VinFast Auto Beneish M-Score Historical Data
The historical data trend for VinFast Auto'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.
VinFast Auto Beneish M-Score Chart
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VinFast Auto Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.62 |
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VinFast Auto Quarterly Data
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Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.58 |
-1.62 |
-0.66 |
-1.20 |
-2.20 |
Competitive Comparison of VinFast Auto's Beneish M-Score
For the Auto Manufacturers subindustry, VinFast Auto'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.
VinFast Auto's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, VinFast Auto's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VinFast Auto's Beneish M-Score falls into.
VinFast Auto 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 VinFast Auto 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 * 0.7942 | + | 0.528 * 1.2585 | + | 0.404 * 1.1593 | + | 0.892 * 1.6462 | + | 0.115 * 0.8477 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6657 | + | 4.679 * -0.069035 | - | 0.327 * 1.0721 |
| = | -2.20 |
* 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 €583 Mil.
Revenue was 462.697 + 325.452 + 244.959 + 365.442 = €1,399 Mil.
Gross Profit was -111.029 + -204.066 + -143.724 + -163.277 = €-622 Mil.
Total Current Assets was €2,077 Mil.
Total Assets was €5,698 Mil.
Property, Plant and Equipment(Net PPE) was €3,226 Mil.
Depreciation, Depletion and Amortization(DDA) was €329 Mil.
Selling, General, & Admin. Expense(SGA) was €494 Mil.
Total Current Liabilities was €6,350 Mil.
Long-Term Debt & Capital Lease Obligation was €966 Mil.
Net Income was -496.508 + -703.483 + -552.588 + -529.493 = €-2,282 Mil.
Non Operating Income was -9.041 + -36.883 + -22.945 + -60.811 = €-130 Mil.
Cash Flow from Operations was -420.124 + -295.123 + -466.466 + -577.293 = €-1,759 Mil.
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Total Receivables was €446 Mil.
Revenue was 309.87 + 298.355 + 73.751 + 167.606 = €850 Mil.
Gross Profit was -83.551 + -126.709 + -126.829 + -138.495 = €-476 Mil.
Total Current Assets was €1,755 Mil.
Total Assets was €4,686 Mil.
Property, Plant and Equipment(Net PPE) was €2,650 Mil.
Depreciation, Depletion and Amortization(DDA) was €226 Mil.
Selling, General, & Admin. Expense(SGA) was €451 Mil.
Total Current Liabilities was €3,709 Mil.
Long-Term Debt & Capital Lease Obligation was €1,904 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) |
| = | (582.568 / 1398.55) | / | (445.619 / 849.582) |
| = | 0.416551 | / | 0.524516 |
| | = | 0.7942 |
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) |
| = | (-475.584 / 849.582) | / | (-622.096 / 1398.55) |
| = | -0.559786 | / | -0.444815 |
| | = | 1.2585 |
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 - (2076.96 + 3225.831) / 5698.335) | / | (1 - (1755.265 + 2650.29) / 4686.145) |
| = | 0.069414 | / | 0.059877 |
| | = | 1.1593 |
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 |
| = | 1398.55 | / | 849.582 |
| | = | 1.6462 |
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)) |
| = | (225.931 / (225.931 + 2650.29)) | / | (329.452 / (329.452 + 3225.831)) |
| = | 0.078551 | / | 0.092665 |
| | = | 0.8477 |
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) |
| = | (493.949 / 1398.55) | / | (450.751 / 849.582) |
| = | 0.353187 | / | 0.530556 |
| | = | 0.6657 |
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) |
| = | ((966.35 + 6350.142) / 5698.335) | / | ((1903.619 + 3708.83) / 4686.145) |
| = | 1.28397 | / | 1.197669 |
| | = | 1.0721 |
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 |
| = | (-2282.072 - -129.68 | - | -1759.006) | / | 5698.335 |
| | = | -0.069035 |
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.
VinFast Auto has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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