Ayvens Beneish M-Score Historical Data
The historical data trend for Ayvens'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.
Ayvens Beneish M-Score Chart
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Ayvens Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.51 |
-2.26 |
-1.72 |
-1.06 |
6.04 |
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Ayvens Semi-Annual Data
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Dec14 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-1.72 |
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-1.06 |
0.90 |
6.04 |
Competitive Comparison of Ayvens's Beneish M-Score
For the Rental & Leasing Services subindustry, Ayvens'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.
Ayvens's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Ayvens's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ayvens's Beneish M-Score falls into.
Ayvens 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 Ayvens 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 * 0.9025 | + | 0.528 * 1.3307 | + | 0.404 * 10.9544 | + | 0.892 * 1.3426 | + | 0.115 * 34.5343 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7833 | + | 4.679 * 0.00455 | - | 0.327 * 0.4134 |
| = | 6.04 |
* 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 €8,786 Mil.
Revenue was €25,351 Mil.
Gross Profit was €2,977 Mil.
Total Current Assets was €13,809 Mil.
Total Assets was €150,232 Mil.
Property, Plant and Equipment(Net PPE) was €53,565 Mil.
Depreciation, Depletion and Amortization(DDA) was €173 Mil.
Selling, General, & Admin. Expense(SGA) was €546 Mil.
Total Current Liabilities was €6,465 Mil.
Long-Term Debt & Capital Lease Obligation was €40,142 Mil.
Net Income was €684 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €0 Mil.
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Total Receivables was €7,251 Mil.
Revenue was €18,883 Mil.
Gross Profit was €2,951 Mil.
Total Current Assets was €16,530 Mil.
Total Assets was €70,261 Mil.
Property, Plant and Equipment(Net PPE) was €50,194 Mil.
Depreciation, Depletion and Amortization(DDA) was €6,258 Mil.
Selling, General, & Admin. Expense(SGA) was €520 Mil.
Total Current Liabilities was €25,134 Mil.
Long-Term Debt & Capital Lease Obligation was €27,593 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) |
| = | (8786 / 25351.1) | / | (7250.9 / 18882.6) |
| = | 0.346573 | / | 0.383999 |
| | = | 0.9025 |
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) |
| = | (2950.8 / 18882.6) | / | (2977.1 / 25351.1) |
| = | 0.156271 | / | 0.117435 |
| | = | 1.3307 |
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 - (13809 + 53565) / 150232) | / | (1 - (16529.6 + 50194) / 70261.1) |
| = | 0.551534 | / | 0.050348 |
| | = | 10.9544 |
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 |
| = | 25351.1 | / | 18882.6 |
| | = | 1.3426 |
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)) |
| = | (6258 / (6258 + 50194)) | / | (172.5 / (172.5 + 53565)) |
| = | 0.110855 | / | 0.00321 |
| | = | 34.5343 |
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) |
| = | (546.3 / 25351.1) | / | (519.5 / 18882.6) |
| = | 0.021549 | / | 0.027512 |
| | = | 0.7833 |
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) |
| = | ((40142 + 6465) / 150232) | / | ((27592.8 + 25133.6) / 70261.1) |
| = | 0.310234 | / | 0.750435 |
| | = | 0.4134 |
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 |
| = | (683.6 - 0 | - | 0) | / | 150232 |
| | = | 0.00455 |
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.
Ayvens has a M-score of 6.04 signals that the company is likely to be a manipulator.
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