Tesla Beneish M-Score Historical Data
The historical data trend for Tesla'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.
Tesla Beneish M-Score Chart
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Tesla Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.71 |
-2.47 |
-2.04 |
-1.63 |
-2.54 |
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Tesla 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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-1.63 |
-1.60 |
-1.95 |
-1.93 |
-2.54 |
Competitive Comparison of Tesla's Beneish M-Score
For the Auto Manufacturers subindustry, Tesla'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.
Tesla's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Tesla's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tesla's Beneish M-Score falls into.
Tesla 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 Tesla 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 * 1.4047 | + | 0.528 * 1.0229 | + | 0.404 * 0.8978 | + | 0.892 * 1.1016 | + | 0.115 * 1.1051 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0555 | + | 4.679 * -0.062305 | - | 0.327 * 0.8561 |
| = | -2.29 |
* 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 MXN92,140 Mil.
Revenue was 536137.48 + 495841.135 + 467162.627 + 353516.828 = MXN1,852,658 Mil.
Gross Profit was 87155.97 + 98392.429 + 83869.432 + 61339.759 = MXN330,758 Mil.
Total Current Assets was MXN1,217,139 Mil.
Total Assets was MXN2,545,855 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,074,089 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN101,835 Mil.
Selling, General, & Admin. Expense(SGA) was MXN96,934 Mil.
Total Current Liabilities was MXN601,082 Mil.
Long-Term Debt & Capital Lease Obligation was MXN120,066 Mil.
Net Income was 48322.657 + 42668.88 + 27077.112 + 18737.172 = MXN136,806 Mil.
Non Operating Income was 17310.231 + -6399.348 + -11028.702 + 1792.396 = MXN1,675 Mil.
Cash Flow from Operations was 100399.34 + 123162.827 + 66172.212 + 4016.294 = MXN293,751 Mil.
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Total Receivables was MXN59,546 Mil.
Revenue was 427190.899 + 406731.245 + 427345.996 + 420505.225 = MXN1,681,773 Mil.
Gross Profit was 75331.713 + 72776.152 + 77713.299 + 81310.775 = MXN307,132 Mil.
Total Current Assets was MXN842,194 Mil.
Total Assets was MXN1,809,760 Mil.
Property, Plant and Equipment(Net PPE) was MXN765,946 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN81,063 Mil.
Selling, General, & Admin. Expense(SGA) was MXN83,366 Mil.
Total Current Liabilities was MXN487,976 Mil.
Long-Term Debt & Capital Lease Obligation was MXN110,808 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) |
| = | (92140.483 / 1852658.07) | / | (59545.662 / 1681773.365) |
| = | 0.049734 | / | 0.035406 |
| | = | 1.4047 |
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) |
| = | (307131.939 / 1681773.365) | / | (330757.59 / 1852658.07) |
| = | 0.182624 | / | 0.178531 |
| | = | 1.0229 |
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 - (1217138.651 + 1074089.405) / 2545855.297) | / | (1 - (842194.288 + 765945.966) / 1809760.372) |
| = | 0.100016 | / | 0.111407 |
| | = | 0.8978 |
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 |
| = | 1852658.07 | / | 1681773.365 |
| | = | 1.1016 |
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)) |
| = | (81062.823 / (81062.823 + 765945.966)) | / | (101834.677 / (101834.677 + 1074089.405)) |
| = | 0.095705 | / | 0.0866 |
| | = | 1.1051 |
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) |
| = | (96934.256 / 1852658.07) | / | (83366.2 / 1681773.365) |
| = | 0.052322 | / | 0.04957 |
| | = | 1.0555 |
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) |
| = | ((120066.265 + 601082.129) / 2545855.297) | / | ((110807.891 + 487975.681) / 1809760.372) |
| = | 0.283264 | / | 0.330863 |
| | = | 0.8561 |
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 |
| = | (136805.821 - 1674.577 | - | 293750.673) | / | 2545855.297 |
| | = | -0.062305 |
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.
Tesla has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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