Visteon Beneish M-Score Historical Data
The historical data trend for Visteon'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.
Visteon Beneish M-Score Chart
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Visteon Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.78 |
-2.49 |
-2.44 |
-1.73 |
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Visteon Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.45 |
-2.76 |
-2.97 |
-1.73 |
-1.88 |
Competitive Comparison of Visteon's Beneish M-Score
For the Auto Parts subindustry, Visteon'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.
Visteon's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Visteon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Visteon's Beneish M-Score falls into.
Visteon 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 Visteon 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 * 0.9711 | + | 0.528 * 0.8128 | + | 0.404 * 2.0241 | + | 0.892 * 0.9673 | + | 0.115 * 1.2107 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0538 | + | 4.679 * 0.056175 | - | 0.327 * 0.8447 |
| = | -1.89 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €662 Mil.
Revenue was 858.36 + 907.83 + 950.118 + 907.309 = €3,624 Mil.
Gross Profit was 109.48 + 119.21 + 133.991 + 95.992 = €459 Mil.
Total Current Assets was €1,500 Mil.
Total Assets was €2,520 Mil.
Property, Plant and Equipment(Net PPE) was €492 Mil.
Depreciation, Depletion and Amortization(DDA) was €90 Mil.
Selling, General, & Admin. Expense(SGA) was €191 Mil.
Total Current Liabilities was €863 Mil.
Long-Term Debt & Capital Lease Obligation was €371 Mil.
Net Income was 38.64 + 335.622 + 61.842 + 18.46 = €455 Mil.
Non Operating Income was -3.68 + -1.834 + 1.874 + -11.999 = €-16 Mil.
Cash Flow from Operations was 63.48 + 89.866 + 118.999 + 56.303 = €329 Mil.
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Total Receivables was €705 Mil.
Revenue was 903.178 + 1004.416 + 1036.26 + 802.208 = €3,746 Mil.
Gross Profit was 102.74 + 107.616 + 105.04 + 70.004 = €385 Mil.
Total Current Assets was €1,554 Mil.
Total Assets was €2,246 Mil.
Property, Plant and Equipment(Net PPE) was €460 Mil.
Depreciation, Depletion and Amortization(DDA) was €105 Mil.
Selling, General, & Admin. Expense(SGA) was €188 Mil.
Total Current Liabilities was €900 Mil.
Long-Term Debt & Capital Lease Obligation was €402 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) |
| = | (662.4 / 3623.617) | / | (705.17 / 3746.062) |
| = | 0.182801 | / | 0.188243 |
| | = | 0.9711 |
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) |
| = | (385.4 / 3746.062) | / | (458.673 / 3623.617) |
| = | 0.102881 | / | 0.126579 |
| | = | 0.8128 |
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 - (1499.6 + 492.2) / 2519.88) | / | (1 - (1554.176 + 459.528) / 2246.27) |
| = | 0.209566 | / | 0.103534 |
| | = | 2.0241 |
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 |
| = | 3623.617 | / | 3746.062 |
| | = | 0.9673 |
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)) |
| = | (105.382 / (105.382 + 459.528)) | / | (89.651 / (89.651 + 492.2)) |
| = | 0.186547 | / | 0.154079 |
| | = | 1.2107 |
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) |
| = | (191.327 / 3623.617) | / | (187.692 / 3746.062) |
| = | 0.0528 | / | 0.050104 |
| | = | 1.0538 |
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) |
| = | ((370.76 + 862.96) / 2519.88) | / | ((401.62 + 900.376) / 2246.27) |
| = | 0.489595 | / | 0.579626 |
| | = | 0.8447 |
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 |
| = | (454.564 - -15.639 | - | 328.648) | / | 2519.88 |
| | = | 0.056175 |
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.
Visteon has a M-score of -1.89 suggests that the company is unlikely to be a manipulator.
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