Villeroy & Boch AG Beneish M-Score Historical Data
The historical data trend for Villeroy & Boch 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.
Villeroy & Boch AG Beneish M-Score Chart
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Villeroy & Boch AG Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.25 |
-2.53 |
-2.33 |
-2.71 |
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Villeroy & Boch AG 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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-2.71 |
-0.73 |
-0.88 |
-0.95 |
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Competitive Comparison of Villeroy & Boch AG's Beneish M-Score
For the Building Products & Equipment subindustry, Villeroy & Boch 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.
Villeroy & Boch AG's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Villeroy & Boch AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Villeroy & Boch AG's Beneish M-Score falls into.
Villeroy & Boch 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 Villeroy & Boch 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 * 1.1233 | + | 0.528 * 1.1572 | + | 0.404 * 4.4171 | + | 0.892 * 1.5756 | + | 0.115 * 1.1566 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.927 | + | 4.679 * -0.030036 | - | 0.327 * 0.8067 |
| = | -0.44 |
* 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 €219 Mil.
Revenue was 413.2 + 360.5 + 370.2 + 277.1 = €1,421 Mil.
Gross Profit was 161.8 + 132.9 + 124.1 + 115.2 = €534 Mil.
Total Current Assets was €698 Mil.
Total Assets was €1,748 Mil.
Property, Plant and Equipment(Net PPE) was €461 Mil.
Depreciation, Depletion and Amortization(DDA) was €74 Mil.
Selling, General, & Admin. Expense(SGA) was €482 Mil.
Total Current Liabilities was €597 Mil.
Long-Term Debt & Capital Lease Obligation was €58 Mil.
Net Income was 0.9 + 1.5 + -3.6 + 7.1 = €6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 82.1 + -24.8 + -11.1 + 12.2 = €58 Mil.
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Total Receivables was €124 Mil.
Revenue was 251.3 + 212.8 + 208.5 + 229.3 = €902 Mil.
Gross Profit was 112.9 + 87.9 + 91.8 + 99.6 = €392 Mil.
Total Current Assets was €780 Mil.
Total Assets was €1,096 Mil.
Property, Plant and Equipment(Net PPE) was €233 Mil.
Depreciation, Depletion and Amortization(DDA) was €44 Mil.
Selling, General, & Admin. Expense(SGA) was €330 Mil.
Total Current Liabilities was €326 Mil.
Long-Term Debt & Capital Lease Obligation was €183 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) |
| = | (219.1 / 1421) | / | (123.8 / 901.9) |
| = | 0.154187 | / | 0.137266 |
| | = | 1.1233 |
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) |
| = | (392.2 / 901.9) | / | (534 / 1421) |
| = | 0.43486 | / | 0.375792 |
| | = | 1.1572 |
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 - (698.2 + 460.9) / 1747.9) | / | (1 - (779.6 + 233) / 1096.2) |
| = | 0.336861 | / | 0.076263 |
| | = | 4.4171 |
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 |
| = | 1421 | / | 901.9 |
| | = | 1.5756 |
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)) |
| = | (44.2 / (44.2 + 233)) | / | (73.7 / (73.7 + 460.9)) |
| = | 0.159452 | / | 0.13786 |
| | = | 1.1566 |
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) |
| = | (481.7 / 1421) | / | (329.8 / 901.9) |
| = | 0.338987 | / | 0.365672 |
| | = | 0.927 |
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) |
| = | ((57.7 + 597.3) / 1747.9) | / | ((183.1 + 326.1) / 1096.2) |
| = | 0.374735 | / | 0.464514 |
| | = | 0.8067 |
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 |
| = | (5.9 - 0 | - | 58.4) | / | 1747.9 |
| | = | -0.030036 |
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.
Villeroy & Boch AG has a M-score of -0.44 signals that the company is likely to be a manipulator.
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