Delphi Technologies Beneish M-Score Historical Data
The historical data trend for Delphi Technologies'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.
Delphi Technologies Beneish M-Score Chart
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Delphi Technologies Annual Data
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Dec14 |
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Dec19 |
| Beneish M-Score |
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- |
- |
-2.76 |
-2.52 |
-2.64 |
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Delphi Technologies Quarterly Data
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Dec14 |
Dec15 |
Mar16 |
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Mar17 |
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Jun20 |
| Beneish M-Score |
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-2.36 |
-2.39 |
-2.64 |
-2.85 |
-2.97 |
Competitive Comparison of Delphi Technologies's Beneish M-Score
For the Auto Parts subindustry, Delphi Technologies'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.
Delphi Technologies's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Delphi Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Delphi Technologies's Beneish M-Score falls into.
Delphi Technologies 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 Delphi Technologies 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 * 0.9655 | + | 0.528 * 1.3203 | + | 0.404 * 0.9775 | + | 0.892 * 0.7957 | + | 0.115 * 0.8998 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0797 | + | 4.679 * -0.087026 | - | 0.327 * 1.0861 |
| = | -2.99 |
* 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 (Jun20) TTM: | Last Year (Jun19) TTM: |
Total Receivables was $776 Mil.
Revenue was 628 + 945 + 1056 + 1033 = $3,662 Mil.
Gross Profit was 26 + 121 + 149 + 150 = $446 Mil.
Total Current Assets was $1,754 Mil.
Total Assets was $3,769 Mil.
Property, Plant and Equipment(Net PPE) was $1,544 Mil.
Depreciation, Depletion and Amortization(DDA) was $214 Mil.
Selling, General, & Admin. Expense(SGA) was $360 Mil.
Total Current Liabilities was $1,024 Mil.
Long-Term Debt & Capital Lease Obligation was $2,005 Mil.
Net Income was -106 + -57 + -40 + 14 = $-189 Mil.
Non Operating Income was 0 + -43 + -52 + -8 = $-103 Mil.
Cash Flow from Operations was 10 + 31 + 142 + 59 = $242 Mil.
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Total Receivables was $1,010 Mil.
Revenue was 1121 + 1151 + 1171 + 1159 = $4,602 Mil.
Gross Profit was 166 + 168 + 212 + 194 = $740 Mil.
Total Current Assets was $1,778 Mil.
Total Assets was $3,903 Mil.
Property, Plant and Equipment(Net PPE) was $1,626 Mil.
Depreciation, Depletion and Amortization(DDA) was $200 Mil.
Selling, General, & Admin. Expense(SGA) was $419 Mil.
Total Current Liabilities was $1,314 Mil.
Long-Term Debt & Capital Lease Obligation was $1,574 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) |
| = | (776 / 3662) | / | (1010 / 4602) |
| = | 0.211906 | / | 0.21947 |
| | = | 0.9655 |
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) |
| = | (740 / 4602) | / | (446 / 3662) |
| = | 0.1608 | / | 0.121791 |
| | = | 1.3203 |
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 - (1754 + 1544) / 3769) | / | (1 - (1778 + 1626) / 3903) |
| = | 0.124967 | / | 0.12785 |
| | = | 0.9775 |
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 |
| = | 3662 | / | 4602 |
| | = | 0.7957 |
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)) |
| = | (200 / (200 + 1626)) | / | (214 / (214 + 1544)) |
| = | 0.109529 | / | 0.121729 |
| | = | 0.8998 |
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) |
| = | (360 / 3662) | / | (419 / 4602) |
| = | 0.098307 | / | 0.091047 |
| | = | 1.0797 |
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) |
| = | ((2005 + 1024) / 3769) | / | ((1574 + 1314) / 3903) |
| = | 0.803661 | / | 0.739944 |
| | = | 1.0861 |
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 |
| = | (-189 - -103 | - | 242) | / | 3769 |
| | = | -0.087026 |
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.
Delphi Technologies has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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