GEA Group AG Beneish M-Score Historical Data
The historical data trend for GEA 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.
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GEA 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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-3.15 |
-3.16 |
-2.86 |
-2.48 |
-2.54 |
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GEA 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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-2.48 |
-2.45 |
-2.41 |
-2.54 |
-2.54 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, GEA 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.
GEA Group AG Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, GEA Group AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GEA Group AG's Beneish M-Score falls into.
GEA 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 GEA 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 * 0.998 | + | 0.528 * 0.9799 | + | 0.404 * 1.0139 | + | 0.892 * 1.0686 | + | 0.115 * 1.0795 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9811 | + | 4.679 * -0.023716 | - | 0.327 * 0.9513 |
| = | -2.51 |
* 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 $1,297 Mil.
Revenue was 1536.881 + 1441.912 + 1454.205 + 1360.672 = $5,794 Mil.
Gross Profit was 500.164 + 505.192 + 494.803 + 463.549 = $1,964 Mil.
Total Current Assets was $3,112 Mil.
Total Assets was $6,493 Mil.
Property, Plant and Equipment(Net PPE) was $868 Mil.
Depreciation, Depletion and Amortization(DDA) was $209 Mil.
Selling, General, & Admin. Expense(SGA) was $1,298 Mil.
Total Current Liabilities was $2,714 Mil.
Long-Term Debt & Capital Lease Obligation was $214 Mil.
Net Income was 100.797 + 128.973 + 105.956 + 87.461 = $423 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 347.561 + 250.808 + 32.535 + -53.728 = $577 Mil.
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Total Receivables was $1,217 Mil.
Revenue was 1497.615 + 1340.189 + 1343.536 + 1240.517 = $5,422 Mil.
Gross Profit was 490.605 + 453.698 + 439.335 + 417.196 = $1,801 Mil.
Total Current Assets was $3,113 Mil.
Total Assets was $6,272 Mil.
Property, Plant and Equipment(Net PPE) was $766 Mil.
Depreciation, Depletion and Amortization(DDA) was $203 Mil.
Selling, General, & Admin. Expense(SGA) was $1,238 Mil.
Total Current Liabilities was $2,754 Mil.
Long-Term Debt & Capital Lease Obligation was $219 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) |
| = | (1297.366 / 5793.67) | / | (1216.581 / 5421.857) |
| = | 0.223928 | / | 0.224385 |
| | = | 0.998 |
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) |
| = | (1800.834 / 5421.857) | / | (1963.708 / 5793.67) |
| = | 0.332143 | / | 0.33894 |
| | = | 0.9799 |
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 - (3112.089 + 868.351) / 6493.179) | / | (1 - (3112.661 + 765.619) / 6272.257) |
| = | 0.386981 | / | 0.381677 |
| | = | 1.0139 |
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 |
| = | 5793.67 | / | 5421.857 |
| | = | 1.0686 |
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)) |
| = | (203.196 / (203.196 + 765.619)) | / | (209.391 / (209.391 + 868.351)) |
| = | 0.209737 | / | 0.194287 |
| | = | 1.0795 |
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) |
| = | (1298.004 / 5793.67) | / | (1238.083 / 5421.857) |
| = | 0.224038 | / | 0.22835 |
| | = | 0.9811 |
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) |
| = | ((213.575 + 2713.838) / 6493.179) | / | ((219.084 + 2753.637) / 6272.257) |
| = | 0.450844 | / | 0.473948 |
| | = | 0.9513 |
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 |
| = | (423.187 - 0 | - | 577.176) | / | 6493.179 |
| | = | -0.023716 |
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.
GEA Group AG has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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