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Dr. Ing. h.c. F. Porsche AG (WBO:P911) Beneish M-Score : -2.54 (As of Dec. 14, 2024)


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What is Dr. Ing. h.c. F. Porsche AG Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dr. Ing. h.c. F. Porsche AG's Beneish M-Score or its related term are showing as below:

WBO:P911' s Beneish M-Score Range Over the Past 10 Years
Min: -2.55   Med: -2.53   Max: -2.18
Current: -2.54

During the past 6 years, the highest Beneish M-Score of Dr. Ing. h.c. F. Porsche AG was -2.18. The lowest was -2.55. And the median was -2.53.


Dr. Ing. h.c. F. Porsche AG Beneish M-Score Historical Data

The historical data trend for Dr. Ing. h.c. F. Porsche 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.

* Premium members only.

Dr. Ing. h.c. F. Porsche AG Beneish M-Score Chart

Dr. Ing. h.c. F. Porsche AG Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - - -2.18 -2.47

Dr. Ing. h.c. F. Porsche AG Quarterly Data
Dec18 Dec19 Dec20 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.55 -2.47 -2.53 -2.55 -2.54

Competitive Comparison of Dr. Ing. h.c. F. Porsche AG's Beneish M-Score

For the Auto Manufacturers subindustry, Dr. Ing. h.c. F. Porsche 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.


Dr. Ing. h.c. F. Porsche AG's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Dr. Ing. h.c. F. Porsche AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dr. Ing. h.c. F. Porsche AG's Beneish M-Score falls into.



Dr. Ing. h.c. F. Porsche 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 Dr. Ing. h.c. F. Porsche 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 * 1.1157+0.528 * 1.0646+0.404 * 1.0366+0.892 * 0.9499+0.115 * 0.9357
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0678+4.679 * -0.035132-0.327 * 0.949
=-2.54

* 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 €1,704 Mil.
Revenue was 9107 + 10446 + 9011 + 10397 = €38,961 Mil.
Gross Profit was 2079 + 2889 + 2317 + 3017 = €10,302 Mil.
Total Current Assets was €19,793 Mil.
Total Assets was €52,089 Mil.
Property, Plant and Equipment(Net PPE) was €14,443 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,975 Mil.
Selling, General, & Admin. Expense(SGA) was €4,783 Mil.
Total Current Liabilities was €14,062 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 612 + 1226 + 927 + 1216 = €3,981 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 1043 + 1552 + 1561 + 1655 = €5,811 Mil.
Total Receivables was €1,608 Mil.
Revenue was 9701 + 10334 + 10097 + 10886 = €41,018 Mil.
Gross Profit was 2680 + 3092 + 2817 + 2958 = €11,547 Mil.
Total Current Assets was €19,913 Mil.
Total Assets was €49,817 Mil.
Property, Plant and Equipment(Net PPE) was €13,432 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,399 Mil.
Selling, General, & Admin. Expense(SGA) was €4,716 Mil.
Total Current Liabilities was €14,172 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.




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)
=(1704 / 38961) / (1608 / 41018)
=0.043736 / 0.039202
=1.1157

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)
=(11547 / 41018) / (10302 / 38961)
=0.281511 / 0.264418
=1.0646

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 - (19793 + 14443) / 52089) / (1 - (19913 + 13432) / 49817)
=0.34274 / 0.33065
=1.0366

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
=38961 / 41018
=0.9499

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))
=(3399 / (3399 + 13432)) / (3975 / (3975 + 14443))
=0.201949 / 0.215821
=0.9357

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)
=(4783 / 38961) / (4716 / 41018)
=0.122764 / 0.114974
=1.0678

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 + 14062) / 52089) / ((0 + 14172) / 49817)
=0.269961 / 0.284481
=0.949

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
=(3981 - 0 - 5811) / 52089
=-0.035132

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.

Dr. Ing. h.c. F. Porsche AG has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.


Dr. Ing. h.c. F. Porsche AG Beneish M-Score Related Terms

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Dr. Ing. h.c. F. Porsche AG Business Description

Address
Porscheplatz 1, Stuttgart, BW, DEU, 70435
Porsche engineers and manufactures premium and luxury sports cars and sports crossovers. The Porsche brand is synonymous with motorsports, German engineering, and fast, fun to drive, sports cars. The firm also has a captive finance company that provides funding for dealers and customers. In 2023, there were over 320,000 Porsche vehicles delivered to customers with about 25% going to China, 32% to Europe, 27% to North America, and 16% to rest of world.

Dr. Ing. h.c. F. Porsche AG Headlines

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