SMA Solar Technology AG Beneish M-Score Historical Data
The historical data trend for SMA Solar Technology AG'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.
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SMA Solar Technology AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.05 |
-2.84 |
-2.27 |
-1.79 |
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SMA Solar Technology AG Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.34 |
-2.48 |
-1.88 |
-1.79 |
Competitive Comparison
For the Solar subindustry, SMA Solar Technology AG'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.
SMA Solar Technology AG Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, SMA Solar Technology AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SMA Solar Technology AG's Beneish M-Score falls into.
SMA Solar Technology AG 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 SMA Solar Technology AG 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 * 1.0115 | + | 0.528 * 0.7162 | + | 0.404 * 0.7101 | + | 0.892 * 1.7863 | + | 0.115 * 1.0699 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.704 | + | 4.679 * 0.052341 | - | 0.327 * 1.168 |
| = | -1.79 |
* 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 €277 Mil.
Revenue was 566.688 + 558.461 + 411.732 + 367.178 = €1,904 Mil.
Gross Profit was 157.063 + 167.159 + 120.851 + 114.272 = €559 Mil.
Total Current Assets was €1,194 Mil.
Total Assets was €1,622 Mil.
Property, Plant and Equipment(Net PPE) was €226 Mil.
Depreciation, Depletion and Amortization(DDA) was €41 Mil.
Selling, General, & Admin. Expense(SGA) was €209 Mil.
Total Current Liabilities was €652 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 45.246 + 76.941 + 51.797 + 51.686 = €226 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 11.27 + 16.627 + 47.781 + 65.099 = €141 Mil.
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Total Receivables was €154 Mil.
Revenue was 341.856 + 252.264 + 251.264 + 220.562 = €1,066 Mil.
Gross Profit was 69.849 + 58.443 + 50.391 + 45.586 = €224 Mil.
Total Current Assets was €723 Mil.
Total Assets was €1,110 Mil.
Property, Plant and Equipment(Net PPE) was €192 Mil.
Depreciation, Depletion and Amortization(DDA) was €38 Mil.
Selling, General, & Admin. Expense(SGA) was €166 Mil.
Total Current Liabilities was €382 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (277.398 / 1904.059) | / | (153.528 / 1065.946) |
| = | 0.145688 | / | 0.14403 |
| | = | 1.0115 |
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) |
| = | (224.269 / 1065.946) | / | (559.345 / 1904.059) |
| = | 0.210394 | / | 0.293765 |
| | = | 0.7162 |
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 - (1193.685 + 226.107) / 1621.915) | / | (1 - (723.376 + 191.845) / 1110.024) |
| = | 0.12462 | / | 0.175494 |
| | = | 0.7101 |
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 |
| = | 1904.059 | / | 1065.946 |
| | = | 1.7863 |
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)) |
| = | (38.126 / (38.126 + 191.845)) | / | (41.459 / (41.459 + 226.107)) |
| = | 0.165786 | / | 0.154949 |
| | = | 1.0699 |
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) |
| = | (208.98 / 1904.059) | / | (166.171 / 1065.946) |
| = | 0.109755 | / | 0.155891 |
| | = | 0.704 |
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) |
| = | ((0 + 652.35) / 1621.915) | / | ((0 + 382.24) / 1110.024) |
| = | 0.40221 | / | 0.344353 |
| | = | 1.168 |
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 |
| = | (225.67 - 0 | - | 140.777) | / | 1621.915 |
| | = | 0.052341 |
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.
SMA Solar Technology AG has a M-score of -1.79 suggests that the company is unlikely to be a manipulator.
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