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Armac Locacao Logistica e Servicos (BSP:ARML3) Beneish M-Score : 0.13 (As of Jun. 22, 2025)


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What is Armac Locacao Logistica e Servicos Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 0.13 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Armac Locacao Logistica e Servicos's Beneish M-Score or its related term are showing as below:

BSP:ARML3' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6   Med: -1.17   Max: 8.53
Current: 0.13

During the past 7 years, the highest Beneish M-Score of Armac Locacao Logistica e Servicos was 8.53. The lowest was -3.60. And the median was -1.17.


Armac Locacao Logistica e Servicos Beneish M-Score Historical Data

The historical data trend for Armac Locacao Logistica e Servicos'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.

* Premium members only.

Armac Locacao Logistica e Servicos Beneish M-Score Chart

Armac Locacao Logistica e Servicos Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial - 6.21 -0.50 -1.69 -0.91

Armac Locacao Logistica e Servicos Quarterly Data
Mar20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.73 -1.30 -3.60 -0.91 0.13

Competitive Comparison of Armac Locacao Logistica e Servicos's Beneish M-Score

For the Rental & Leasing Services subindustry, Armac Locacao Logistica e Servicos'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.


Armac Locacao Logistica e Servicos's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Armac Locacao Logistica e Servicos's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Armac Locacao Logistica e Servicos's Beneish M-Score falls into.


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Armac Locacao Logistica e Servicos 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 Armac Locacao Logistica e Servicos 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 * 0.752+0.528 * 1.2022+0.404 * 1.6895+0.892 * 1.2476+0.115 * 0.7471
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * -12.5427+4.679 * -0.018495-0.327 * 0.9346
=0.13

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was R$379 Mil.
Revenue was 439.917 + 473.494 + 496.985 + 407.703 = R$1,818 Mil.
Gross Profit was 150.831 + 165.662 + 204.833 + 170.57 = R$692 Mil.
Total Current Assets was R$1,392 Mil.
Total Assets was R$4,576 Mil.
Property, Plant and Equipment(Net PPE) was R$2,932 Mil.
Depreciation, Depletion and Amortization(DDA) was R$216 Mil.
Selling, General, & Admin. Expense(SGA) was R$115 Mil.
Total Current Liabilities was R$576 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,410 Mil.
Net Income was 12.512 + 9.752 + 56.936 + 50.395 = R$130 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 244.518 + -37.888 + 106.496 + -98.905 = R$214 Mil.
Total Receivables was R$404 Mil.
Revenue was 387.787 + 398.999 + 359.539 + 310.938 = R$1,457 Mil.
Gross Profit was 173.557 + 170.31 + 168.844 + 153.992 = R$667 Mil.
Total Current Assets was R$1,892 Mil.
Total Assets was R$4,720 Mil.
Property, Plant and Equipment(Net PPE) was R$2,674 Mil.
Depreciation, Depletion and Amortization(DDA) was R$144 Mil.
Selling, General, & Admin. Expense(SGA) was R$-7 Mil.
Total Current Liabilities was R$788 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,508 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)
=(378.742 / 1818.099) / (403.695 / 1457.263)
=0.208318 / 0.277023
=0.752

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)
=(666.703 / 1457.263) / (691.896 / 1818.099)
=0.457504 / 0.38056
=1.2022

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 - (1391.548 + 2931.651) / 4575.716) / (1 - (1892.459 + 2673.707) / 4720.351)
=0.055186 / 0.032664
=1.6895

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
=1818.099 / 1457.263
=1.2476

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))
=(144.195 / (144.195 + 2673.707)) / (215.555 / (215.555 + 2931.651))
=0.051171 / 0.068491
=0.7471

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)
=(114.634 / 1818.099) / (-7.326 / 1457.263)
=0.063052 / -0.005027
=-12.5427

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)
=((2410.424 + 575.655) / 4575.716) / ((2508.148 + 787.881) / 4720.351)
=0.652593 / 0.698259
=0.9346

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
=(129.595 - 0 - 214.221) / 4575.716
=-0.018495

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.

Armac Locacao Logistica e Servicos has a M-score of 0.13 signals that the company is likely to be a manipulator.


Armac Locacao Logistica e Servicos Beneish M-Score Related Terms

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Armac Locacao Logistica e Servicos Business Description

Traded in Other Exchanges
N/A
Address
Avenue Marcos Penteado de Ulhoa Rodrigues, 939, Jatoba Building, 7th Floor, Tambore, Barueri, SP, BRA, 06460
Armac Locacao Logistica e Servicos SA is engaged in offering machinery and equipment on a rental basis. Some of its equipment includes pavers, telescopic handlers, Compaction rollers, Motor graders, crawler tractors, excavators, and Loaders among others.

Armac Locacao Logistica e Servicos Headlines

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