A3 Mercados Beneish M-Score Historical Data
The historical data trend for A3 Mercados'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.
A3 Mercados Beneish M-Score Chart
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A3 Mercados Annual Data
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Trend |
Jun15 |
Jun16 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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6.35 |
-1.38 |
-1.96 |
1.47 |
-5.41 |
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A3 Mercados Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Mar23 |
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Dec23 |
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Mar25 |
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Dec25 |
Mar26 |
| Beneish M-Score |
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-0.37 |
-0.13 |
-0.38 |
1.41 |
-1.19 |
BUE:A3 vs SPGI, CME, ICE: Beneish M-Score Comparison
For the Financial Data & Stock Exchanges subindustry, A3 Mercados'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.
A3 Mercados Beneish M-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, A3 Mercados's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where A3 Mercados's Beneish M-Score falls into.
A3 Mercados 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 A3 Mercados 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 * 0.6712 | + | 0.528 * 1.4381 | + | 0.404 * 0.9403 | + | 0.892 * 2.4791 | + | 0.115 * 0.5754 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1133 | + | 4.679 * -0.010047 | - | 0.327 * 0.9703 |
| = | -1.19 |
* 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 (Mar26) TTM: | Last Year (Mar25) TTM: |
Total Receivables was ARS15,674 Mil.
Revenue was 42331 + 56944 + 49260 + 41991 = ARS190,526 Mil.
Gross Profit was 17078 + 18002 + 36838 + 23856 = ARS95,774 Mil.
Total Current Assets was ARS462,621 Mil.
Total Assets was ARS1,026,187 Mil.
Property, Plant and Equipment(Net PPE) was ARS12,128 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS13,969 Mil.
Selling, General, & Admin. Expense(SGA) was ARS9,806 Mil.
Total Current Liabilities was ARS223,362 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,553 Mil.
Net Income was -8969 + 38037 + 21835 + 19579 = ARS70,482 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 864 + 39413 + 40218 + 297 = ARS80,792 Mil.
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Total Receivables was ARS9,420 Mil.
Revenue was 19624 + 16904 + 17350 + 22975 = ARS76,853 Mil.
Gross Profit was 7679 + 16904 + 7587 + 23386 = ARS55,556 Mil.
Total Current Assets was ARS282,392 Mil.
Total Assets was ARS683,976 Mil.
Property, Plant and Equipment(Net PPE) was ARS10,687 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS4,757 Mil.
Selling, General, & Admin. Expense(SGA) was ARS34,903 Mil.
Total Current Liabilities was ARS151,772 Mil.
Long-Term Debt & Capital Lease Obligation was ARS3,412 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) |
| = | (15674 / 190526) | / | (9420 / 76853) |
| = | 0.082267 | / | 0.122572 |
| | = | 0.6712 |
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) |
| = | (55556 / 76853) | / | (95774 / 190526) |
| = | 0.722887 | / | 0.502682 |
| | = | 1.4381 |
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 - (462621 + 12128) / 1026187) | / | (1 - (282392 + 10687) / 683976) |
| = | 0.537366 | / | 0.571507 |
| | = | 0.9403 |
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 |
| = | 190526 | / | 76853 |
| | = | 2.4791 |
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)) |
| = | (4757 / (4757 + 10687)) | / | (13969 / (13969 + 12128)) |
| = | 0.308016 | / | 0.535272 |
| | = | 0.5754 |
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) |
| = | (9806 / 190526) | / | (34903 / 76853) |
| = | 0.051468 | / | 0.454153 |
| | = | 0.1133 |
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) |
| = | ((2553 + 223362) / 1026187) | / | ((3412 + 151772) / 683976) |
| = | 0.22015 | / | 0.226885 |
| | = | 0.9703 |
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 |
| = | (70482 - 0 | - | 80792) | / | 1026187 |
| | = | -0.010047 |
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.
A3 Mercados has a M-score of -1.19 signals that the company is likely to be a manipulator.
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