Element Fleet Management (FRA:61F) Beneish M-Score : -2.20 (As of Apr. 01, 2025)

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What is Element Fleet Management Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Element Fleet Management's Beneish M-Score or its related term are showing as below:

FRA:61F' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.27 Max: -0.9
Current: -2.2

During the past 13 years, the highest Beneish M-Score of Element Fleet Management was -0.90. The lowest was -3.47. And the median was -2.27.

Element Fleet Management Beneish M-Score Historical Data

The historical data trend for Element Fleet Management'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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Element Fleet Management Beneish M-Score Chart

Element Fleet Management Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.47

-3.41

-2.36

-1.79

-2.20

Element Fleet Management Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.79	-1.90	-1.90	-2.24	-2.20

Competitive Comparison of Element Fleet Management's Beneish M-Score

For the Rental & Leasing Services subindustry, Element Fleet Management'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.

Element Fleet Management's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Element Fleet Management's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Element Fleet Management's Beneish M-Score falls into.

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Element Fleet Management 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 Element Fleet Management for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.947

0.528 * 1.0113

0.404 * 1.0111

0.892 * 1.1516

0.115 * 0.9086

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0055

4.679 * 0.039041

0.327 * 1.0263

-2.22

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €7,423 Mil.
Revenue was 517.623 + 505.181 + 518.905 + 500.277 = €2,042 Mil.
Gross Profit was 185.737 + 181.615 + 185.803 + 172.863 = €726 Mil.
Total Current Assets was €7,813 Mil.
Total Assets was €12,129 Mil.
Property, Plant and Equipment(Net PPE) was €2,433 Mil.
Depreciation, Depletion and Amortization(DDA) was €566 Mil.
Selling, General, & Admin. Expense(SGA) was €167 Mil.
Total Current Liabilities was €1,278 Mil.
Long-Term Debt & Capital Lease Obligation was €8,072 Mil.
Net Income was 87.914 + 88.807 + 95.406 + 86.312 = €358 Mil.
Non Operating Income was -0.392 + 0.602 + -0.786 + 0 = €-1 Mil.
Cash Flow from Operations was -103.052 + 479.18 + -212.34 + -278.314 = €-115 Mil.

Total Receivables was €6,806 Mil.
Revenue was 467.846 + 473.29 + 433.694 + 398.401 = €1,773 Mil.
Gross Profit was 159.019 + 168.658 + 159.221 + 150.702 = €638 Mil.
Total Current Assets was €7,128 Mil.
Total Assets was €11,399 Mil.
Property, Plant and Equipment(Net PPE) was €2,521 Mil.
Depreciation, Depletion and Amortization(DDA) was €522 Mil.
Selling, General, & Admin. Expense(SGA) was €144 Mil.
Total Current Liabilities was €1,108 Mil.
Long-Term Debt & Capital Lease Obligation was €7,454 Mil.

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)
	=	(7422.629 / 2041.986)	/	(6806.388 / 1773.231)
	=	3.635005	/	3.83841
	=	0.947

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)
	=	(637.6 / 1773.231)	/	(726.018 / 2041.986)
	=	0.35957	/	0.355545
	=	1.0113

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 - (7812.862 + 2433.311) / 12129.182)	/	(1 - (7127.923 + 2520.733) / 11398.802)
	=	0.155246	/	0.153538
	=	1.0111

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
	=	2041.986	/	1773.231
	=	1.1516

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))
	=	(522.016 / (522.016 + 2520.733))	/	(566.422 / (566.422 + 2433.311))
	=	0.171561	/	0.188824
	=	0.9086

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)
	=	(166.945 / 2041.986)	/	(144.184 / 1773.231)
	=	0.081756	/	0.081311
	=	1.0055

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)
	=	((8072.223 + 1277.97) / 12129.182)	/	((7454.183 + 1107.55) / 11398.802)
	=	0.770884	/	0.751108
	=	1.0263

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
	=	(358.439 - -0.576	-	-114.526)	/	12129.182
	=	0.039041

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.

Element Fleet Management has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.

Element Fleet Management Beneish M-Score Related Terms

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Element Fleet Management Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Element Fleet Management Corp (FRA:61F) » Definitions » Beneish M-Score

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ELEEF:USA EFN:Canada

Address

161 Bay Street, Suite 3600, Toronto, ON, CAN, M5J 2S1

Website

https://www.elementfleet.com

Element Fleet Management Corp is a fleet management company, providing services and financings for commercial vehicle and equipment fleets. Their services include vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. The company operates in the U.S., Canada, Mexico, Australia, and New Zealand. Key revenue is generated from United States and Canada.

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