Vibra Energia Beneish M-Score Historical Data
The historical data trend for Vibra Energia'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.
Vibra Energia Beneish M-Score Chart
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Vibra Energia Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-2.09 |
-2.06 |
-2.02 |
-2.83 |
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Vibra Energia Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.02 |
-2.45 |
-2.81 |
-2.78 |
-2.83 |
Competitive Comparison of Vibra Energia's Beneish M-Score
For the Specialty Retail subindustry, Vibra Energia'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.
Vibra Energia's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Vibra Energia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vibra Energia's Beneish M-Score falls into.
Vibra Energia 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 Vibra Energia 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 * 0.9856 | + | 0.528 * 0.8044 | + | 0.404 * 1.0253 | + | 0.892 * 0.898 | + | 0.115 * 0.9997 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.175 | + | 4.679 * -0.034061 | - | 0.327 * 0.9016 |
| = | -2.83 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$6,135 Mil.
Revenue was 43663 + 43063 + 37184 + 39037 = R$162,947 Mil.
Gross Profit was 2405 + 3062 + 1536 + 1358 = R$8,361 Mil.
Total Current Assets was R$23,599 Mil.
Total Assets was R$43,481 Mil.
Property, Plant and Equipment(Net PPE) was R$6,954 Mil.
Depreciation, Depletion and Amortization(DDA) was R$554 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,932 Mil.
Total Current Liabilities was R$9,996 Mil.
Long-Term Debt & Capital Lease Obligation was R$14,048 Mil.
Net Income was 3297 + 1255 + 133 + 81 = R$4,766 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 1333 + 1834 + 358 + 2722 = R$6,247 Mil.
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Total Receivables was R$6,931 Mil.
Revenue was 45077 + 50834 + 47154 + 38381 = R$181,446 Mil.
Gross Profit was 1565 + 1052 + 2659 + 2213 = R$7,489 Mil.
Total Current Assets was R$22,244 Mil.
Total Assets was R$41,110 Mil.
Property, Plant and Equipment(Net PPE) was R$6,944 Mil.
Depreciation, Depletion and Amortization(DDA) was R$553 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,831 Mil.
Total Current Liabilities was R$9,624 Mil.
Long-Term Debt & Capital Lease Obligation was R$15,589 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) |
| = | (6135 / 162947) | / | (6931 / 181446) |
| = | 0.03765 | / | 0.038199 |
| | = | 0.9856 |
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) |
| = | (7489 / 181446) | / | (8361 / 162947) |
| = | 0.041274 | / | 0.051311 |
| | = | 0.8044 |
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 - (23599 + 6954) / 43481) | / | (1 - (22244 + 6944) / 41110) |
| = | 0.297325 | / | 0.290002 |
| | = | 1.0253 |
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 |
| = | 162947 | / | 181446 |
| | = | 0.898 |
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)) |
| = | (553 / (553 + 6944)) | / | (554 / (554 + 6954)) |
| = | 0.073763 | / | 0.073788 |
| | = | 0.9997 |
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) |
| = | (1932 / 162947) | / | (1831 / 181446) |
| = | 0.011857 | / | 0.010091 |
| | = | 1.175 |
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) |
| = | ((14048 + 9996) / 43481) | / | ((15589 + 9624) / 41110) |
| = | 0.552977 | / | 0.613306 |
| | = | 0.9016 |
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 |
| = | (4766 - 0 | - | 6247) | / | 43481 |
| | = | -0.034061 |
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.
Vibra Energia has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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