Teka-Tecelagem Kuehnrich Beneish M-Score Historical Data
The historical data trend for Teka-Tecelagem Kuehnrich'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.
Teka-Tecelagem Kuehnrich Beneish M-Score Chart
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Teka-Tecelagem Kuehnrich Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.03 |
-3.04 |
-2.46 |
-2.76 |
-3.18 |
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Teka-Tecelagem Kuehnrich Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.00 |
-3.18 |
-3.25 |
-2.82 |
-3.07 |
Competitive Comparison of Teka-Tecelagem Kuehnrich's Beneish M-Score
For the Textile Manufacturing subindustry, Teka-Tecelagem Kuehnrich'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.
Teka-Tecelagem Kuehnrich's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Teka-Tecelagem Kuehnrich's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teka-Tecelagem Kuehnrich's Beneish M-Score falls into.
Teka-Tecelagem Kuehnrich 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 Teka-Tecelagem Kuehnrich 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 * 1.0798 | + | 0.528 * 0.781 | + | 0.404 * 0.996 | + | 0.892 * 1.1331 | + | 0.115 * 1.0065 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.004 | + | 4.679 * -0.142602 | - | 0.327 * 0.994 |
| = | -3.07 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was R$76.2 Mil.
Revenue was 90.912 + 79.137 + 70.887 + 82.727 = R$323.7 Mil.
Gross Profit was 23.453 + 19.704 + 15.879 + 20.536 = R$79.6 Mil.
Total Current Assets was R$138.1 Mil.
Total Assets was R$1,227.1 Mil.
Property, Plant and Equipment(Net PPE) was R$168.3 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4.4 Mil.
Selling, General, & Admin. Expense(SGA) was R$63.5 Mil.
Total Current Liabilities was R$2,834.1 Mil.
Long-Term Debt & Capital Lease Obligation was R$27.2 Mil.
Net Income was -66.77 + -28.603 + -38.396 + -37.114 = R$-170.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0.0 Mil.
Cash Flow from Operations was 6.023 + -4.537 + -3.296 + 5.912 = R$4.1 Mil.
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Total Receivables was R$62.3 Mil.
Revenue was 76.537 + 67.4 + 70.986 + 70.721 = R$285.6 Mil.
Gross Profit was 15.36 + 13.463 + 13.865 + 12.156 = R$54.8 Mil.
Total Current Assets was R$110.0 Mil.
Total Assets was R$1,140.2 Mil.
Property, Plant and Equipment(Net PPE) was R$171.2 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4.5 Mil.
Selling, General, & Admin. Expense(SGA) was R$55.9 Mil.
Total Current Liabilities was R$2,649.4 Mil.
Long-Term Debt & Capital Lease Obligation was R$25.4 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) |
| = | (76.165 / 323.663) | / | (62.251 / 285.644) |
| = | 0.235322 | / | 0.217932 |
| | = | 1.0798 |
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) |
| = | (54.844 / 285.644) | / | (79.572 / 323.663) |
| = | 0.192001 | / | 0.245848 |
| | = | 0.781 |
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 - (138.119 + 168.285) / 1227.087) | / | (1 - (110.04 + 171.243) / 1140.173) |
| = | 0.7503 | / | 0.753298 |
| | = | 0.996 |
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 |
| = | 323.663 | / | 285.644 |
| | = | 1.1331 |
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)) |
| = | (4.488 / (4.488 + 171.243)) | / | (4.381 / (4.381 + 168.285)) |
| = | 0.025539 | / | 0.025373 |
| | = | 1.0065 |
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) |
| = | (63.544 / 323.663) | / | (55.855 / 285.644) |
| = | 0.196328 | / | 0.195541 |
| | = | 1.004 |
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) |
| = | ((27.185 + 2834.118) / 1227.087) | / | ((25.413 + 2649.376) / 1140.173) |
| = | 2.331785 | / | 2.34595 |
| | = | 0.994 |
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 |
| = | (-170.883 - 0 | - | 4.102) | / | 1227.087 |
| | = | -0.142602 |
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.
Teka-Tecelagem Kuehnrich has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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