Gentex Beneish M-Score Historical Data
The historical data trend for Gentex'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.
Gentex Beneish M-Score Chart
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Gentex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.54 |
-2.58 |
-2.45 |
-2.50 |
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Gentex 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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-2.37 |
-2.50 |
-2.61 |
-2.81 |
-2.60 |
Competitive Comparison of Gentex's Beneish M-Score
For the Auto Parts subindustry, Gentex'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.
Gentex's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Gentex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gentex's Beneish M-Score falls into.
Gentex 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 Gentex 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 * 0.9283 | + | 0.528 * 0.9569 | + | 0.404 * 1.0285 | + | 0.892 * 1.0511 | + | 0.115 * 1.1301 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0309 | + | 4.679 * -0.032746 | - | 0.327 * 0.9652 |
| = | -2.64 |
* 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 €321 Mil.
Revenue was 548.282 + 532.248 + 543.007 + 540.234 = €2,164 Mil.
Gross Profit was 183.862 + 175.175 + 186.059 + 186.489 = €732 Mil.
Total Current Assets was €942 Mil.
Total Assets was €2,465 Mil.
Property, Plant and Equipment(Net PPE) was €634 Mil.
Depreciation, Depletion and Amortization(DDA) was €85 Mil.
Selling, General, & Admin. Expense(SGA) was €110 Mil.
Total Current Liabilities was €255 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 110.417 + 79.931 + 99.573 + 107.238 = €397 Mil.
Non Operating Income was 17.774 + -12.591 + -1.562 + 2.868 = €6 Mil.
Cash Flow from Operations was 76.306 + 120.073 + 119.487 + 155.506 = €471 Mil.
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Total Receivables was €329 Mil.
Revenue was 539.57 + 538.546 + 514.411 + 466.004 = €2,059 Mil.
Gross Profit was 179.38 + 178.216 + 163.204 + 145.219 = €666 Mil.
Total Current Assets was €989 Mil.
Total Assets was €2,397 Mil.
Property, Plant and Equipment(Net PPE) was €568 Mil.
Depreciation, Depletion and Amortization(DDA) was €88 Mil.
Selling, General, & Admin. Expense(SGA) was €101 Mil.
Total Current Liabilities was €257 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) |
| = | (321.061 / 2163.771) | / | (329.02 / 2058.531) |
| = | 0.14838 | / | 0.159832 |
| | = | 0.9283 |
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) |
| = | (666.019 / 2058.531) | / | (731.585 / 2163.771) |
| = | 0.323541 | / | 0.338106 |
| | = | 0.9569 |
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 - (942.161 + 633.928) / 2464.503) | / | (1 - (988.959 + 567.992) / 2397.145) |
| = | 0.360484 | / | 0.350498 |
| | = | 1.0285 |
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 |
| = | 2163.771 | / | 2058.531 |
| | = | 1.0511 |
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)) |
| = | (88.083 / (88.083 + 567.992)) | / | (85.463 / (85.463 + 633.928)) |
| = | 0.134258 | / | 0.118799 |
| | = | 1.1301 |
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) |
| = | (109.597 / 2163.771) | / | (101.144 / 2058.531) |
| = | 0.050651 | / | 0.049134 |
| | = | 1.0309 |
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 + 255.132) / 2464.503) | / | ((0 + 257.118) / 2397.145) |
| = | 0.103523 | / | 0.10726 |
| | = | 0.9652 |
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 |
| = | (397.159 - 6.489 | - | 471.372) | / | 2464.503 |
| | = | -0.032746 |
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.
Gentex has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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