Mercedes-Benz Group AG Beneish M-Score Historical Data
The historical data trend for Mercedes-Benz Group 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.
Mercedes-Benz Group AG Beneish M-Score Chart
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Mercedes-Benz Group AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.83 |
-2.79 |
-2.36 |
-2.46 |
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Mercedes-Benz Group AG 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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-2.36 |
-2.41 |
-2.43 |
-2.40 |
-2.46 |
Competitive Comparison of Mercedes-Benz Group AG's Beneish M-Score
For the Auto Manufacturers subindustry, Mercedes-Benz Group 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.
Mercedes-Benz Group AG's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Mercedes-Benz Group AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mercedes-Benz Group AG's Beneish M-Score falls into.
Mercedes-Benz Group 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 Mercedes-Benz Group 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 * 0.9919 | + | 0.528 * 1.0107 | + | 0.404 * 1.0204 | + | 0.892 * 1.0477 | + | 0.115 * 0.9708 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0077 | + | 4.679 * -0.000817 | - | 0.327 * 0.9712 |
| = | -2.43 |
* 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 $45,076 Mil.
Revenue was 43905.125 + 39701.174 + 41431.203 + 40167.024 = $165,205 Mil.
Gross Profit was 8703.381 + 8574.173 + 9704.225 + 10071.734 = $37,054 Mil.
Total Current Assets was $113,448 Mil.
Total Assets was $286,829 Mil.
Property, Plant and Equipment(Net PPE) was $73,939 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,183 Mil.
Selling, General, & Admin. Expense(SGA) was $13,388 Mil.
Total Current Liabilities was $89,895 Mil.
Long-Term Debt & Capital Lease Obligation was $60,080 Mil.
Net Income was 3399.128 + 3880.47 + 3860.238 + 4223.769 = $15,364 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 3926.936 + 3760.939 + 3916.576 + 3993.576 = $15,598 Mil.
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Total Receivables was $43,375 Mil.
Revenue was 43435.381 + 37342.574 + 38520.085 + 38389.868 = $157,688 Mil.
Gross Profit was 9292.373 + 8695.05 + 8987.315 + 8770.925 = $35,746 Mil.
Total Current Assets was $108,977 Mil.
Total Assets was $275,440 Mil.
Property, Plant and Equipment(Net PPE) was $72,883 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,855 Mil.
Selling, General, & Admin. Expense(SGA) was $12,682 Mil.
Total Current Liabilities was $93,647 Mil.
Long-Term Debt & Capital Lease Obligation was $54,650 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) |
| = | (45076.336 / 165204.526) | / | (43375 / 157687.908) |
| = | 0.272852 | / | 0.275069 |
| | = | 0.9919 |
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) |
| = | (35745.663 / 157687.908) | / | (37053.513 / 165204.526) |
| = | 0.226686 | / | 0.224289 |
| | = | 1.0107 |
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 - (113448.201 + 73938.931) / 286828.79) | / | (1 - (108976.695 + 72883.475) / 275439.619) |
| = | 0.346693 | / | 0.339746 |
| | = | 1.0204 |
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 |
| = | 165204.526 | / | 157687.908 |
| | = | 1.0477 |
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)) |
| = | (6855.035 / (6855.035 + 72883.475)) | / | (7183.479 / (7183.479 + 73938.931)) |
| = | 0.085969 | / | 0.088551 |
| | = | 0.9708 |
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) |
| = | (13387.966 / 165204.526) | / | (12681.624 / 157687.908) |
| = | 0.081039 | / | 0.080422 |
| | = | 1.0077 |
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) |
| = | ((60079.607 + 89895.311) / 286828.79) | / | ((54650.424 + 93647.246) / 275439.619) |
| = | 0.522873 | / | 0.538404 |
| | = | 0.9712 |
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 |
| = | (15363.605 - 0 | - | 15598.027) | / | 286828.79 |
| | = | -0.000817 |
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.
Mercedes-Benz Group AG has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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