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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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Woodward's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Woodward was -2.01. The lowest was -3.28. And the median was -2.57.
The historical data trend for Woodward'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.
Woodward Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | Sep22 | Sep23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.28 | -2.63 | -2.79 | -2.41 | -2.44 |
Woodward Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.41 | -2.38 | -2.44 | -2.40 | -2.45 |
For the Aerospace & Defense subindustry, Woodward'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 Aerospace & Defense industry and Industrials sector, Woodward's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Woodward'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 Woodward 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 * 1.0049 | + | 0.528 * 0.8223 | + | 0.404 * 0.9254 | + | 0.892 * 1.2349 | + | 0.115 * 1.2922 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0121 | + | 4.679 * -0.025651 | - | 0.327 * 0.9194 | |||||||
= | -2.45 |
* 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 $865 Mil. Revenue was 835.343 + 786.73 + 777.07 + 800.663 = $3,200 Mil. Gross Profit was 234.389 + 204.349 + 189.56 + 204.412 = $833 Mil. Total Current Assets was $1,812 Mil. Total Assets was $4,366 Mil. Property, Plant and Equipment(Net PPE) was $921 Mil. Depreciation, Depletion and Amortization(DDA) was $89 Mil. Selling, General, & Admin. Expense(SGA) was $276 Mil. Total Current Liabilities was $692 Mil. Long-Term Debt & Capital Lease Obligation was $649 Mil. Net Income was 97.556 + 90.044 + 82.652 + 84.599 = $355 Mil. Non Operating Income was 14.384 + 20.639 + 6.313 + 13.001 = $54 Mil. Cash Flow from Operations was 97.329 + 46.789 + 152.913 + 115.48 = $413 Mil. |
Total Receivables was $697 Mil. Revenue was 718.214 + 618.619 + 640.033 + 614.332 = $2,591 Mil. Gross Profit was 159.065 + 125.956 + 135.527 + 133.929 = $554 Mil. Total Current Assets was $1,471 Mil. Total Assets was $4,012 Mil. Property, Plant and Equipment(Net PPE) was $920 Mil. Depreciation, Depletion and Amortization(DDA) was $119 Mil. Selling, General, & Admin. Expense(SGA) was $221 Mil. Total Current Liabilities was $667 Mil. Long-Term Debt & Capital Lease Obligation was $673 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) |
= | (864.593 / 3199.806) | / | (696.706 / 2591.198) | |
= | 0.270202 | / | 0.268874 | |
= | 1.0049 |
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) | |
= | (554.477 / 2591.198) | / | (832.71 / 3199.806) | |
= | 0.213985 | / | 0.260238 | |
= | 0.8223 |
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 - (1811.974 + 921.355) / 4366.259) | / | (1 - (1470.687 + 919.672) / 4011.533) | |
= | 0.373988 | / | 0.404128 | |
= | 0.9254 |
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 | |
= | 3199.806 | / | 2591.198 | |
= | 1.2349 |
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)) |
= | (118.554 / (118.554 + 919.672)) | / | (89.311 / (89.311 + 921.355)) | |
= | 0.114189 | / | 0.088368 | |
= | 1.2922 |
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) |
= | (276.338 / 3199.806) | / | (221.093 / 2591.198) | |
= | 0.086361 | / | 0.085325 | |
= | 1.0121 |
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) |
= | ((649.039 + 691.855) / 4366.259) | / | ((672.982 + 666.944) / 4011.533) | |
= | 0.307104 | / | 0.334018 | |
= | 0.9194 |
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 | |
= | (354.851 - 54.337 | - | 412.511) | / | 4366.259 | |
= | -0.025651 |
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.
Woodward has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Woodward's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Randall Hobbs | officer: President, Industrial | 1081 WOODWARD WAY, FORT COLLINS CO 80524 |
John D Cohn | director | C/O ROCKWELL AUTOMATION, INC., 1201 SOUTH SECOND STREET, MILWAUKEE WI 53204 |
Ronald M Sega | director | 10877 WILSHIRE BLVD, SUITE 710, LOS ANGELES CA 90024 |
Christopher Fawzy | officer: VP, Gen Counsel & Corp Sec | 201 MENTOR DRIVE, SANTA BARBARA CA 93111 |
Rajeev Bhalla | director | 1081 WOODWARD WAY, FORT COLLINS CO 80524 |
Mary D Petryszyn | director | 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042 |
Tana Leigh Utley | director | C/O SPX TECHNOLOGIES, INC., 6325 ARDREY KELL ROAD, SUITE 400, CHARLOTTE NC 28277 |
Gregg C Sengstack | director | FRANKLIN ELECTRIC CO INC, 9255 COVERDALE RD, FORT WAYNE IN 46809 |
William F. Lacey | officer: CFO | 1081 WOODWARD WAY, FORT COLLINS CO 80524 |
Charles P Blankenship | director, officer: CEO and President | 1081 WOODWARD WAY, FORT COLLINS CO 80524 |
Mark D Hartman | officer: Chief Financial Officer | 1081 WOODWARD WAY, FORT COLLINS CO 80524 |
Paul Donovan | director | PO BOX 7003, ROCKFORD IL 61125-7003 |
David P Hess | director | 390 PARK AVENUE, NEW YORK NY 10022 |
Mary L Petrovich | director | |
Daniel G. Korte | director | C/O LMI AEROSPACE, INC., 411 FOUNTAIN LAKE BLVD., ST. CHARLES MO 63301 |
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