On Holding AG Beneish M-Score Historical Data
The historical data trend for On Holding AG'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.
On Holding AG Beneish M-Score Chart
|
On Holding AG Annual Data
|
|
Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
- |
-0.57 |
-2.39 |
|
On Holding AG Quarterly Data
|
|
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
-0.57 |
-0.85 |
-0.85 |
-1.68 |
-2.39 |
Competitive Comparison of On Holding AG's Beneish M-Score
For the Footwear & Accessories subindustry, On Holding AG'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.
On Holding AG's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where On Holding AG's Beneish M-Score falls into.
On Holding AG 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 On Holding AG 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 * 0.718 | + | 0.528 * 0.9407 | + | 0.404 * 1.1429 | + | 0.892 * 1.5555 | + | 0.115 * 0.9758 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0074 | + | 4.679 * -0.026898 | - | 0.327 * 1.128 |
| = | -2.39 |
* 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 $268 Mil.
Revenue was 516.998 + 534.126 + 493.447 + 454.025 = $1,999 Mil.
Gross Profit was 312.327 + 319.809 + 293.758 + 264.614 = $1,191 Mil.
Total Current Assets was $1,331 Mil.
Total Assets was $1,842 Mil.
Property, Plant and Equipment(Net PPE) was $356 Mil.
Depreciation, Depletion and Amortization(DDA) was $73 Mil.
Selling, General, & Admin. Expense(SGA) was $990 Mil.
Total Current Liabilities was $353 Mil.
Long-Term Debt & Capital Lease Obligation was $220 Mil.
Net Income was -30.874 + 65.251 + 3.665 + 47.974 = $86 Mil.
Non Operating Income was -98.867 + 15.34 + -53.865 + 9.508 = $-128 Mil.
Cash Flow from Operations was 140.379 + 119.386 + 4.331 + -0.648 = $263 Mil.
|
Total Receivables was $240 Mil.
Revenue was 393.624 + 336.998 + 300.66 + 253.604 = $1,285 Mil.
Gross Profit was 230.356 + 192.541 + 165.739 + 131.375 = $720 Mil.
Total Current Assets was $1,129 Mil.
Total Assets was $1,484 Mil.
Property, Plant and Equipment(Net PPE) was $246 Mil.
Depreciation, Depletion and Amortization(DDA) was $49 Mil.
Selling, General, & Admin. Expense(SGA) was $632 Mil.
Total Current Liabilities was $261 Mil.
Long-Term Debt & Capital Lease Obligation was $149 Mil.
|
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) |
| = | (268.039 / 1998.596) | / | (240.017 / 1284.886) |
| = | 0.134114 | / | 0.1868 |
| | = | 0.718 |
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) |
| = | (720.011 / 1284.886) | / | (1190.508 / 1998.596) |
| = | 0.56037 | / | 0.595672 |
| | = | 0.9407 |
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 - (1331.29 + 355.574) / 1842.044) | / | (1 - (1128.703 + 245.814) / 1483.899) |
| = | 0.084243 | / | 0.073713 |
| | = | 1.1429 |
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 |
| = | 1998.596 | / | 1284.886 |
| | = | 1.5555 |
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)) |
| = | (48.743 / (48.743 + 245.814)) | / | (72.612 / (72.612 + 355.574)) |
| = | 0.165479 | / | 0.169581 |
| | = | 0.9758 |
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) |
| = | (989.731 / 1998.596) | / | (631.649 / 1284.886) |
| = | 0.495213 | / | 0.491599 |
| | = | 1.0074 |
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) |
| = | ((220.051 + 353.377) / 1842.044) | / | ((148.991 + 260.52) / 1483.899) |
| = | 0.3113 | / | 0.27597 |
| | = | 1.128 |
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 |
| = | (86.016 - -127.884 | - | 263.448) | / | 1842.044 |
| | = | -0.026898 |
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.
On Holding AG has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ONON has been successfully added to your