Krones AG Beneish M-Score Historical Data
The historical data trend for Krones 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.
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Krones 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 |
-3.28 |
-2.71 |
-2.76 |
-2.14 |
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Krones AG Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.76 |
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-2.14 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, Krones 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.
Krones AG Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, Krones AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Krones AG's Beneish M-Score falls into.
Krones 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 Krones 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 * 1.0572 | + | 0.528 * 1.0291 | + | 0.404 * 1.1184 | + | 0.892 * 1.1215 | + | 0.115 * 0.954 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8075 | + | 4.679 * 0.019407 | - | 0.327 * 1.0007 |
| = | -2.14 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €1,835 Mil.
Revenue was €4,721 Mil.
Gross Profit was €2,336 Mil.
Total Current Assets was €3,150 Mil.
Total Assets was €4,477 Mil.
Property, Plant and Equipment(Net PPE) was €763 Mil.
Depreciation, Depletion and Amortization(DDA) was €166 Mil.
Selling, General, & Admin. Expense(SGA) was €141 Mil.
Total Current Liabilities was €2,352 Mil.
Long-Term Debt & Capital Lease Obligation was €103 Mil.
Net Income was €225 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €138 Mil.
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Total Receivables was €1,548 Mil.
Revenue was €4,209 Mil.
Gross Profit was €2,144 Mil.
Total Current Assets was €3,007 Mil.
Total Assets was €4,171 Mil.
Property, Plant and Equipment(Net PPE) was €694 Mil.
Depreciation, Depletion and Amortization(DDA) was €143 Mil.
Selling, General, & Admin. Expense(SGA) was €156 Mil.
Total Current Liabilities was €2,198 Mil.
Long-Term Debt & Capital Lease Obligation was €87 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) |
| = | (1835.027 / 4720.676) | / | (1547.798 / 4209.339) |
| = | 0.388721 | / | 0.367706 |
| | = | 1.0572 |
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) |
| = | (2143.606 / 4209.339) | / | (2336.121 / 4720.676) |
| = | 0.50925 | / | 0.49487 |
| | = | 1.0291 |
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 - (3149.711 + 762.577) / 4477.109) | / | (1 - (3006.977 + 693.663) / 4171.166) |
| = | 0.126158 | / | 0.112804 |
| | = | 1.1184 |
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 |
| = | 4720.676 | / | 4209.339 |
| | = | 1.1215 |
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)) |
| = | (142.901 / (142.901 + 693.663)) | / | (166.324 / (166.324 + 762.577)) |
| = | 0.170819 | / | 0.179055 |
| | = | 0.954 |
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) |
| = | (141.457 / 4720.676) | / | (156.203 / 4209.339) |
| = | 0.029965 | / | 0.037109 |
| | = | 0.8075 |
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) |
| = | ((102.704 + 2351.957) / 4477.109) | / | ((87.083 + 2198.248) / 4171.166) |
| = | 0.548269 | / | 0.547888 |
| | = | 1.0007 |
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 |
| = | (224.511 - 0 | - | 137.622) | / | 4477.109 |
| | = | 0.019407 |
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.
Krones AG has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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