Fuchs SE Beneish M-Score Historical Data
The historical data trend for Fuchs SE'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.
Fuchs SE Beneish M-Score Chart
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Fuchs SE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.78 |
-2.15 |
-2.12 |
-3.01 |
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Fuchs SE 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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-2.12 |
-2.23 |
-2.48 |
-2.91 |
-3.01 |
Competitive Comparison of Fuchs SE's Beneish M-Score
For the Specialty Chemicals subindustry, Fuchs SE'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.
Fuchs SE's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Fuchs SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fuchs SE's Beneish M-Score falls into.
Fuchs SE 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 Fuchs SE 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 * 0.9516 | + | 0.528 * 0.9559 | + | 0.404 * 0.9839 | + | 0.892 * 1.0648 | + | 0.115 * 0.9666 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0078 | + | 4.679 * -0.106651 | - | 0.327 * 0.9392 |
| = | -2.98 |
* 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 $547 Mil.
Revenue was 919.302 + 934.899 + 959.913 + 1002.141 = $3,816 Mil.
Gross Profit was 308.615 + 307.364 + 308.776 + 309.422 = $1,234 Mil.
Total Current Assets was $1,356 Mil.
Total Assets was $2,642 Mil.
Property, Plant and Equipment(Net PPE) was $819 Mil.
Depreciation, Depletion and Amortization(DDA) was $106 Mil.
Selling, General, & Admin. Expense(SGA) was $296 Mil.
Total Current Liabilities was $573 Mil.
Long-Term Debt & Capital Lease Obligation was $29 Mil.
Net Income was 69.793 + 82.177 + 73.673 + 78.158 = $304 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 176.663 + 195.304 + 139.762 + 73.876 = $586 Mil.
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Total Receivables was $540 Mil.
Revenue was 921.61 + 893.069 + 879.493 + 889.868 = $3,584 Mil.
Gross Profit was 271.186 + 271.287 + 276.956 + 288.546 = $1,108 Mil.
Total Current Assets was $1,396 Mil.
Total Assets was $2,673 Mil.
Property, Plant and Equipment(Net PPE) was $796 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $276 Mil.
Total Current Liabilities was $629 Mil.
Long-Term Debt & Capital Lease Obligation was $19 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) |
| = | (547.437 / 3816.255) | / | (540.254 / 3584.04) |
| = | 0.143449 | / | 0.150739 |
| | = | 0.9516 |
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) |
| = | (1107.975 / 3584.04) | / | (1234.177 / 3816.255) |
| = | 0.309141 | / | 0.3234 |
| | = | 0.9559 |
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 - (1355.507 + 818.975) / 2642.312) | / | (1 - (1396.186 + 795.551) / 2672.669) |
| = | 0.177053 | / | 0.179944 |
| | = | 0.9839 |
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 |
| = | 3816.255 | / | 3584.04 |
| | = | 1.0648 |
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)) |
| = | (98.829 / (98.829 + 795.551)) | / | (105.703 / (105.703 + 818.975)) |
| = | 0.1105 | / | 0.114313 |
| | = | 0.9666 |
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) |
| = | (295.98 / 3816.255) | / | (275.833 / 3584.04) |
| = | 0.077558 | / | 0.076961 |
| | = | 1.0078 |
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) |
| = | ((29.444 + 572.519) / 2642.312) | / | ((19.068 + 629.237) / 2672.669) |
| = | 0.227817 | / | 0.242568 |
| | = | 0.9392 |
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 |
| = | (303.801 - 0 | - | 585.605) | / | 2642.312 |
| | = | -0.106651 |
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.
Fuchs SE has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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