Aptiv Beneish M-Score Historical Data
The historical data trend for Aptiv'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.
Aptiv Beneish M-Score Chart
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Aptiv Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.40 |
-2.63 |
-2.23 |
-2.21 |
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Aptiv 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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-2.10 |
-2.21 |
-2.25 |
-2.33 |
-2.58 |
Competitive Comparison of Aptiv's Beneish M-Score
For the Auto Parts subindustry, Aptiv'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.
Aptiv's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Aptiv's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aptiv's Beneish M-Score falls into.
Aptiv 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 Aptiv 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 * 1.0239 | + | 0.528 * 0.905 | + | 0.404 * 1.0134 | + | 0.892 * 0.9976 | + | 0.115 * 0.9417 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0947 | + | 4.679 * 0.002948 | - | 0.327 * 1.2043 |
| = | -2.58 |
* 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 $4,000 Mil.
Revenue was 4854 + 5051 + 4901 + 4919 = $19,725 Mil.
Gross Profit was 903 + 968 + 878 + 922 = $3,671 Mil.
Total Current Assets was $8,688 Mil.
Total Assets was $24,766 Mil.
Property, Plant and Equipment(Net PPE) was $4,296 Mil.
Depreciation, Depletion and Amortization(DDA) was $965 Mil.
Selling, General, & Admin. Expense(SGA) was $1,483 Mil.
Total Current Liabilities was $5,804 Mil.
Long-Term Debt & Capital Lease Obligation was $8,704 Mil.
Net Income was 363 + 938 + 218 + 905 = $2,424 Mil.
Non Operating Income was -42 + 565 + -44 + -138 = $341 Mil.
Cash Flow from Operations was 499 + 643 + 244 + 624 = $2,010 Mil.
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Total Receivables was $3,916 Mil.
Revenue was 5114 + 5200 + 4818 + 4640 = $19,772 Mil.
Gross Profit was 893 + 864 + 760 + 813 = $3,330 Mil.
Total Current Assets was $8,490 Mil.
Total Assets was $23,711 Mil.
Property, Plant and Equipment(Net PPE) was $4,090 Mil.
Depreciation, Depletion and Amortization(DDA) was $854 Mil.
Selling, General, & Admin. Expense(SGA) was $1,358 Mil.
Total Current Liabilities was $4,696 Mil.
Long-Term Debt & Capital Lease Obligation was $6,838 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) |
| = | (4000 / 19725) | / | (3916 / 19772) |
| = | 0.202788 | / | 0.198058 |
| | = | 1.0239 |
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) |
| = | (3330 / 19772) | / | (3671 / 19725) |
| = | 0.16842 | / | 0.186109 |
| | = | 0.905 |
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 - (8688 + 4296) / 24766) | / | (1 - (8490 + 4090) / 23711) |
| = | 0.475733 | / | 0.469445 |
| | = | 1.0134 |
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 |
| = | 19725 | / | 19772 |
| | = | 0.9976 |
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)) |
| = | (854 / (854 + 4090)) | / | (965 / (965 + 4296)) |
| = | 0.172735 | / | 0.183425 |
| | = | 0.9417 |
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) |
| = | (1483 / 19725) | / | (1358 / 19772) |
| = | 0.075184 | / | 0.068683 |
| | = | 1.0947 |
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) |
| = | ((8704 + 5804) / 24766) | / | ((6838 + 4696) / 23711) |
| = | 0.585803 | / | 0.486441 |
| | = | 1.2043 |
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 |
| = | (2424 - 341 | - | 2010) | / | 24766 |
| | = | 0.002948 |
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.
Aptiv has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
Aptiv Business Description
Traded in Other Exchanges
Address
5 Hanover Quay, Grand Canal Dock, Dublin, IRL, D02 VY79
Aptiv's signal and power solutions segment supplies components and systems that make up a vehicle's electrical system, including wiring assemblies and harnesses, connectors, electrical centers, and hybrid electrical systems. The advanced safety and user experience segment provides body controls, infotainment and connectivity systems, passive and active safety electronics, advanced driver-assist technologies, and displays, as well as the development of software for these systems. In 2023, Aptiv's top 10 customers accounted for 54% of revenue, all of which were less than 10%. Historically, General Motors, Stellantis, Ford, and Volkswagen, have been the firms largest customers. North America, Europe, and Asia represented approximately 37%, 33%, and 28% of total 2023 revenue, respectively.
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