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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thor Industries's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Thor Industries was -1.76. The lowest was -3.22. And the median was -2.43.
The historical data trend for Thor 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.
Thor Industries Annual Data | |||||||||||||||||||||
Trend | Jul14 | Jul15 | Jul16 | Jul17 | Jul18 | Jul19 | Jul20 | Jul21 | Jul22 | Jul23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.41 | -2.69 | -2.23 | -2.36 | -3.02 |
Thor Industries Quarterly Data | ||||||||||||||||||||
Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.91 | -2.90 | -3.02 | -2.95 | -2.69 |
For the Recreational Vehicles subindustry, Thor 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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Thor Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thor Industries's Beneish M-Score falls into.
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 Thor 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 * 1.2908 | + | 0.528 * 1.1482 | + | 0.404 * 0.9732 | + | 0.892 * 0.7446 | + | 0.115 * 1.0376 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1479 | + | 4.679 * -0.066675 | - | 0.327 * 0.9466 | |||||||
= | -2.69 |
* 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 $626 Mil. Revenue was 2207.369 + 2500.759 + 2738.066 + 2928.82 = $10,375 Mil. Gross Profit was 270.847 + 357.932 + 394.305 + 432.637 = $1,456 Mil. Total Current Assets was $2,839 Mil. Total Assets was $7,226 Mil. Property, Plant and Equipment(Net PPE) was $1,382 Mil. Depreciation, Depletion and Amortization(DDA) was $278 Mil. Selling, General, & Admin. Expense(SGA) was $858 Mil. Total Current Liabilities was $1,626 Mil. Long-Term Debt & Capital Lease Obligation was $1,390 Mil. Net Income was 7.217 + 53.565 + 90.287 + 120.719 = $272 Mil. Non Operating Income was 16.865 + -14.913 + 5.173 + -5.667 = $1 Mil. Cash Flow from Operations was -103.868 + 59.668 + 507.513 + 288.799 = $752 Mil. |
Total Receivables was $651 Mil. Revenue was 2346.635 + 3108.084 + 3821.766 + 4657.517 = $13,934 Mil. Gross Profit was 282.935 + 486.476 + 667.887 + 807.445 = $2,245 Mil. Total Current Assets was $2,863 Mil. Total Assets was $7,312 Mil. Property, Plant and Equipment(Net PPE) was $1,325 Mil. Depreciation, Depletion and Amortization(DDA) was $278 Mil. Selling, General, & Admin. Expense(SGA) was $1,003 Mil. Total Current Liabilities was $1,466 Mil. Long-Term Debt & Capital Lease Obligation was $1,759 Mil. |
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) |
= | (625.618 / 10375.014) | / | (650.96 / 13934.002) | |
= | 0.0603 | / | 0.046717 | |
= | 1.2908 |
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) | |
= | (2244.743 / 13934.002) | / | (1455.721 / 10375.014) | |
= | 0.161098 | / | 0.14031 | |
= | 1.1482 |
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 - (2839.262 + 1382.227) / 7225.829) | / | (1 - (2863.027 + 1325.032) / 7311.96) | |
= | 0.415778 | / | 0.427232 | |
= | 0.9732 |
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 | |
= | 10375.014 | / | 13934.002 | |
= | 0.7446 |
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)) |
= | (278.28 / (278.28 + 1325.032)) | / | (277.65 / (277.65 + 1382.227)) | |
= | 0.173566 | / | 0.167271 | |
= | 1.0376 |
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) |
= | (857.708 / 10375.014) | / | (1003.496 / 13934.002) | |
= | 0.082671 | / | 0.072018 | |
= | 1.1479 |
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) |
= | ((1390.469 + 1626.461) / 7225.829) | / | ((1758.506 + 1466.489) / 7311.96) | |
= | 0.41752 | / | 0.441058 | |
= | 0.9466 |
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 | |
= | (271.788 - 1.458 | - | 752.112) | / | 7225.829 | |
= | -0.066675 |
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.
Thor Industries has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Thor Industries's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
W. Todd Woelfer | officer: Sr. VP, Gen Counsel & Sec. | PO BOX 3300, ELKHART IN 46515 |
Kenneth D Julian | officer: VP of Admin. and HR | 3080 WINDSOR CT., ELKHART IN 46514 |
Peter Busch Orthwein | director, officer: Exec. Chairman of the Board | ONE LAGAYETTE PLACE, GREENWICH CT 06830 |
James L Ziemer | director | C/O HARLEY DAVIDSON, 3700 W. JUNEAU AVE, MILWAUKEE WI 53208 |
Amelia Huntington | director | C/O THOR INDUSTRIES, INC., 601 EAST BEARDSLEY AVE., ELKHART IN 46514-3305 |
Trevor Q. Gasper | officer: VP, General Counsel and Sec. | 601 EAST BEARDSLEY AVE., ELKHART IN 46514 |
Laurel Hurd | director | C/O NEWELL BRANDS INC., 6655 PEACHTREE DUNWOODY ROAD, ATLANTA GA 30328 |
Christina Hennington | director | 1000 NICOLLET MALL, MINNEAPOLIS MN 55403 |
J Allen Kosowsky | director | C/O THOR INDUSTRIES, INC., 419 WEST PIKE STREET, JACKSON CENTER OH 45334-0629 |
Kelley William J. Jr | director | USG CORPORATION, 550 WEST ADAMS STREET, CHICAGO IL 60661 |
Josef Hjelmaker | officer: Chief Innovation Officer | C/O THOR INDUSTRIES, INC., 601 E. BEARDSLEY AVE., ELKHART IN 46514-3305 |
Christopher J Klein | director | 520 LAKE COOK ROAD, DEERFIELD IL 60015 |
Jan Suwinski | director | 9450 SEWARD RD, C/O OHIO CASUALTY GROUP, FAIRFIELD OH 45014 |
Robert W Martin | director, officer: Chief Exec. Officer & Pres. | C/O KEYSTONE RV COMPANY, 2642 HACKBERRY DRIVE, GOSHEN IN 46526 |
Troy James | officer: SVP International Operations | C/O THOR INDUSTRIES, INC., 601 EAST BEARDSLEY AVENUE, ELKHART IN 46514-3305 |
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