Avis Budget Group Beneish M-Score Historical Data
The historical data trend for Avis Budget Group'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.
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Avis Budget Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.02 |
-2.91 |
-2.58 |
-2.82 |
-2.62 |
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Avis Budget Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.68 |
-2.66 |
-2.63 |
-2.62 |
Competitive Comparison
For the Rental & Leasing Services subindustry, Avis Budget Group'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.
Avis Budget Group Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Avis Budget Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Avis Budget Group's Beneish M-Score falls into.
Avis Budget Group 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 Avis Budget Group 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 * 1.1787 | + | 0.528 * 1.0988 | + | 0.404 * 0.9661 | + | 0.892 * 0.9732 | + | 0.115 * 1.0379 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0733 | + | 4.679 * -0.066689 | - | 0.327 * 0.9904 |
| = | -2.62 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,092 Mil.
Revenue was 2820 + 3709 + 3328 + 2807 = $12,664 Mil.
Gross Profit was 1959 + 2839 + 2576 + 2159 = $9,533 Mil.
Total Current Assets was $2,139 Mil.
Total Assets was $32,569 Mil.
Property, Plant and Equipment(Net PPE) was $23,879 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,450 Mil.
Selling, General, & Admin. Expense(SGA) was $1,408 Mil.
Total Current Liabilities was $2,659 Mil.
Long-Term Debt & Capital Lease Obligation was $25,845 Mil.
Net Income was 259 + 626 + 435 + 312 = $1,632 Mil.
Non Operating Income was -10 + -7 + -5 + -2 = $-24 Mil.
Cash Flow from Operations was 793 + 1253 + 963 + 819 = $3,828 Mil.
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Total Receivables was $952 Mil.
Revenue was 2934 + 3906 + 3438 + 2735 = $13,013 Mil.
Gross Profit was 2301 + 3306 + 2913 + 2244 = $10,764 Mil.
Total Current Assets was $1,886 Mil.
Total Assets was $25,927 Mil.
Property, Plant and Equipment(Net PPE) was $18,643 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,811 Mil.
Selling, General, & Admin. Expense(SGA) was $1,348 Mil.
Total Current Liabilities was $2,574 Mil.
Long-Term Debt & Capital Lease Obligation was $20,337 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) |
| = | (1092 / 12664) | / | (952 / 13013) |
| = | 0.086229 | / | 0.073158 |
| | = | 1.1787 |
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) |
| = | (10764 / 13013) | / | (9533 / 12664) |
| = | 0.827173 | / | 0.752764 |
| | = | 1.0988 |
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 - (2139 + 23879) / 32569) | / | (1 - (1886 + 18643) / 25927) |
| = | 0.201142 | / | 0.2082 |
| | = | 0.9661 |
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 |
| = | 12664 | / | 13013 |
| | = | 0.9732 |
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)) |
| = | (2811 / (2811 + 18643)) | / | (3450 / (3450 + 23879)) |
| = | 0.131025 | / | 0.12624 |
| | = | 1.0379 |
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) |
| = | (1408 / 12664) | / | (1348 / 13013) |
| = | 0.111181 | / | 0.103589 |
| | = | 1.0733 |
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) |
| = | ((25845 + 2659) / 32569) | / | ((20337 + 2574) / 25927) |
| = | 0.875188 | / | 0.883673 |
| | = | 0.9904 |
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 |
| = | (1632 - -24 | - | 3828) | / | 32569 |
| | = | -0.066689 |
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.
Avis Budget Group has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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