| | = | 1.0485 |
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 |
| = | 1313.079 | / | 1481.549 |
| | = | 0.8863 |
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)) |
| = | (40.085 / (40.085 + 213.419)) | / | (31.601 / (31.601 + 187.496)) |
| = | 0.158124 | / | 0.144233 |
| | = | 1.0963 |
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) |
| = | (153.28 / 1313.079) | / | (171.842 / 1481.549) |
| = | 0.116733 | / | 0.115988 |
| | = | 1.0064 |
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) |
| = | ((633.236 + 321.08) / 868.02) | / | ((670.519 + 349.783) / 975.189) |
| = | 1.099417 | / | 1.046261 |
| | = | 1.0508 |
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 |
| = | (-40.233 - -6.999 | - | 72.161) | / | 868.02 |
| | = | -0.12142 |
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.
Innovate has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
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