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 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.83 |
-2.79 |
-2.36 |
-2.46 |
-2.52 |
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Mercedes-Benz Group AG Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.46 |
-2.47 |
-2.42 |
-2.49 |
-2.52 |
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 * 0.9968 | + | 0.528 * 1.168 | + | 0.404 * 0.9957 | + | 0.892 * 0.9541 | + | 0.115 * 0.9989 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0055 | + | 4.679 * -0.029317 | - | 0.327 * 0.9856 |
| = | -2.57 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was zł169,021 Mil.
Revenue was 155683.969 + 148182.718 + 152936.034 + 150775.506 = zł607,578 Mil.
Gross Profit was 30100.25 + 26659.843 + 32565.972 + 29866.773 = zł119,193 Mil.
Total Current Assets was zł412,054 Mil.
Total Assets was zł1,073,025 Mil.
Property, Plant and Equipment(Net PPE) was zł290,544 Mil.
Depreciation, Depletion and Amortization(DDA) was zł28,261 Mil.
Selling, General, & Admin. Expense(SGA) was zł52,188 Mil.
Total Current Liabilities was zł302,970 Mil.
Long-Term Debt & Capital Lease Obligation was zł253,439 Mil.
Net Income was 10057.711 + 7437.461 + 12553.55 + 12499.829 = zł42,549 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 22577.212 + 21016.299 + 11229.933 + 19182.656 = zł74,006 Mil.
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Total Receivables was zł177,708 Mil.
Revenue was 168570.248 + 152694.992 + 160205.884 + 155317.566 = zł636,789 Mil.
Gross Profit was 35914.369 + 33204.073 + 37666.669 + 39123.334 = zł145,908 Mil.
Total Current Assets was zł438,681 Mil.
Total Assets was zł1,109,108 Mil.
Property, Plant and Equipment(Net PPE) was zł285,907 Mil.
Depreciation, Depletion and Amortization(DDA) was zł27,777 Mil.
Selling, General, & Admin. Expense(SGA) was zł54,398 Mil.
Total Current Liabilities was zł351,216 Mil.
Long-Term Debt & Capital Lease Obligation was zł232,315 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) |
| = | (169021.369 / 607578.227) | / | (177708.023 / 636788.69) |
| = | 0.278189 | / | 0.279069 |
| | = | 0.9968 |
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) |
| = | (145908.445 / 636788.69) | / | (119192.838 / 607578.227) |
| = | 0.229132 | / | 0.196177 |
| | = | 1.168 |
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 - (412054.37 + 290543.943) / 1073024.935) | / | (1 - (438680.708 + 285906.542) / 1109107.556) |
| = | 0.345217 | / | 0.346693 |
| | = | 0.9957 |
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 |
| = | 607578.227 | / | 636788.69 |
| | = | 0.9541 |
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)) |
| = | (27777.026 / (27777.026 + 285906.542)) | / | (28260.719 / (28260.719 + 290543.943)) |
| = | 0.088551 | / | 0.088646 |
| | = | 0.9989 |
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) |
| = | (52187.891 / 607578.227) | / | (54397.535 / 636788.69) |
| = | 0.085895 | / | 0.085425 |
| | = | 1.0055 |
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) |
| = | ((253438.926 + 302970.317) / 1073024.935) | / | ((232315.405 + 351216.128) / 1109107.556) |
| = | 0.518543 | / | 0.526127 |
| | = | 0.9856 |
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 |
| = | (42548.551 - 0 | - | 74006.1) | / | 1073024.935 |
| | = | -0.029317 |
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 -2.57 suggests that the company is unlikely to be a manipulator.
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