WABCO Holdings Beneish M-Score Historical Data
The historical data trend for WABCO 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.
WABCO Holdings Beneish M-Score Chart
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WABCO Holdings Annual Data
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Trend |
Dec10 |
Dec11 |
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Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.83 |
-2.85 |
-2.29 |
-2.46 |
-2.77 |
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WABCO Holdings Quarterly Data
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Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
| Beneish M-Score |
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-2.48 |
-2.51 |
-2.67 |
-2.77 |
-2.74 |
Competitive Comparison of WABCO Holdings's Beneish M-Score
For the Auto Parts subindustry, WABCO 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.
WABCO Holdings's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, WABCO Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WABCO Holdings's Beneish M-Score falls into.
WABCO 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 WABCO 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 * 0.9175 | + | 0.528 * 1.0497 | + | 0.404 * 1.2146 | + | 0.892 * 0.8601 | + | 0.115 * 1.0293 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1003 | + | 4.679 * -0.037691 | - | 0.327 * 0.8955 |
| = | -2.72 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was $578 Mil.
Revenue was 745.7 + 777.4 + 798.4 + 912.8 = $3,234 Mil.
Gross Profit was 211.9 + 211.5 + 238.9 + 268.8 = $931 Mil.
Total Current Assets was $1,681 Mil.
Total Assets was $4,017 Mil.
Property, Plant and Equipment(Net PPE) was $668 Mil.
Depreciation, Depletion and Amortization(DDA) was $121 Mil.
Selling, General, & Admin. Expense(SGA) was $457 Mil.
Total Current Liabilities was $611 Mil.
Long-Term Debt & Capital Lease Obligation was $883 Mil.
Net Income was 25.2 + 33.1 + 58 + 70.6 = $187 Mil.
Non Operating Income was -11.8 + -8.1 + -3.9 + -6.9 = $-31 Mil.
Cash Flow from Operations was -12.1 + 132.4 + 165.7 + 83 = $369 Mil.
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Total Receivables was $733 Mil.
Revenue was 932.9 + 911.6 + 914.8 + 1001.2 = $3,761 Mil.
Gross Profit was 272.9 + 278.1 + 275.1 + 310.3 = $1,136 Mil.
Total Current Assets was $1,991 Mil.
Total Assets was $4,048 Mil.
Property, Plant and Equipment(Net PPE) was $673 Mil.
Depreciation, Depletion and Amortization(DDA) was $126 Mil.
Selling, General, & Admin. Expense(SGA) was $483 Mil.
Total Current Liabilities was $766 Mil.
Long-Term Debt & Capital Lease Obligation was $916 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) |
| = | (578.4 / 3234.3) | / | (733 / 3760.5) |
| = | 0.178833 | / | 0.194921 |
| | = | 0.9175 |
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) |
| = | (1136.4 / 3760.5) | / | (931.1 / 3234.3) |
| = | 0.302194 | / | 0.287883 |
| | = | 1.0497 |
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 - (1680.5 + 668.1) / 4016.9) | / | (1 - (1991.1 + 672.9) / 4048.2) |
| = | 0.41532 | / | 0.34193 |
| | = | 1.2146 |
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 |
| = | 3234.3 | / | 3760.5 |
| | = | 0.8601 |
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)) |
| = | (125.8 / (125.8 + 672.9)) | / | (120.7 / (120.7 + 668.1)) |
| = | 0.157506 | / | 0.153017 |
| | = | 1.0293 |
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) |
| = | (457 / 3234.3) | / | (482.9 / 3760.5) |
| = | 0.141298 | / | 0.128414 |
| | = | 1.1003 |
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) |
| = | ((883.1 + 611.3) / 4016.9) | / | ((915.9 + 765.9) / 4048.2) |
| = | 0.372028 | / | 0.415444 |
| | = | 0.8955 |
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 |
| = | (186.9 - -30.7 | - | 369) | / | 4016.9 |
| | = | -0.037691 |
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.
WABCO Holdings has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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