BorgWarner Beneish M-Score Historical Data
The historical data trend for BorgWarner'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.
BorgWarner Beneish M-Score Chart
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BorgWarner Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.19 |
-2.50 |
-2.56 |
-2.50 |
-2.77 |
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BorgWarner Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.50 |
-2.75 |
-2.92 |
-2.77 |
-2.77 |
Competitive Comparison of BorgWarner's Beneish M-Score
For the Auto Parts subindustry, BorgWarner'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.
BorgWarner's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, BorgWarner's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BorgWarner's Beneish M-Score falls into.
BorgWarner 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 BorgWarner 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 * 0.9212 | + | 0.528 * 0.9621 | + | 0.404 * 0.8915 | + | 0.892 * 0.9921 | + | 0.115 * 0.8489 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0329 | + | 4.679 * -0.024798 | - | 0.327 * 1.0284 |
| = | -2.77 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $2,858 Mil.
Revenue was 3439 + 3449 + 3603 + 3595 = $14,086 Mil.
Gross Profit was 683 + 636 + 685 + 644 = $2,648 Mil.
Total Current Assets was $6,521 Mil.
Total Assets was $13,993 Mil.
Property, Plant and Equipment(Net PPE) was $3,752 Mil.
Depreciation, Depletion and Amortization(DDA) was $673 Mil.
Selling, General, & Admin. Expense(SGA) was $1,366 Mil.
Total Current Liabilities was $3,646 Mil.
Long-Term Debt & Capital Lease Obligation was $3,907 Mil.
Net Income was -405 + 234 + 303 + 206 = $338 Mil.
Non Operating Income was -641 + -22 + -16 + -18 = $-697 Mil.
Cash Flow from Operations was 682 + 356 + 462 + -118 = $1,382 Mil.
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Total Receivables was $3,127 Mil.
Revenue was 3522 + 3622 + 3671 + 3383 = $14,198 Mil.
Gross Profit was 659 + 652 + 680 + 577 = $2,568 Mil.
Total Current Assets was $6,217 Mil.
Total Assets was $14,453 Mil.
Property, Plant and Equipment(Net PPE) was $3,926 Mil.
Depreciation, Depletion and Amortization(DDA) was $582 Mil.
Selling, General, & Admin. Expense(SGA) was $1,333 Mil.
Total Current Liabilities was $3,767 Mil.
Long-Term Debt & Capital Lease Obligation was $3,819 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) |
| = | (2858 / 14086) | / | (3127 / 14198) |
| = | 0.202896 | / | 0.220242 |
| | = | 0.9212 |
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) |
| = | (2568 / 14198) | / | (2648 / 14086) |
| = | 0.180871 | / | 0.187988 |
| | = | 0.9621 |
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 - (6521 + 3752) / 13993) | / | (1 - (6217 + 3926) / 14453) |
| = | 0.265847 | / | 0.298208 |
| | = | 0.8915 |
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 |
| = | 14086 | / | 14198 |
| | = | 0.9921 |
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)) |
| = | (582 / (582 + 3926)) | / | (673 / (673 + 3752)) |
| = | 0.129104 | / | 0.15209 |
| | = | 0.8489 |
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) |
| = | (1366 / 14086) | / | (1333 / 14198) |
| = | 0.096976 | / | 0.093886 |
| | = | 1.0329 |
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) |
| = | ((3907 + 3646) / 13993) | / | ((3819 + 3767) / 14453) |
| = | 0.53977 | / | 0.524874 |
| | = | 1.0284 |
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 |
| = | (338 - -697 | - | 1382) | / | 13993 |
| | = | -0.024798 |
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.
BorgWarner has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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