Vestis Beneish M-Score Historical Data
The historical data trend for Vestis'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.
Vestis Beneish M-Score Chart
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Vestis Annual Data
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Trend |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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- |
- |
- |
-3.06 |
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Vestis Quarterly Data
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Sep20 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-3.06 |
- |
-2.83 |
Competitive Comparison of Vestis's Beneish M-Score
For the Rental & Leasing Services subindustry, Vestis'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.
Vestis's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Vestis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vestis's Beneish M-Score falls into.
Vestis 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 Vestis 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 * 1.0592 | + | 0.528 * 0.925 | + | 0.404 * 1.0086 | + | 0.892 * 0.9944 | + | 0.115 * 0.521 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0745 | + | 4.679 * -0.066239 | - | 0.327 * 0.9918 |
| = | -2.84 |
* 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 (Mar23) TTM: |
Total Receivables was €373 Mil.
Revenue was 648.939 + 658.335 + 670.799 + 654.761 = €2,633 Mil.
Gross Profit was 184.875 + 197.652 + 211.602 + 207.505 = €802 Mil.
Total Current Assets was €924 Mil.
Total Assets was €2,872 Mil.
Property, Plant and Equipment(Net PPE) was €654 Mil.
Depreciation, Depletion and Amortization(DDA) was €129 Mil.
Selling, General, & Admin. Expense(SGA) was €474 Mil.
Total Current Liabilities was €368 Mil.
Long-Term Debt & Capital Lease Obligation was €1,440 Mil.
Net Income was 5.488 + 11.248 + 150.246 + -16.164 = €151 Mil.
Non Operating Income was 0 + 0 + 48.566 + 0 = €49 Mil.
Cash Flow from Operations was 69.954 + 47.23 + 105.918 + 69.384 = €292 Mil.
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Total Receivables was €355 Mil.
Revenue was 653.151 + 661.457 + 690.005 + 643.015 = €2,648 Mil.
Gross Profit was 186.653 + 193.126 + 173.426 + 192.487 = €746 Mil.
Total Current Assets was €967 Mil.
Total Assets was €2,967 Mil.
Property, Plant and Equipment(Net PPE) was €675 Mil.
Depreciation, Depletion and Amortization(DDA) was €63 Mil.
Selling, General, & Admin. Expense(SGA) was €444 Mil.
Total Current Liabilities was €354 Mil.
Long-Term Debt & Capital Lease Obligation was €1,529 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) |
| = | (373.478 / 2632.834) | / | (354.59 / 2647.628) |
| = | 0.141854 | / | 0.133927 |
| | = | 1.0592 |
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) |
| = | (745.692 / 2647.628) | / | (801.634 / 2632.834) |
| = | 0.281645 | / | 0.304476 |
| | = | 0.925 |
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 - (924.368 + 654.023) / 2871.928) | / | (1 - (966.698 + 675.229) / 2966.889) |
| = | 0.450407 | / | 0.446583 |
| | = | 1.0086 |
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 |
| = | 2632.834 | / | 2647.628 |
| | = | 0.9944 |
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)) |
| = | (63.39 / (63.39 + 675.229)) | / | (128.994 / (128.994 + 654.023)) |
| = | 0.085822 | / | 0.16474 |
| | = | 0.521 |
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) |
| = | (473.955 / 2632.834) | / | (443.581 / 2647.628) |
| = | 0.180017 | / | 0.167539 |
| | = | 1.0745 |
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) |
| = | ((1439.824 + 368.142) / 2871.928) | / | ((1528.965 + 354.214) / 2966.889) |
| = | 0.62953 | / | 0.634732 |
| | = | 0.9918 |
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 |
| = | (150.818 - 48.566 | - | 292.486) | / | 2871.928 |
| | = | -0.066239 |
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.
Vestis has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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