KUKA AG Beneish M-Score Historical Data
The historical data trend for KUKA 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.
KUKA AG Beneish M-Score Chart
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KUKA AG Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.39 |
-2.51 |
-2.77 |
-2.44 |
-1.94 |
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KUKA AG Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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-2.44 |
-2.30 |
-2.26 |
-2.20 |
-1.94 |
Competitive Comparison of KUKA AG's Beneish M-Score
For the Specialty Industrial Machinery subindustry, KUKA 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.
KUKA AG's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, KUKA AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KUKA AG's Beneish M-Score falls into.
KUKA 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 KUKA 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 * 0.8993 | + | 0.528 * 1.0208 | + | 0.404 * 1.0027 | + | 0.892 * 1.0957 | + | 0.115 * 1.1053 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8579 | + | 4.679 * 0.074037 | - | 0.327 * 0.9781 |
| = | -2.09 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was CHF1,276 Mil.
Revenue was 1113.183 + 995.753 + 904.87 + 873.513 = CHF3,887 Mil.
Gross Profit was 238.032 + 201.309 + 190.861 + 177.896 = CHF808 Mil.
Total Current Assets was CHF2,589 Mil.
Total Assets was CHF3,904 Mil.
Property, Plant and Equipment(Net PPE) was CHF503 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF132 Mil.
Selling, General, & Admin. Expense(SGA) was CHF128 Mil.
Total Current Liabilities was CHF2,054 Mil.
Long-Term Debt & Capital Lease Obligation was CHF90 Mil.
Net Income was 27.534 + 24.092 + 17.435 + 18.629 = CHF88 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CHF0 Mil.
Cash Flow from Operations was -16.086 + -17.346 + -77.329 + -90.586 = CHF-201 Mil.
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Total Receivables was CHF1,294 Mil.
Revenue was 964.292 + 900.87 + 883.957 + 798.742 = CHF3,548 Mil.
Gross Profit was 192.005 + 189.88 + 197.529 + 173.452 = CHF753 Mil.
Total Current Assets was CHF2,557 Mil.
Total Assets was CHF3,860 Mil.
Property, Plant and Equipment(Net PPE) was CHF503 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF150 Mil.
Selling, General, & Admin. Expense(SGA) was CHF136 Mil.
Total Current Liabilities was CHF2,023 Mil.
Long-Term Debt & Capital Lease Obligation was CHF144 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) |
| = | (1275.522 / 3887.319) | / | (1294.499 / 3547.861) |
| = | 0.328124 | / | 0.364867 |
| | = | 0.8993 |
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) |
| = | (752.866 / 3547.861) | / | (808.098 / 3887.319) |
| = | 0.212203 | / | 0.207881 |
| | = | 1.0208 |
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 - (2588.841 + 503.202) / 3903.937) | / | (1 - (2556.529 + 502.856) / 3859.979) |
| = | 0.207968 | / | 0.207409 |
| | = | 1.0027 |
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 |
| = | 3887.319 | / | 3547.861 |
| | = | 1.0957 |
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)) |
| = | (149.877 / (149.877 + 502.856)) | / | (131.941 / (131.941 + 503.202)) |
| = | 0.229615 | / | 0.207734 |
| | = | 1.1053 |
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) |
| = | (127.722 / 3887.319) | / | (135.872 / 3547.861) |
| = | 0.032856 | / | 0.038297 |
| | = | 0.8579 |
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) |
| = | ((89.903 + 2054.454) / 3903.937) | / | ((144.446 + 2023.182) / 3859.979) |
| = | 0.549281 | / | 0.561565 |
| | = | 0.9781 |
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 |
| = | (87.69 - 0 | - | -201.347) | / | 3903.937 |
| | = | 0.074037 |
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.
KUKA AG has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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