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 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.40 |
-2.63 |
-2.23 |
-2.21 |
-2.87 |
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Aptiv Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.25 |
-2.33 |
-2.58 |
-2.87 |
-2.88 |
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 * 1.0057 | + | 0.528 * 0.9244 | + | 0.404 * 0.9816 | + | 0.892 * 0.9753 | + | 0.115 * 0.9375 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0415 | + | 4.679 * -0.055363 | - | 0.327 * 1.1839 |
| = | -2.88 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $3,906 Mil.
Revenue was 4825 + 4907 + 4854 + 5051 = $19,637 Mil.
Gross Profit was 920 + 962 + 903 + 968 = $3,753 Mil.
Total Current Assets was $7,738 Mil.
Total Assets was $23,102 Mil.
Property, Plant and Equipment(Net PPE) was $4,182 Mil.
Depreciation, Depletion and Amortization(DDA) was $976 Mil.
Selling, General, & Admin. Expense(SGA) was $1,483 Mil.
Total Current Liabilities was $4,794 Mil.
Long-Term Debt & Capital Lease Obligation was $8,068 Mil.
Net Income was -11 + 268 + 363 + 938 = $1,558 Mil.
Non Operating Income was -48 + -113 + -42 + 565 = $362 Mil.
Cash Flow from Operations was 273 + 1060 + 499 + 643 = $2,475 Mil.
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Total Receivables was $3,982 Mil.
Revenue was 4901 + 4919 + 5114 + 5200 = $20,134 Mil.
Gross Profit was 878 + 922 + 893 + 864 = $3,557 Mil.
Total Current Assets was $7,691 Mil.
Total Assets was $23,644 Mil.
Property, Plant and Equipment(Net PPE) was $4,294 Mil.
Depreciation, Depletion and Amortization(DDA) was $926 Mil.
Selling, General, & Admin. Expense(SGA) was $1,460 Mil.
Total Current Liabilities was $5,956 Mil.
Long-Term Debt & Capital Lease Obligation was $5,163 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) |
| = | (3906 / 19637) | / | (3982 / 20134) |
| = | 0.19891 | / | 0.197775 |
| | = | 1.0057 |
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) |
| = | (3557 / 20134) | / | (3753 / 19637) |
| = | 0.176666 | / | 0.191119 |
| | = | 0.9244 |
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 - (7738 + 4182) / 23102) | / | (1 - (7691 + 4294) / 23644) |
| = | 0.484027 | / | 0.493106 |
| | = | 0.9816 |
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 |
| = | 19637 | / | 20134 |
| | = | 0.9753 |
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)) |
| = | (926 / (926 + 4294)) | / | (976 / (976 + 4182)) |
| = | 0.177395 | / | 0.189221 |
| | = | 0.9375 |
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 / 19637) | / | (1460 / 20134) |
| = | 0.075521 | / | 0.072514 |
| | = | 1.0415 |
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) |
| = | ((8068 + 4794) / 23102) | / | ((5163 + 5956) / 23644) |
| = | 0.556748 | / | 0.470267 |
| | = | 1.1839 |
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 |
| = | (1558 - 362 | - | 2475) | / | 23102 |
| | = | -0.055363 |
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 -2.88 suggests that the company is unlikely to be a manipulator.
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