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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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Welbilt's Beneish M-Score or its related term are showing as below:
During the past 10 years, the highest Beneish M-Score of Welbilt was 0.39. The lowest was -3.93. And the median was -1.20.
The historical data trend for Welbilt'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.
Welbilt Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.02 | -0.89 | -1.20 | -2.61 | -2.09 |
Welbilt Quarterly Data | ||||||||||||||||||||
Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.62 | -2.13 | -2.21 | -2.09 | -2.23 |
For the Specialty Industrial Machinery subindustry, Welbilt'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 Industrial Products industry and Industrials sector, Welbilt's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Welbilt'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 Welbilt 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 * 0.729 | + | 0.528 * 1.013 | + | 0.404 * 0.64 | + | 0.892 * 1.4503 | + | 0.115 * 0.8655 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8603 | + | 4.679 * 0.031011 | - | 0.327 * 0.9857 | |||||||
= | -2.31 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $185 Mil. Revenue was 333 + 423 + 411.5 + 395.6 = $1,563 Mil. Gross Profit was 109.7 + 149.4 + 147.5 + 144.9 = $552 Mil. Total Current Assets was $1,211 Mil. Total Assets was $2,338 Mil. Property, Plant and Equipment(Net PPE) was $145 Mil. Depreciation, Depletion and Amortization(DDA) was $63 Mil. Selling, General, & Admin. Expense(SGA) was $339 Mil. Total Current Liabilities was $379 Mil. Long-Term Debt & Capital Lease Obligation was $1,483 Mil. Net Income was 2.9 + 13.8 + 24.9 + 23.7 = $65 Mil. Non Operating Income was -13.2 + -1.6 + -0.8 + -2.9 = $-19 Mil. Cash Flow from Operations was -61.2 + 21.9 + 13.5 + 37.1 = $11 Mil. |
Total Receivables was $175 Mil. Revenue was 253.3 + 320 + 298.5 + 206 = $1,078 Mil. Gross Profit was 90 + 121.5 + 105.3 + 68.4 = $385 Mil. Total Current Assets was $568 Mil. Total Assets was $2,166 Mil. Property, Plant and Equipment(Net PPE) was $175 Mil. Depreciation, Depletion and Amortization(DDA) was $62 Mil. Selling, General, & Admin. Expense(SGA) was $271 Mil. Total Current Liabilities was $269 Mil. Long-Term Debt & Capital Lease Obligation was $1,482 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) |
= | (184.5 / 1563.1) | / | (174.5 / 1077.8) | |
= | 0.118035 | / | 0.161904 | |
= | 0.729 |
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) | |
= | (385.2 / 1077.8) | / | (551.5 / 1563.1) | |
= | 0.357395 | / | 0.352825 | |
= | 1.013 |
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 - (1211 + 144.5) / 2337.9) | / | (1 - (568.4 + 175.3) / 2165.5) | |
= | 0.420206 | / | 0.656569 | |
= | 0.64 |
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 | |
= | 1563.1 | / | 1077.8 | |
= | 1.4503 |
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)) |
= | (62.3 / (62.3 + 175.3)) | / | (62.8 / (62.8 + 144.5)) | |
= | 0.262205 | / | 0.302943 | |
= | 0.8655 |
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) |
= | (338.5 / 1563.1) | / | (271.3 / 1077.8) | |
= | 0.216557 | / | 0.251716 | |
= | 0.8603 |
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) |
= | ((1483.4 + 379.2) / 2337.9) | / | ((1481.7 + 268.6) / 2165.5) | |
= | 0.796698 | / | 0.808266 | |
= | 0.9857 |
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 | |
= | (65.3 - -18.5 | - | 11.3) | / | 2337.9 | |
= | 0.031011 |
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.
Welbilt has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Welbilt's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Joan Kai Chow | director | 215 W DIEHL ROAD, NAPERVILLE IL 60563 |
William Johnson | director, officer: President and CEO | 3005 HIGHLAND PARKWAY, SUITE 200, DOWNERS GROVE IL 60515 |
Andrew Langham | director | C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160 |
Janice L Fields | director | 800 NORTH LINDBERGH BLVD., ST. LOUIS MO 63167 |
Joel H. Horn | officer: EVP, Gen Counsel and Corp Secy | 2227 WELBILT BOULEVARD NEW PORT RICHEY FL 34655 |
Brian R Gamache | director | |
Cynthia M Egnotovich | director | |
Martin D. Agard | officer: EVP Chief Financial Officer | 3000 JOHN DEERE ROAD, TOANO VA 23168 |
Kimberly Ann Perez | officer: VP, Chief Accounting Officer | 4211 W. BOY SCOUT BLVD. TAMPA FL 33607 |
Richard James Sheffer | officer: VP, IR, Risk Mgmt, Treasurer | MANITOWOC FOODSERVICE INC. 2227 WELBILT BLVD. NEW PORT RICHEY FL 34655 |
Dino J Bianco | director | C/O KRAFT FOODS GROUP, THREE LAKES DRIVE, NORTHFIELD IL 60093 |
Jennifer Gudenkauf | officer: EVP & CHRO | 2227 WELBILT BLVD NEW PORT RICHEY FL 34655 |
Richard N. Caron | officer: SVP Innovation | MANITOWOC FOODSERVICE INC 2227 WELBILT BLVD NEW PORT RICHEY FL 34655 |
Josef Matosevic | officer: SVP Chief Operating Officer | 1500 WEST UNIVERSITY PARKWAY, SARASOTA FL 34243 |
Jamie E Palm | officer: VP, Corp Controller, CAO | 1725 SHEPHERD ROAD, CHATTANOOGA TN 37421 |
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