Vroom Beneish M-Score Historical Data
The historical data trend for Vroom'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.
Vroom Beneish M-Score Chart
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Vroom Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-1.15 |
-1.36 |
0.52 |
0.67 |
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Vroom Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.69 |
-1.23 |
2.69 |
0.67 |
2.55 |
Competitive Comparison of Vroom's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Vroom'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.
Vroom's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Vroom's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vroom's Beneish M-Score falls into.
Vroom 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 Vroom 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 * 6.2373 | + | 0.528 * 1.1141 | + | 0.404 * 0.3184 | + | 0.892 * 0.6794 | + | 0.115 * 0.4135 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9832 | + | 4.679 * 0.181694 | - | 0.327 * 1.2162 |
| = | 2.55 |
* 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 $889.6 Mil.
Revenue was 0 + 235.924 + 235.634 + 225.178 = $696.7 Mil.
Gross Profit was 0 + 29.047 + 48.094 + 46.001 = $123.1 Mil.
Total Current Assets was $1,048.3 Mil.
Total Assets was $1,222.3 Mil.
Property, Plant and Equipment(Net PPE) was $9.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.9 Mil.
Selling, General, & Admin. Expense(SGA) was $271.6 Mil.
Total Current Liabilities was $550.0 Mil.
Long-Term Debt & Capital Lease Obligation was $558.0 Mil.
Net Income was -67.617 + -141.321 + -82.857 + -66.318 = $-358.1 Mil.
Non Operating Income was -38.025 + -72.427 + -33.543 + -10.658 = $-154.7 Mil.
Cash Flow from Operations was 23.124 + -108.053 + -193.506 + -147.104 = $-425.5 Mil.
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Total Receivables was $209.9 Mil.
Revenue was 0 + 209.349 + 340.797 + 475.437 = $1,025.6 Mil.
Gross Profit was 38.805 + 29.459 + 67.331 + 66.357 = $202.0 Mil.
Total Current Assets was $879.0 Mil.
Total Assets was $1,651.6 Mil.
Property, Plant and Equipment(Net PPE) was $73.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.0 Mil.
Selling, General, & Admin. Expense(SGA) was $406.6 Mil.
Total Current Liabilities was $658.1 Mil.
Long-Term Debt & Capital Lease Obligation was $572.9 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) |
| = | (889.61 / 696.736) | / | (209.945 / 1025.583) |
| = | 1.276825 | / | 0.204708 |
| | = | 6.2373 |
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) |
| = | (201.952 / 1025.583) | / | (123.142 / 696.736) |
| = | 0.196914 | / | 0.176741 |
| | = | 1.1141 |
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 - (1048.258 + 9.165) / 1222.267) | / | (1 - (878.968 + 73.168) / 1651.636) |
| = | 0.134867 | / | 0.423519 |
| | = | 0.3184 |
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 |
| = | 696.736 | / | 1025.583 |
| | = | 0.6794 |
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)) |
| = | (38.036 / (38.036 + 73.168)) | / | (43.878 / (43.878 + 9.165)) |
| = | 0.342038 | / | 0.827216 |
| | = | 0.4135 |
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) |
| = | (271.573 / 696.736) | / | (406.587 / 1025.583) |
| = | 0.389779 | / | 0.396445 |
| | = | 0.9832 |
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) |
| = | ((557.951 + 550.033) / 1222.267) | / | ((572.933 + 658.083) / 1651.636) |
| = | 0.906499 | / | 0.745331 |
| | = | 1.2162 |
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 |
| = | (-358.113 - -154.653 | - | -425.539) | / | 1222.267 |
| | = | 0.181694 |
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.
Vroom has a M-score of 2.55 signals that the company is likely to be a manipulator.
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