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.
GEA Group AG Beneish M-Score Chart
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GEA Group AG Annual Data
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Trend |
Dec14 |
Dec15 |
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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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Dec19 |
Mar20 |
Jun20 |
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Mar21 |
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Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.54 |
-2.54 |
-2.56 |
-2.73 |
-2.69 |
Competitive Comparison of GEA Group AG's Beneish M-Score
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's Beneish M-Score Distribution in the Industrial Products Industry
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 * 0.9453 | + | 0.528 * 0.9718 | + | 0.404 * 1.0411 | + | 0.892 * 0.9899 | + | 0.115 * 1.0182 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0365 | + | 4.679 * -0.031315 | - | 0.327 * 1.0078 |
| = | -2.69 |
* 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 €1,105 Mil.
Revenue was 1349.849 + 1323.343 + 1241.165 + 1409.32 = €5,324 Mil.
Gross Profit was 490.079 + 478.301 + 433.255 + 458.65 = €1,860 Mil.
Total Current Assets was €2,604 Mil.
Total Assets was €5,702 Mil.
Property, Plant and Equipment(Net PPE) was €856 Mil.
Depreciation, Depletion and Amortization(DDA) was €212 Mil.
Selling, General, & Admin. Expense(SGA) was €1,242 Mil.
Total Current Liabilities was €2,381 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 112.018 + 98.757 + 90.562 + 92.431 = €394 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 179.701 + 116.829 + -42.907 + 318.713 = €572 Mil.
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Total Receivables was €1,181 Mil.
Revenue was 1351.072 + 1342.231 + 1270.868 + 1413.749 = €5,378 Mil.
Gross Profit was 473.365 + 456.703 + 432.955 + 463.131 = €1,826 Mil.
Total Current Assets was €2,903 Mil.
Total Assets was €5,878 Mil.
Property, Plant and Equipment(Net PPE) was €756 Mil.
Depreciation, Depletion and Amortization(DDA) was €192 Mil.
Selling, General, & Admin. Expense(SGA) was €1,211 Mil.
Total Current Liabilities was €2,436 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) |
| = | (1105.498 / 5323.677) | / | (1181.415 / 5377.92) |
| = | 0.207657 | / | 0.219679 |
| | = | 0.9453 |
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) |
| = | (1826.154 / 5377.92) | / | (1860.285 / 5323.677) |
| = | 0.339565 | / | 0.349436 |
| | = | 0.9718 |
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 - (2604.165 + 856.491) / 5702.226) | / | (1 - (2902.715 + 755.984) / 5878.218) |
| = | 0.393104 | / | 0.377584 |
| | = | 1.0411 |
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 |
| = | 5323.677 | / | 5377.92 |
| | = | 0.9899 |
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)) |
| = | (191.753 / (191.753 + 755.984)) | / | (212.406 / (212.406 + 856.491)) |
| = | 0.202327 | / | 0.198715 |
| | = | 1.0182 |
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) |
| = | (1242.163 / 5323.677) | / | (1210.648 / 5377.92) |
| = | 0.233328 | / | 0.225115 |
| | = | 1.0365 |
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 + 2381.011) / 5702.226) | / | ((0 + 2435.518) / 5878.218) |
| = | 0.417558 | / | 0.414329 |
| | = | 1.0078 |
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 |
| = | (393.768 - 0 | - | 572.336) | / | 5702.226 |
| | = | -0.031315 |
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 -2.69 suggests that the company is unlikely to be a manipulator.
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