Deutz AG Beneish M-Score Historical Data
The historical data trend for Deutz 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.
Deutz AG Beneish M-Score Chart
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Deutz 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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-2.68 |
-3.19 |
-2.62 |
-2.12 |
-2.75 |
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Deutz AG Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.47 |
-2.75 |
-2.89 |
-2.64 |
-2.59 |
Competitive Comparison of Deutz AG's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Deutz 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.
Deutz AG's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Deutz AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Deutz AG's Beneish M-Score falls into.
Deutz 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 Deutz 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 * 1.1728 | + | 0.528 * 1.0159 | + | 0.404 * 1.2731 | + | 0.892 * 0.9245 | + | 0.115 * 0.8637 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9722 | + | 4.679 * -0.031053 | - | 0.327 * 0.9636 |
| = | -2.59 |
* 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 €263 Mil.
Revenue was 430.4 + 420.8 + 454.7 + 556 = €1,862 Mil.
Gross Profit was 87.9 + 98.4 + 109.8 + 109.2 = €405 Mil.
Total Current Assets was €819 Mil.
Total Assets was €1,733 Mil.
Property, Plant and Equipment(Net PPE) was €397 Mil.
Depreciation, Depletion and Amortization(DDA) was €110 Mil.
Selling, General, & Admin. Expense(SGA) was €102 Mil.
Total Current Liabilities was €634 Mil.
Long-Term Debt & Capital Lease Obligation was €139 Mil.
Net Income was -2 + 27 + 8.8 + 16 = €50 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 28.1 + -25.5 + 20.5 + 80.5 = €104 Mil.
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Total Receivables was €242 Mil.
Revenue was 516.5 + 494.2 + 507 + 496.3 = €2,014 Mil.
Gross Profit was 111 + 114.3 + 114.5 + 105.6 = €445 Mil.
Total Current Assets was €844 Mil.
Total Assets was €1,615 Mil.
Property, Plant and Equipment(Net PPE) was €394 Mil.
Depreciation, Depletion and Amortization(DDA) was €91 Mil.
Selling, General, & Admin. Expense(SGA) was €56 Mil.
Total Current Liabilities was €677 Mil.
Long-Term Debt & Capital Lease Obligation was €71 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) |
| = | (262.5 / 1861.9) | / | (242.1 / 2014) |
| = | 0.140985 | / | 0.120209 |
| | = | 1.1728 |
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) |
| = | (445.4 / 2014) | / | (405.3 / 1861.9) |
| = | 0.221152 | / | 0.217681 |
| | = | 1.0159 |
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 - (819.4 + 397.4) / 1732.5) | / | (1 - (843.5 + 393.9) / 1615) |
| = | 0.297662 | / | 0.233808 |
| | = | 1.2731 |
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 |
| = | 1861.9 | / | 2014 |
| | = | 0.9245 |
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)) |
| = | (90.9 / (90.9 + 393.9)) | / | (110.2 / (110.2 + 397.4)) |
| = | 0.1875 | / | 0.2171 |
| | = | 0.8637 |
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) |
| = | (102.1 / 1861.9) | / | (56 / 2014) |
| = | 0.054836 | / | 0.027805 |
| | = | 1.9722 |
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) |
| = | ((139.1 + 634.1) / 1732.5) | / | ((70.9 + 677.1) / 1615) |
| = | 0.446291 | / | 0.463158 |
| | = | 0.9636 |
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 |
| = | (49.8 - 0 | - | 103.6) | / | 1732.5 |
| | = | -0.031053 |
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.
Deutz AG has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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