Gentex Beneish M-Score Historical Data
The historical data trend for Gentex'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.
Gentex Beneish M-Score Chart
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Gentex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.54 |
-2.58 |
-2.45 |
-2.50 |
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Gentex 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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-2.45 |
-2.29 |
-2.18 |
-2.37 |
-2.50 |
Competitive Comparison of Gentex's Beneish M-Score
For the Auto Parts subindustry, Gentex'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.
Gentex's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Gentex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gentex's Beneish M-Score falls into.
Gentex 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 Gentex 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 * 0.9714 | + | 0.528 * 0.9581 | + | 0.404 * 1.0334 | + | 0.892 * 1.1982 | + | 0.115 * 1.1942 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.882 | + | 4.679 * -0.045223 | - | 0.327 * 0.9661 |
| = | -2.50 |
* 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 $322 Mil.
Revenue was 589.132 + 575.848 + 583.473 + 550.761 = $2,299 Mil.
Gross Profit was 203.369 + 191.441 + 193.083 + 174.737 = $763 Mil.
Total Current Assets was $998 Mil.
Total Assets was $2,611 Mil.
Property, Plant and Equipment(Net PPE) was $653 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $113 Mil.
Total Current Liabilities was $272 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 116.944 + 104.725 + 109.155 + 97.578 = $428 Mil.
Non Operating Income was 3.128 + 2.064 + 1.314 + 2.744 = $9 Mil.
Cash Flow from Operations was 169.581 + 125.902 + 120.852 + 120.914 = $537 Mil.
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Total Receivables was $276 Mil.
Revenue was 493.648 + 493.637 + 463.423 + 468.251 = $1,919 Mil.
Gross Profit was 153.834 + 147.201 + 148.367 + 160.412 = $610 Mil.
Total Current Assets was $949 Mil.
Total Assets was $2,327 Mil.
Property, Plant and Equipment(Net PPE) was $550 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $106 Mil.
Total Current Liabilities was $251 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (321.81 / 2299.214) | / | (276.494 / 1918.959) |
| = | 0.139965 | / | 0.144085 |
| | = | 0.9714 |
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) |
| = | (609.814 / 1918.959) | / | (762.63 / 2299.214) |
| = | 0.317784 | / | 0.331692 |
| | = | 0.9581 |
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 - (997.738 + 652.878) / 2611.438) | / | (1 - (948.652 + 550.033) / 2327.23) |
| = | 0.367928 | / | 0.356022 |
| | = | 1.0334 |
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 |
| = | 2299.214 | / | 1918.959 |
| | = | 1.1982 |
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)) |
| = | (96.569 / (96.569 + 550.033)) | / | (93.321 / (93.321 + 652.878)) |
| = | 0.149348 | / | 0.125062 |
| | = | 1.1942 |
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) |
| = | (112.54 / 2299.214) | / | (106.499 / 1918.959) |
| = | 0.048947 | / | 0.055498 |
| | = | 0.882 |
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) |
| = | ((0 + 271.609) / 2611.438) | / | ((0 + 250.553) / 2327.23) |
| = | 0.104007 | / | 0.107661 |
| | = | 0.9661 |
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 |
| = | (428.402 - 9.25 | - | 537.249) | / | 2611.438 |
| | = | -0.045223 |
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.
Gentex has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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