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
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On Holding AG Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.57 |
-2.39 |
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On Holding AG Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.68 |
-2.39 |
-2.61 |
-3.14 |
-3.00 |
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 * 1.0039 | + | 0.528 * 0.9824 | + | 0.404 * 0.7098 | + | 0.892 * 1.3196 | + | 0.115 * 0.8408 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0169 | + | 4.679 * -0.129936 | - | 0.327 * 1.1632 |
| = | -3.00 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $378 Mil.
Revenue was 750.472 + 635.153 + 571.911 + 516.998 = $2,475 Mil.
Gross Profit was 454.792 + 380.622 + 341.323 + 312.327 = $1,489 Mil.
Total Current Assets was $1,835 Mil.
Total Assets was $2,485 Mil.
Property, Plant and Equipment(Net PPE) was $509 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $1,260 Mil.
Total Current Liabilities was $631 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 36.001 + 34.46 + 102.858 + -30.874 = $142 Mil.
Non Operating Income was -50.283 + -5.035 + 86.428 + -98.867 = $-68 Mil.
Cash Flow from Operations was 186.851 + 114.679 + 91.155 + 140.379 = $533 Mil.
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Total Receivables was $286 Mil.
Revenue was 534.126 + 493.447 + 454.025 + 393.624 = $1,875 Mil.
Gross Profit was 319.809 + 293.758 + 264.614 + 230.356 = $1,109 Mil.
Total Current Assets was $1,389 Mil.
Total Assets was $1,896 Mil.
Property, Plant and Equipment(Net PPE) was $355 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $939 Mil.
Total Current Liabilities was $414 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (378.305 / 2474.534) | / | (285.571 / 1875.222) |
| = | 0.152879 | / | 0.152287 |
| | = | 1.0039 |
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) |
| = | (1108.537 / 1875.222) | / | (1489.064 / 2474.534) |
| = | 0.59115 | / | 0.601755 |
| | = | 0.9824 |
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 - (1835.104 + 508.617) / 2484.773) | / | (1 - (1388.728 + 355.38) / 1895.731) |
| = | 0.056767 | / | 0.079981 |
| | = | 0.7098 |
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 |
| = | 2474.534 | / | 1875.222 |
| | = | 1.3196 |
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)) |
| = | (62.655 / (62.655 + 355.38)) | / | (110.339 / (110.339 + 508.617)) |
| = | 0.14988 | / | 0.178266 |
| | = | 0.8408 |
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) |
| = | (1260.061 / 2474.534) | / | (939.044 / 1875.222) |
| = | 0.509211 | / | 0.500764 |
| | = | 1.0169 |
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) |
| = | ((0 + 631.492) / 2484.773) | / | ((0 + 414.184) / 1895.731) |
| = | 0.254145 | / | 0.218482 |
| | = | 1.1632 |
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 |
| = | (142.445 - -67.757 | - | 533.064) | / | 2484.773 |
| | = | -0.129936 |
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 -3.00 suggests that the company is unlikely to be a manipulator.
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