ams-OSRAM AG Beneish M-Score Historical Data
The historical data trend for ams-OSRAM 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.
ams-OSRAM AG Beneish M-Score Chart
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ams-OSRAM AG Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-1.87 |
-1.86 |
-2.75 |
-3.25 |
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ams-OSRAM AG Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar24 |
| Beneish M-Score |
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-3.22 |
-4.66 |
-4.42 |
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Competitive Comparison of ams-OSRAM AG's Beneish M-Score
For the Semiconductors subindustry, ams-OSRAM 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.
ams-OSRAM AG's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, ams-OSRAM AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ams-OSRAM AG's Beneish M-Score falls into.
ams-OSRAM 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 ams-OSRAM 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 * 1.3263 | + | 0.528 * 0.9969 | + | 0.404 * 0.762 | + | 0.892 * 0.7558 | + | 0.115 * 0.5893 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9899 | + | 4.679 * -0.400257 | - | 0.327 * 1.1158 |
| = | -4.45 |
* 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 CHF735 Mil.
Revenue was 818.092 + 856.312 + 867.917 + 830.163 = CHF3,372 Mil.
Gross Profit was 210.56 + 212.192 + 196.818 + 196.078 = CHF816 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 CHF2,266 Mil.
Selling, General, & Admin. Expense(SGA) was CHF443 Mil.
Total Current Liabilities was CHF2,962 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1,648 Mil.
Net Income was -685.767 + -77.332 + -52.805 + -1309.141 = CHF-2,125 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CHF0 Mil.
Cash Flow from Operations was 53.123 + 75.446 + 191.057 + 226.319 = CHF546 Mil.
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Total Receivables was CHF733 Mil.
Revenue was 918.564 + 1161.539 + 1168.924 + 1213.263 = CHF4,462 Mil.
Gross Profit was 207.098 + 253.624 + 258.262 + 356.902 = CHF1,076 Mil.
Total Current Assets was CHF2,637 Mil.
Total Assets was CHF8,567 Mil.
Property, Plant and Equipment(Net PPE) was CHF2,183 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF1,015 Mil.
Selling, General, & Admin. Expense(SGA) was CHF591 Mil.
Total Current Liabilities was CHF2,692 Mil.
Long-Term Debt & Capital Lease Obligation was CHF2,612 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 / 3372.484) | / | (733.266 / 4462.29) |
| = | 0.217948 | / | 0.164325 |
| | = | 1.3263 |
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) |
| = | (1075.886 / 4462.29) | / | (815.648 / 3372.484) |
| = | 0.241106 | / | 0.241854 |
| | = | 0.9969 |
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 - (2636.783 + 2182.951) / 8567.316) |
| = | 0.333333 | / | 0.437428 |
| | = | 0.762 |
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 |
| = | 3372.484 | / | 4462.29 |
| | = | 0.7558 |
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)) |
| = | (1015.299 / (1015.299 + 2182.951)) | / | (2265.626 / (2265.626 + 1940.432)) |
| = | 0.317455 | / | 0.538658 |
| | = | 0.5893 |
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) |
| = | (442.509 / 3372.484) | / | (591.486 / 4462.29) |
| = | 0.131212 | / | 0.132552 |
| | = | 0.9899 |
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) | / | ((2612.011 + 2692.274) / 8567.316) |
| = | 0.690838 | / | 0.61913 |
| | = | 1.1158 |
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 |
| = | (-2125.045 - 0 | - | 545.945) | / | 6673.193 |
| | = | -0.400257 |
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.
ams-OSRAM AG has a M-score of -4.45 suggests that the company is unlikely to be a manipulator.
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