OSRAM Licht AG Beneish M-Score Historical Data
The historical data trend for OSRAM Licht 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.
OSRAM Licht AG Beneish M-Score Chart
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OSRAM Licht AG Annual Data
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Sep13 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-3.23 |
-2.98 |
-2.29 |
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OSRAM Licht AG Quarterly Data
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Mar18 |
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Mar24 |
| Beneish M-Score |
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-2.29 |
-1.65 |
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-3.94 |
Competitive Comparison of OSRAM Licht AG's Beneish M-Score
For the Electrical Equipment & Parts subindustry, OSRAM Licht 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.
OSRAM Licht AG's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, OSRAM Licht AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OSRAM Licht AG's Beneish M-Score falls into.
OSRAM Licht 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 OSRAM Licht 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 * 1.6625 | + | 0.528 * 1.2531 | + | 0.404 * 0.7623 | + | 0.892 * 0.7492 | + | 0.115 * 0.3017 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9477 | + | 4.679 * -0.377941 | - | 0.327 * 1.1047 |
| = | -3.93 |
* 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 (Mar24) TTM: | Last Year (Dec22) TTM: |
Total Receivables was CHF735 Mil.
Revenue was 818.092 + 0 + 830.163 + 918.564 = CHF2,567 Mil.
Gross Profit was 210.56 + 0 + 196.078 + 207.098 = CHF614 Mil.
Total Current Assets was CHF2,508 Mil.
Total Assets was CHF6,673 Mil.
Property, Plant and Equipment(Net PPE) was CHF1,940 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF2,176 Mil.
Selling, General, & Admin. Expense(SGA) was CHF346 Mil.
Total Current Liabilities was CHF2,962 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1,648 Mil.
Net Income was -685.767 + 0 + -1309.141 + -132.781 = CHF-2,128 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CHF0 Mil.
Cash Flow from Operations was 53.123 + 0 + 226.319 + 114.944 = CHF394 Mil.
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Total Receivables was CHF590 Mil.
Revenue was 0 + 1213.263 + 1275.366 + 937.548 = CHF3,426 Mil.
Gross Profit was 0 + 356.902 + 394.074 + 275.619 = CHF1,027 Mil.
Total Current Assets was CHF2,846 Mil.
Total Assets was CHF8,716 Mil.
Property, Plant and Equipment(Net PPE) was CHF2,059 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF391 Mil.
Selling, General, & Admin. Expense(SGA) was CHF487 Mil.
Total Current Liabilities was CHF2,681 Mil.
Long-Term Debt & Capital Lease Obligation was CHF2,769 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) |
| = | (735.027 / 2566.819) | / | (590.145 / 3426.177) |
| = | 0.286357 | / | 0.172246 |
| | = | 1.6625 |
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) |
| = | (1026.595 / 3426.177) | / | (613.736 / 2566.819) |
| = | 0.299633 | / | 0.239104 |
| | = | 1.2531 |
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 - (2508.363 + 1940.432) / 6673.193) | / | (1 - (2846.117 + 2058.599) / 8715.986) |
| = | 0.333333 | / | 0.437274 |
| | = | 0.7623 |
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 |
| = | 2566.819 | / | 3426.177 |
| | = | 0.7492 |
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)) |
| = | (390.539 / (390.539 + 2058.599)) | / | (2176.03 / (2176.03 + 1940.432)) |
| = | 0.15946 | / | 0.528617 |
| | = | 0.3017 |
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) |
| = | (345.574 / 2566.819) | / | (486.729 / 3426.177) |
| = | 0.134631 | / | 0.142062 |
| | = | 0.9477 |
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) |
| = | ((1647.773 + 2962.322) / 6673.193) | / | ((2769.142 + 2681.311) / 8715.986) |
| = | 0.690838 | / | 0.62534 |
| | = | 1.1047 |
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 |
| = | (-2127.689 - 0 | - | 394.386) | / | 6673.193 |
| | = | -0.377941 |
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.
OSRAM Licht AG has a M-score of -3.93 suggests that the company is unlikely to be a manipulator.
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