Penske Automotive Group Beneish M-Score Historical Data
The historical data trend for Penske Automotive 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.
Penske Automotive Group Beneish M-Score Chart
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Penske Automotive 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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-2.51 |
-2.88 |
-2.66 |
-2.49 |
-2.36 |
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Penske Automotive Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.56 |
-2.45 |
-2.47 |
-2.36 |
-2.48 |
Competitive Comparison of Penske Automotive Group's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Penske Automotive 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.
Penske Automotive Group's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Penske Automotive Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Penske Automotive Group's Beneish M-Score falls into.
Penske Automotive 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 Penske Automotive 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 * 1.0982 | + | 0.528 * 1.0374 | + | 0.404 * 0.9689 | + | 0.892 * 1.0517 | + | 0.115 * 0.9587 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9987 | + | 4.679 * -0.029263 | - | 0.327 * 1.0041 |
| = | -2.48 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,063 Mil.
Revenue was 7447.8 + 7272.1 + 7447.8 + 7468.5 = $29,636 Mil.
Gross Profit was 1245.2 + 1188.1 + 1220.4 + 1273 = $4,927 Mil.
Total Current Assets was $5,811 Mil.
Total Assets was $16,147 Mil.
Property, Plant and Equipment(Net PPE) was $5,304 Mil.
Depreciation, Depletion and Amortization(DDA) was $145 Mil.
Selling, General, & Admin. Expense(SGA) was $3,436 Mil.
Total Current Liabilities was $5,910 Mil.
Long-Term Debt & Capital Lease Obligation was $3,869 Mil.
Net Income was 215.2 + 190.7 + 263.4 + 300.8 = $970 Mil.
Non Operating Income was 33.3 + 11.4 + 85 + 74.5 = $204 Mil.
Cash Flow from Operations was 456 + 71.4 + 417.7 + 293.3 = $1,238 Mil.
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Total Receivables was $920 Mil.
Revenue was 7339 + 7011.8 + 6920.7 + 6906.9 = $28,178 Mil.
Gross Profit was 1252.3 + 1183.2 + 1186.9 + 1237 = $4,859 Mil.
Total Current Assets was $4,823 Mil.
Total Assets was $14,396 Mil.
Property, Plant and Equipment(Net PPE) was $4,942 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General, & Admin. Expense(SGA) was $3,271 Mil.
Total Current Liabilities was $4,761 Mil.
Long-Term Debt & Capital Lease Obligation was $3,922 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) |
| = | (1062.8 / 29636.2) | / | (920.2 / 28178.4) |
| = | 0.035862 | / | 0.032656 |
| | = | 1.0982 |
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) |
| = | (4859.4 / 28178.4) | / | (4926.7 / 29636.2) |
| = | 0.172451 | / | 0.166239 |
| | = | 1.0374 |
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 - (5810.6 + 5303.9) / 16146.5) | / | (1 - (4822.9 + 4942.4) / 14395.8) |
| = | 0.311646 | / | 0.321656 |
| | = | 0.9689 |
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 |
| = | 29636.2 | / | 28178.4 |
| | = | 1.0517 |
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)) |
| = | (129.3 / (129.3 + 4942.4)) | / | (144.9 / (144.9 + 5303.9)) |
| = | 0.025494 | / | 0.026593 |
| | = | 0.9587 |
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) |
| = | (3435.5 / 29636.2) | / | (3270.8 / 28178.4) |
| = | 0.115922 | / | 0.116075 |
| | = | 0.9987 |
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) |
| = | ((3869.3 + 5910.1) / 16146.5) | / | ((3922.3 + 4760.9) / 14395.8) |
| = | 0.605667 | / | 0.603176 |
| | = | 1.0041 |
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 |
| = | (970.1 - 204.2 | - | 1238.4) | / | 16146.5 |
| | = | -0.029263 |
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.
Penske Automotive Group has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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