Thor Industries Beneish M Score

THO Stock  USD 92.64  2.23  2.47%   
This module uses fundamental data of Thor Industries to approximate the value of its Beneish M Score. Thor Industries M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Additionally, take a look at Thor Industries Piotroski F Score and Thor Industries Altman Z Score analysis.
  
Thor Industries Issuance Repayment of Debt Securities is quite stable at the moment as compared to the past year. The company's current value of Issuance Repayment of Debt Securities is estimated at 341.64 Million. Debt to Equity Ratio is expected to rise to 0.45 this year, although the value of Total Debt will most likely fall to about 322.1 M. Thor Industries Cash and Equivalents Turnover is quite stable at the moment as compared to the past year. The company's current value of Cash and Equivalents Turnover is estimated at 41.83. Cash Flow Per Share is expected to rise to 17.91 this year, although the value of Receivables Turnover will most likely fall to 18.87.
At this time, it appears that Thor Industries is a possible manipulator. The earnings manipulation may begin if Thor Industries' top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by Thor Industries executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of Thor Industries' earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.
-2.11
Beneish M Score - Possible Manipulator
Elasticity of Receivables1.0Focus
Asset Quality1.0Focus
Expense Coverage1.0Focus
Gross Margin Strengs0.9Focus
Accruals Factor1.0Focus
Depreciation Resistance1.0Focus
Net Sales Growth1.08Focus
Financial Leverage Condition0.99Focus

Thor Industries Beneish M-Score Indicator Trends

The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if Thor Industries' auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.
Current ValueLast YearChange From Last Year 10 Year Trend
Selling General and Administrative Expense297.4 M275.6 M
Significantly Up
Up
Slightly volatile
Revenues15.8 B14.7 B
Significantly Up
Up
Slightly volatile
Trade and Non Trade Receivables381.2 M353.3 M
Significantly Up
Up
Slightly volatile
Property Plant and Equipment Net334.3 M309.8 M
Significantly Up
Up
Slightly volatile
Operating Income1.5 B1.4 B
Significantly Up
Up
Slightly volatile
Net Cash Flow from Operations961.6 M891.2 M
Significantly Up
Up
Slightly volatile
Liabilities Non Current396.8 M367.7 M
Significantly Up
Up
Slightly volatile
Current Liabilities1.7 B1.6 B
Significantly Up
Up
Slightly volatile
Total Liabilities3.7 B3.4 B
Significantly Up
Up
Slightly volatile
Investments Non Current2.5 M2.5 M
Fairly Up
Down
Slightly volatile
Investments Current9.9 M9.6 M
Fairly Up
Down
Pretty Stable
Investments9.9 M9.6 M
Fairly Up
Down
Slightly volatile
Gross Margin13.9915.48
Moderately Down
Up
Slightly volatile
Depreciation Amortization and Accretion51.1 M47.3 M
Significantly Up
Up
Slightly volatile
Debt Non Current322.1 M324 M
Slightly Down
Down
Slightly volatile
Total Debt322.1 M324 M
Slightly Down
Down
Slightly volatile
Assets Non Current1.3 B1.2 B
Significantly Up
Up
Slightly volatile
Current AssetsB2.8 B
Significantly Up
Up
Slightly volatile
Total Assets7.2 B6.7 B
Significantly Up
Up
Slightly volatile

Thor Industries Beneish M-Score Driver Matrix

One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between Thor Industries' different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards Thor Industries in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find Thor Industries' degree of accounting gimmicks and manipulations.

About Thor Industries Beneish M Score

M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.

Operating Expenses

333.41 Million

Thor Industries Operating Expenses is quite stable at the moment as compared to the past year. The company's current value of Operating Expenses is estimated at 333.41 Million

Thor Industries Earnings Manipulation Drivers

Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as Thor Industries. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.
201820192020202120222023 (projected)
Revenues7.86 B8.17 B12.32 B16.31 B14.68 B15.84 B
Total Assets5.66 B5.77 B6.65 B7.41 B6.67 B7.19 B
Current Assets2.04 B2.1 B2.8 B3.06 B2.76 B2.97 B
Total Liabilities3.58 B3.45 B3.73 B3.82 B3.43 B3.7 B
Current Liabilities1.45 B1.52 B1.79 B1.76 B1.58 B1.71 B
Operating Income246.55 M376.8 M907.87 M1.53 B1.38 B1.49 B
Gross Margin12.3713.6915.3817.215.4813.99

Thor Industries ESG Sustainability

Some studies have found that companies with high sustainability scores are getting higher valuations than competitors with lower social-engagement activities. While most ESG disclosures are voluntary and do not directly affect the long term financial condition, Thor Industries' sustainability indicators can be used to identify proper investment strategies using environmental, social, and governance scores that are crucial to Thor Industries' managers, analysts, and investors.
Environment Score
Governance Score
Social Score

About Thor Industries Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Thor Industries's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Thor Industries using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Thor Industries based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.
Please read more on our fundamental analysis page.
THOR Industries, Inc. designs, manufactures, and sells recreational vehicles , and related parts and accessories in the United States, Canada, and Europe. THOR Industries, Inc. was incorporated in 1980 and is based in Elkhart, Indiana. Thor Industries operates under Recreational Vehicles classification in the United States and is traded on New York Stock Exchange. It employs 32000 people.

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Additionally, take a look at Thor Industries Piotroski F Score and Thor Industries Altman Z Score analysis. Note that the Thor Industries information on this page should be used as a complementary analysis to other Thor Industries' statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.

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When running Thor Industries price analysis, check to measure Thor Industries' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Thor Industries is operating at the current time. Most of Thor Industries' value examination focuses on studying past and present price action to predict the probability of Thor Industries' future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Thor Industries' price. Additionally, you may evaluate how the addition of Thor Industries to your portfolios can decrease your overall portfolio volatility.
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Is Thor Industries' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Thor Industries. If investors know Thor Industries will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Thor Industries listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth
(0.42) 
Market Capitalization
4.8 B
Quarterly Revenue Growth
(0.21) 
Return On Assets
0.1176
Return On Equity
0.304
The market value of Thor Industries is measured differently than its book value, which is the value of Thor Industries that is recorded on the company's balance sheet. Investors also form their own opinion of Thor Industries' value that differs from its market value or its book value, called intrinsic value, which is Thor Industries' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Thor Industries' market value can be influenced by many factors that don't directly affect Thor Industries' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Thor Industries' value and its price as these two are different measures arrived at by different means. Investors typically determine Thor Industries value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Thor Industries' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.