Stabilus SE Beneish M-Score Historical Data
The historical data trend for Stabilus SE'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.
Stabilus SE Beneish M-Score Chart
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Stabilus SE Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.57 |
-2.98 |
-2.56 |
-2.10 |
-2.76 |
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Stabilus SE Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.10 |
-2.50 |
-2.52 |
-2.71 |
-2.76 |
Competitive Comparison of Stabilus SE's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Stabilus SE'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.
Stabilus SE's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Stabilus SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stabilus SE's Beneish M-Score falls into.
Stabilus SE 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 Stabilus SE 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 * 0.9202 | + | 0.528 * 1.0161 | + | 0.404 * 0.9775 | + | 0.892 * 1.0886 | + | 0.115 * 1.0375 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2081 | + | 4.679 * -0.057198 | - | 0.327 * 0.9506 |
| = | -2.76 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was €198 Mil.
Revenue was 307.478 + 306.493 + 310.622 + 290.661 = €1,215 Mil.
Gross Profit was 79.765 + 80.325 + 85.177 + 75.926 = €321 Mil.
Total Current Assets was €600 Mil.
Total Assets was €1,334 Mil.
Property, Plant and Equipment(Net PPE) was €247 Mil.
Depreciation, Depletion and Amortization(DDA) was €71 Mil.
Selling, General, & Admin. Expense(SGA) was €59 Mil.
Total Current Liabilities was €227 Mil.
Long-Term Debt & Capital Lease Obligation was €276 Mil.
Net Income was 23.007 + 21.353 + 42.352 + 15.072 = €102 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 40.233 + 70.283 + 22.519 + 45.068 = €178 Mil.
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Total Receivables was €198 Mil.
Revenue was 320.319 + 271.116 + 281.202 + 243.708 = €1,116 Mil.
Gross Profit was 85.823 + 72.524 + 72.799 + 68.658 = €300 Mil.
Total Current Assets was €565 Mil.
Total Assets was €1,267 Mil.
Property, Plant and Equipment(Net PPE) was €229 Mil.
Depreciation, Depletion and Amortization(DDA) was €69 Mil.
Selling, General, & Admin. Expense(SGA) was €45 Mil.
Total Current Liabilities was €222 Mil.
Long-Term Debt & Capital Lease Obligation was €281 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) |
| = | (197.989 / 1215.254) | / | (197.656 / 1116.345) |
| = | 0.16292 | / | 0.177056 |
| | = | 0.9202 |
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) |
| = | (299.804 / 1116.345) | / | (321.193 / 1215.254) |
| = | 0.268559 | / | 0.264301 |
| | = | 1.0161 |
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 - (600.05 + 247.151) / 1334.305) | / | (1 - (564.669 + 228.879) / 1266.573) |
| = | 0.365062 | / | 0.373468 |
| | = | 0.9775 |
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 |
| = | 1215.254 | / | 1116.345 |
| | = | 1.0886 |
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)) |
| = | (69 / (69 + 228.879)) | / | (71.041 / (71.041 + 247.151)) |
| = | 0.231638 | / | 0.223265 |
| | = | 1.0375 |
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) |
| = | (58.666 / 1215.254) | / | (44.609 / 1116.345) |
| = | 0.048275 | / | 0.03996 |
| | = | 1.2081 |
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) |
| = | ((276.479 + 226.928) / 1334.305) | / | ((280.796 + 221.869) / 1266.573) |
| = | 0.37728 | / | 0.39687 |
| | = | 0.9506 |
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 |
| = | (101.784 - 0 | - | 178.103) | / | 1334.305 |
| | = | -0.057198 |
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.
Stabilus SE has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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