Cooper-Standard Holdings Beneish M-Score Historical Data
The historical data trend for Cooper-Standard Holdings'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.
Cooper-Standard Holdings Beneish M-Score Chart
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Cooper-Standard Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.34 |
-2.49 |
-2.95 |
-3.23 |
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Cooper-Standard Holdings 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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-2.95 |
-3.29 |
-3.08 |
-2.94 |
-3.23 |
Competitive Comparison of Cooper-Standard Holdings's Beneish M-Score
For the Auto Parts subindustry, Cooper-Standard Holdings'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.
Cooper-Standard Holdings's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Cooper-Standard Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cooper-Standard Holdings's Beneish M-Score falls into.
Cooper-Standard Holdings 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 Cooper-Standard Holdings 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 * 0.9475 | + | 0.528 * 0.4977 | + | 0.404 * 1.0177 | + | 0.892 * 1.115 | + | 0.115 * 1.0488 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0283 | + | 4.679 * -0.109484 | - | 0.327 * 1.1003 |
| = | -3.23 |
* 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 $542 Mil.
Revenue was 673.643 + 736.038 + 723.74 + 682.458 = $2,816 Mil.
Gross Profit was 64.7 + 106.534 + 77.714 + 41.828 = $291 Mil.
Total Current Assets was $901 Mil.
Total Assets was $1,872 Mil.
Property, Plant and Equipment(Net PPE) was $700 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $232 Mil.
Total Current Liabilities was $653 Mil.
Long-Term Debt & Capital Lease Obligation was $1,121 Mil.
Net Income was -55.152 + 11.363 + -27.829 + -130.367 = $-202 Mil.
Non Operating Income was -10.963 + -4.862 + -10.422 + -88.029 = $-114 Mil.
Cash Flow from Operations was 79.661 + 20.466 + -13.229 + 30.379 = $117 Mil.
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Total Receivables was $513 Mil.
Revenue was 649.337 + 657.153 + 605.917 + 612.984 = $2,525 Mil.
Gross Profit was 54.314 + 38.559 + 15.376 + 21.542 = $130 Mil.
Total Current Assets was $946 Mil.
Total Assets was $1,964 Mil.
Property, Plant and Equipment(Net PPE) was $737 Mil.
Depreciation, Depletion and Amortization(DDA) was $122 Mil.
Selling, General, & Admin. Expense(SGA) was $202 Mil.
Total Current Liabilities was $632 Mil.
Long-Term Debt & Capital Lease Obligation was $1,060 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) |
| = | (541.696 / 2815.879) | / | (512.735 / 2525.391) |
| = | 0.192372 | / | 0.203032 |
| | = | 0.9475 |
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) |
| = | (129.791 / 2525.391) | / | (290.776 / 2815.879) |
| = | 0.051394 | / | 0.103263 |
| | = | 0.4977 |
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 - (900.586 + 699.557) / 1872.299) | / | (1 - (945.649 + 737.431) / 1963.529) |
| = | 0.145359 | / | 0.142829 |
| | = | 1.0177 |
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 |
| = | 2815.879 | / | 2525.391 |
| | = | 1.115 |
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)) |
| = | (122.476 / (122.476 + 737.431)) | / | (109.931 / (109.931 + 699.557)) |
| = | 0.142429 | / | 0.135803 |
| | = | 1.0488 |
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) |
| = | (231.776 / 2815.879) | / | (202.137 / 2525.391) |
| = | 0.08231 | / | 0.080042 |
| | = | 1.0283 |
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) |
| = | ((1121.218 + 653.243) / 1872.299) | / | ((1059.671 + 631.618) / 1963.529) |
| = | 0.947744 | / | 0.861352 |
| | = | 1.1003 |
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 |
| = | (-201.985 - -114.276 | - | 117.277) | / | 1872.299 |
| | = | -0.109484 |
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.
Cooper-Standard Holdings has a M-score of -3.23 suggests that the company is unlikely to be a manipulator.
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