Magna International Beneish M-Score Historical Data
The historical data trend for Magna International'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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Magna International 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 |
-2.82 |
-2.71 |
-2.42 |
-2.63 |
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Magna International 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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-2.42 |
-2.41 |
-2.34 |
-2.52 |
-2.63 |
Competitive Comparison
For the Auto Parts subindustry, Magna International'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.
Magna International Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Magna International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Magna International's Beneish M-Score falls into.
Magna International 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 Magna International 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 * 1.0261 | + | 0.528 * 0.9375 | + | 0.404 * 1.0747 | + | 0.892 * 1.131 | + | 0.115 * 1.0488 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0919 | + | 4.679 * -0.051465 | - | 0.327 * 1.0662 |
| = | -2.61 |
* 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 $7,881 Mil.
Revenue was 10454 + 10688 + 10982 + 10673 = $42,797 Mil.
Gross Profit was 1493 + 1424 + 1438 + 1257 = $5,612 Mil.
Total Current Assets was $14,037 Mil.
Total Assets was $32,255 Mil.
Property, Plant and Equipment(Net PPE) was $11,362 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,748 Mil.
Selling, General, & Admin. Expense(SGA) was $2,050 Mil.
Total Current Liabilities was $13,234 Mil.
Long-Term Debt & Capital Lease Obligation was $5,494 Mil.
Net Income was 271 + 394 + 339 + 209 = $1,213 Mil.
Non Operating Income was -161 + 44 + -50 + -109 = $-276 Mil.
Cash Flow from Operations was 1578 + 797 + 547 + 227 = $3,149 Mil.
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Total Receivables was $6,791 Mil.
Revenue was 9568 + 9268 + 9362 + 9642 = $37,840 Mil.
Gross Profit was 1165 + 1142 + 1103 + 1242 = $4,652 Mil.
Total Current Assets was $12,525 Mil.
Total Assets was $27,789 Mil.
Property, Plant and Equipment(Net PPE) was $9,768 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,588 Mil.
Selling, General, & Admin. Expense(SGA) was $1,660 Mil.
Total Current Liabilities was $10,998 Mil.
Long-Term Debt & Capital Lease Obligation was $4,135 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) |
| = | (7881 / 42797) | / | (6791 / 37840) |
| = | 0.184148 | / | 0.179466 |
| | = | 1.0261 |
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) |
| = | (4652 / 37840) | / | (5612 / 42797) |
| = | 0.122939 | / | 0.131131 |
| | = | 0.9375 |
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 - (14037 + 11362) / 32255) | / | (1 - (12525 + 9768) / 27789) |
| = | 0.212556 | / | 0.197776 |
| | = | 1.0747 |
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 |
| = | 42797 | / | 37840 |
| | = | 1.131 |
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)) |
| = | (1588 / (1588 + 9768)) | / | (1748 / (1748 + 11362)) |
| = | 0.139838 | / | 0.133333 |
| | = | 1.0488 |
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) |
| = | (2050 / 42797) | / | (1660 / 37840) |
| = | 0.047901 | / | 0.043869 |
| | = | 1.0919 |
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) |
| = | ((5494 + 13234) / 32255) | / | ((4135 + 10998) / 27789) |
| = | 0.580623 | / | 0.544568 |
| | = | 1.0662 |
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 |
| = | (1213 - -276 | - | 3149) | / | 32255 |
| | = | -0.051465 |
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.
Magna International has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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