Ratos AB Beneish M-Score Historical Data
The historical data trend for Ratos AB'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.
Ratos AB Beneish M-Score Chart
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Ratos AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.95 |
-3.33 |
-1.82 |
-2.11 |
-2.83 |
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Ratos AB Quarterly Data
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Dec19 |
Mar20 |
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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-2.63 |
-2.83 |
-2.70 |
-2.66 |
-2.70 |
Competitive Comparison of Ratos AB's Beneish M-Score
For the Engineering & Construction subindustry, Ratos AB'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.
Ratos AB's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Ratos AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ratos AB's Beneish M-Score falls into.
Ratos AB 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 Ratos AB 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 * 0.9758 | + | 0.528 * 0.987 | + | 0.404 * 1.0602 | + | 0.892 * 0.9817 | + | 0.115 * 0.6589 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.055973 | - | 0.327 * 0.9926 |
| = | -2.63 |
* 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 $503 Mil.
Revenue was 728.712 + 869.076 + 751.587 + 775.912 = $3,125 Mil.
Gross Profit was 274.905 + 404.596 + 342.897 + 328.537 = $1,351 Mil.
Total Current Assets was $890 Mil.
Total Assets was $3,404 Mil.
Property, Plant and Equipment(Net PPE) was $590 Mil.
Depreciation, Depletion and Amortization(DDA) was $242 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $967 Mil.
Long-Term Debt & Capital Lease Obligation was $808 Mil.
Net Income was -14.273 + 57.977 + 2.017 + 46.307 = $92 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 76.547 + 133.213 + -13.159 + 85.985 = $283 Mil.
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Total Receivables was $525 Mil.
Revenue was 719.093 + 928.676 + 746.16 + 789.651 = $3,184 Mil.
Gross Profit was 313.492 + 406.348 + 326.833 + 311.621 = $1,358 Mil.
Total Current Assets was $889 Mil.
Total Assets was $3,202 Mil.
Property, Plant and Equipment(Net PPE) was $606 Mil.
Depreciation, Depletion and Amortization(DDA) was $144 Mil.
Selling, General, & Admin. Expense(SGA) was $68 Mil.
Total Current Liabilities was $845 Mil.
Long-Term Debt & Capital Lease Obligation was $837 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) |
| = | (502.884 / 3125.287) | / | (524.953 / 3183.58) |
| = | 0.160908 | / | 0.164894 |
| | = | 0.9758 |
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) |
| = | (1358.294 / 3183.58) | / | (1350.935 / 3125.287) |
| = | 0.426656 | / | 0.43226 |
| | = | 0.987 |
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 - (890.019 + 589.598) / 3404.438) | / | (1 - (888.514 + 605.965) / 3202.133) |
| = | 0.565386 | / | 0.533286 |
| | = | 1.0602 |
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 |
| = | 3125.287 | / | 3183.58 |
| | = | 0.9817 |
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)) |
| = | (143.969 / (143.969 + 605.965)) | / | (242.404 / (242.404 + 589.598)) |
| = | 0.191976 | / | 0.29135 |
| | = | 0.6589 |
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) |
| = | (0 / 3125.287) | / | (67.932 / 3183.58) |
| = | 0 | / | 0.021338 |
| | = | 0 |
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) |
| = | ((808.192 + 966.957) / 3404.438) | / | ((836.641 + 845.392) / 3202.133) |
| = | 0.521422 | / | 0.525285 |
| | = | 0.9926 |
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 |
| = | (92.028 - 0 | - | 282.586) | / | 3404.438 |
| | = | -0.055973 |
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.
Ratos AB has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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