Rivian Automotive (MEX:RIVN) Beneish M-Score : -1.04 (As of Apr. 14, 2025)

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What is Rivian Automotive Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.04 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Rivian Automotive's Beneish M-Score or its related term are showing as below:

MEX:RIVN' s Beneish M-Score Range Over the Past 10 Years
Min: -1.04 Med: -0.36 Max: 24.56
Current: -1.04

During the past 6 years, the highest Beneish M-Score of Rivian Automotive was 24.56. The lowest was -1.04. And the median was -0.36.

Rivian Automotive Beneish M-Score Historical Data

The historical data trend for Rivian Automotive'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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Rivian Automotive Beneish M-Score Chart

Rivian Automotive Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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24.56

-0.36

-1.04

Rivian Automotive Quarterly Data
	Dec19	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial														-0.36	-0.62	-2.28	-2.90	-1.04

Competitive Comparison of Rivian Automotive's Beneish M-Score

For the Auto Manufacturers subindustry, Rivian Automotive'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.

Rivian Automotive's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Rivian Automotive's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Rivian Automotive's Beneish M-Score falls into.

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Rivian Automotive 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 Rivian Automotive for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.7435

0.528 * 2.0538

0.404 * 2.0664

0.892 * 1.2323

0.115 * 1.0579

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9607

4.679 * -0.180748

0.327 * 1.0631

-0.53

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN9,239 Mil.
Revenue was 36163.784 + 17209.322 + 21214.679 + 19981.891 = MXN94,570 Mil.
Gross Profit was 3545.469 + -7718.598 + -8262.366 + -8746.226 = MXN-21,182 Mil.
Total Current Assets was MXN220,716 Mil.
Total Assets was MXN321,386 Mil.
Property, Plant and Equipment(Net PPE) was MXN91,369 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN19,313 Mil.
Selling, General, & Admin. Expense(SGA) was MXN35,257 Mil.
Total Current Liabilities was MXN46,946 Mil.
Long-Term Debt & Capital Lease Obligation was MXN100,524 Mil.
Net Income was -15495.785 + -21659.33 + -26692.39 + -23998.185 = MXN-87,846 Mil.
Non Operating Income was -1689.312 + 1201.108 + -1850.33 + 33.193 = MXN-2,305 Mil.
Cash Flow from Operations was 24672.293 + -17248.703 + -13813.358 + -21060.648 = MXN-27,450 Mil.

Total Receivables was MXN2,733 Mil.
Revenue was 22321.136 + 23289.065 + 19218.312 + 11914.525 = MXN76,743 Mil.
Gross Profit was -10286.394 + -8308.814 + -7063.287 + -9643.375 = MXN-35,302 Mil.
Total Current Assets was MXN209,004 Mil.
Total Assets was MXN284,794 Mil.
Property, Plant and Equipment(Net PPE) was MXN71,801 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN16,254 Mil.
Selling, General, & Admin. Expense(SGA) was MXN29,782 Mil.
Total Current Liabilities was MXN42,215 Mil.
Long-Term Debt & Capital Lease Obligation was MXN80,713 Mil.

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)
	=	(9239.075 / 94569.676)	/	(2732.854 / 76743.038)
	=	0.097696	/	0.03561
	=	2.7435

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)
	=	(-35301.87 / 76743.038)	/	(-21181.721 / 94569.676)
	=	-0.460001	/	-0.22398
	=	2.0538

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 - (220715.873 + 91368.822) / 321386.337)	/	(1 - (209003.915 + 71801.069) / 284793.933)
	=	0.028942	/	0.014006
	=	2.0664

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
	=	94569.676	/	76743.038
	=	1.2323

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))
	=	(16254.075 / (16254.075 + 71801.069))	/	(19312.99 / (19312.99 + 91368.822))
	=	0.18459	/	0.174491
	=	1.0579

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)
	=	(35257.326 / 94569.676)	/	(29782.021 / 76743.038)
	=	0.372819	/	0.388075
	=	0.9607

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)
	=	((100524.474 + 46946.181) / 321386.337)	/	((80712.549 + 42214.955) / 284793.933)
	=	0.458858	/	0.431637
	=	1.0631

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
	=	(-87845.69 - -2305.341	-	-27450.416)	/	321386.337
	=	-0.180748

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.

Rivian Automotive has a M-score of -0.53 signals that the company is likely to be a manipulator.

Rivian Automotive Beneish M-Score Related Terms

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Rivian Automotive Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Rivian Automotive Inc (MEX:RIVN) » Definitions » Beneish M-Score

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RIVN:USA 99U:Germany

Address

14600 Myford Road, Irvine, CA, USA, 92606

Website

https://www.rivian.com

Rivian Automotive Inc is an automotive manufacturer that develops and builds electric vehicles ("EVs") as well as software and services. It launches its consumer vehicle business with the R1 platform consisting of two vehicles: the R1T, and the R1S. The company has two reportable segments: Automotive, which derives the majority of revenue, and Software and Services segment. The Automotive reportable segment derives its revenues and cost of revenues from the production and sale of new EVs and the sale of regulatory credits generated by the production and sale of EVs. The Software and services reportable segment derives its revenues and cost of revenues primarily from remarketing, vehicle repair and maintenance services, and vehicle electrical architecture and software development services.