American Axle & Mfg Holdings Beneish M-Score Historical Data
The historical data trend for American Axle & Mfg Holdings'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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American Axle & Mfg Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-2.80 |
-2.93 |
-2.63 |
-2.74 |
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American Axle & Mfg Holdings 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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-2.63 |
-2.72 |
-2.73 |
-2.93 |
-2.74 |
Competitive Comparison
For the Auto Parts subindustry, American Axle & Mfg Holdings'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.
American Axle & Mfg Holdings Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, American Axle & Mfg Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where American Axle & Mfg Holdings's Beneish M-Score falls into.
American Axle & Mfg Holdings 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 American Axle & Mfg Holdings 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 * 0.9524 | + | 0.528 * 1.183 | + | 0.404 * 1.0263 | + | 0.892 * 1.0478 | + | 0.115 * 0.9541 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0147 | + | 4.679 * -0.07634 | - | 0.327 * 1.0007 |
| = | -2.74 |
* 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 $819 Mil.
Revenue was 1463 + 1551.9 + 1570.7 + 1493.9 = $6,080 Mil.
Gross Profit was 154.9 + 130.6 + 178.2 + 160.6 = $624 Mil.
Total Current Assets was $2,007 Mil.
Total Assets was $5,356 Mil.
Property, Plant and Equipment(Net PPE) was $1,877 Mil.
Depreciation, Depletion and Amortization(DDA) was $487 Mil.
Selling, General, & Admin. Expense(SGA) was $367 Mil.
Total Current Liabilities was $1,202 Mil.
Long-Term Debt & Capital Lease Obligation was $2,847 Mil.
Net Income was -19.1 + -17.4 + 8 + -5.1 = $-34 Mil.
Non Operating Income was -8.2 + -3.1 + -8.1 + -1.4 = $-21 Mil.
Cash Flow from Operations was 52.9 + 178.3 + 132.8 + 32.1 = $396 Mil.
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Total Receivables was $820 Mil.
Revenue was 1392.7 + 1535.2 + 1438.3 + 1436.2 = $5,802 Mil.
Gross Profit was 167.2 + 177.4 + 173.5 + 186.8 = $705 Mil.
Total Current Assets was $1,993 Mil.
Total Assets was $5,469 Mil.
Property, Plant and Equipment(Net PPE) was $2,010 Mil.
Depreciation, Depletion and Amortization(DDA) was $492 Mil.
Selling, General, & Admin. Expense(SGA) was $345 Mil.
Total Current Liabilities was $1,199 Mil.
Long-Term Debt & Capital Lease Obligation was $2,932 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) |
| = | (818.5 / 6079.5) | / | (820.2 / 5802.4) |
| = | 0.134633 | / | 0.141355 |
| | = | 0.9524 |
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) |
| = | (704.9 / 5802.4) | / | (624.3 / 6079.5) |
| = | 0.121484 | / | 0.102689 |
| | = | 1.183 |
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 - (2006.6 + 1876.5) / 5356.3) | / | (1 - (1993.4 + 2010.2) / 5469.4) |
| = | 0.275041 | / | 0.268 |
| | = | 1.0263 |
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 |
| = | 6079.5 | / | 5802.4 |
| | = | 1.0478 |
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)) |
| = | (492.1 / (492.1 + 2010.2)) | / | (487.2 / (487.2 + 1876.5)) |
| = | 0.196659 | / | 0.206118 |
| | = | 0.9541 |
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) |
| = | (366.9 / 6079.5) | / | (345.1 / 5802.4) |
| = | 0.06035 | / | 0.059475 |
| | = | 1.0147 |
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) |
| = | ((2847.4 + 1201.6) / 5356.3) | / | ((2932.3 + 1199.3) / 5469.4) |
| = | 0.755932 | / | 0.755403 |
| | = | 1.0007 |
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 |
| = | (-33.6 - -20.8 | - | 396.1) | / | 5356.3 |
| | = | -0.07634 |
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.
American Axle & Mfg Holdings has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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