Asbury Automotive Group Beneish M-Score Historical Data
The historical data trend for Asbury Automotive Group'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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Asbury Automotive Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.48 |
-2.15 |
-2.30 |
-2.04 |
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Asbury Automotive Group 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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-2.30 |
-2.35 |
-2.36 |
-2.07 |
-2.04 |
Competitive Comparison
For the Auto & Truck Dealerships subindustry, Asbury Automotive Group'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.
Asbury Automotive Group Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Asbury Automotive Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asbury Automotive Group's Beneish M-Score falls into.
Asbury Automotive Group 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 Asbury Automotive Group 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 * 1.3196 | + | 0.528 * 1.0791 | + | 0.404 * 0.9119 | + | 0.892 * 0.9591 | + | 0.115 * 1.1915 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9563 | + | 4.679 * 0.038703 | - | 0.327 * 1.0988 |
| = | -2.04 |
* 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 $565 Mil.
Revenue was 3811.7 + 3666.2 + 3742.4 + 3582.3 = $14,803 Mil.
Gross Profit was 673 + 673.5 + 713.1 + 696.2 = $2,756 Mil.
Total Current Assets was $3,057 Mil.
Total Assets was $10,159 Mil.
Property, Plant and Equipment(Net PPE) was $2,557 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $1,617 Mil.
Total Current Liabilities was $2,876 Mil.
Long-Term Debt & Capital Lease Obligation was $3,343 Mil.
Net Income was 55.5 + 169.2 + 196.4 + 181.4 = $603 Mil.
Non Operating Income was -117.2 + 0 + 13.5 + 0 = $-104 Mil.
Cash Flow from Operations was 73.2 + 18.1 + 50 + 171.7 = $313 Mil.
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Total Receivables was $446 Mil.
Revenue was 3705.9 + 3866 + 3950.2 + 3911.8 = $15,434 Mil.
Gross Profit was 738.1 + 767.8 + 802.7 + 792 = $3,101 Mil.
Total Current Assets was $1,910 Mil.
Total Assets was $8,021 Mil.
Property, Plant and Equipment(Net PPE) was $2,177 Mil.
Depreciation, Depletion and Amortization(DDA) was $69 Mil.
Selling, General, & Admin. Expense(SGA) was $1,763 Mil.
Total Current Liabilities was $1,033 Mil.
Long-Term Debt & Capital Lease Obligation was $3,435 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) |
| = | (564.7 / 14802.6) | / | (446.2 / 15433.9) |
| = | 0.038149 | / | 0.02891 |
| | = | 1.3196 |
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) |
| = | (3100.6 / 15433.9) | / | (2755.8 / 14802.6) |
| = | 0.200895 | / | 0.18617 |
| | = | 1.0791 |
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 - (3057.1 + 2557.4) / 10159.4) | / | (1 - (1909.8 + 2176.5) / 8021.4) |
| = | 0.447359 | / | 0.490575 |
| | = | 0.9119 |
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 |
| = | 14802.6 | / | 15433.9 |
| | = | 0.9591 |
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)) |
| = | (69 / (69 + 2176.5)) | / | (67.7 / (67.7 + 2557.4)) |
| = | 0.030728 | / | 0.025789 |
| | = | 1.1915 |
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) |
| = | (1617.3 / 14802.6) | / | (1763.4 / 15433.9) |
| = | 0.109258 | / | 0.114255 |
| | = | 0.9563 |
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) |
| = | ((3343.3 + 2875.7) / 10159.4) | / | ((3435.2 + 1033.4) / 8021.4) |
| = | 0.612142 | / | 0.557085 |
| | = | 1.0988 |
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 |
| = | (602.5 - -103.7 | - | 313) | / | 10159.4 |
| | = | 0.038703 |
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.
Asbury Automotive Group has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.
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