Aptiv Beneish M-Score Historical Data
The historical data trend for Aptiv'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.
|
Aptiv Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.67 |
-2.40 |
-2.63 |
-2.23 |
-2.21 |
|
Aptiv Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.23 |
-2.25 |
-2.30 |
-2.10 |
-2.21 |
Competitive Comparison
For the Auto Parts subindustry, Aptiv'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.
Aptiv Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Aptiv's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aptiv's Beneish M-Score falls into.
Aptiv 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 Aptiv 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 * 0.9193 | + | 0.528 * 0.8785 | + | 0.404 * 1.046 | + | 0.892 * 1.1465 | + | 0.115 * 0.9294 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1006 | + | 4.679 * 0.053261 | - | 0.327 * 0.879 |
| = | -2.21 |
* 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 $3,870 Mil.
Revenue was 4919 + 5114 + 5200 + 4818 = $20,051 Mil.
Gross Profit was 922 + 893 + 864 + 760 = $3,439 Mil.
Total Current Assets was $8,247 Mil.
Total Assets was $24,427 Mil.
Property, Plant and Equipment(Net PPE) was $4,325 Mil.
Depreciation, Depletion and Amortization(DDA) was $912 Mil.
Selling, General, & Admin. Expense(SGA) was $1,436 Mil.
Total Current Liabilities was $4,808 Mil.
Long-Term Debt & Capital Lease Obligation was $6,657 Mil.
Net Income was 905 + 1629 + 242 + 162 = $2,938 Mil.
Non Operating Income was -138 + -32 + -55 + -34 = $-259 Mil.
Cash Flow from Operations was 624 + 746 + 535 + -9 = $1,896 Mil.
|
Total Receivables was $3,672 Mil.
Revenue was 4640 + 4614 + 4057 + 4178 = $17,489 Mil.
Gross Profit was 813 + 793 + 440 + 589 = $2,635 Mil.
Total Current Assets was $7,784 Mil.
Total Assets was $21,884 Mil.
Property, Plant and Equipment(Net PPE) was $3,946 Mil.
Depreciation, Depletion and Amortization(DDA) was $762 Mil.
Selling, General, & Admin. Expense(SGA) was $1,138 Mil.
Total Current Liabilities was $4,865 Mil.
Long-Term Debt & Capital Lease Obligation was $6,821 Mil.
|
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) |
| = | (3870 / 20051) | / | (3672 / 17489) |
| = | 0.193008 | / | 0.209961 |
| | = | 0.9193 |
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) |
| = | (2635 / 17489) | / | (3439 / 20051) |
| = | 0.150666 | / | 0.171513 |
| | = | 0.8785 |
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 - (8247 + 4325) / 24427) | / | (1 - (7784 + 3946) / 21884) |
| = | 0.485324 | / | 0.463992 |
| | = | 1.046 |
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 |
| = | 20051 | / | 17489 |
| | = | 1.1465 |
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)) |
| = | (762 / (762 + 3946)) | / | (912 / (912 + 4325)) |
| = | 0.161852 | / | 0.174146 |
| | = | 0.9294 |
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) |
| = | (1436 / 20051) | / | (1138 / 17489) |
| = | 0.071617 | / | 0.065069 |
| | = | 1.1006 |
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) |
| = | ((6657 + 4808) / 24427) | / | ((6821 + 4865) / 21884) |
| = | 0.469358 | / | 0.533997 |
| | = | 0.879 |
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 |
| = | (2938 - -259 | - | 1896) | / | 24427 |
| | = | 0.053261 |
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.
Aptiv has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
APTV has been successfully added to your