Sonic Automotive Beneish M-Score Historical Data
The historical data trend for Sonic Automotive'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.
Sonic Automotive Beneish M-Score Chart
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Sonic Automotive Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.83 |
-1.90 |
-2.52 |
-2.10 |
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Sonic Automotive Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.36 |
-2.22 |
-1.99 |
-2.10 |
-2.21 |
Competitive Comparison of Sonic Automotive's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Sonic Automotive'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.
Sonic Automotive's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Sonic Automotive's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sonic Automotive's Beneish M-Score falls into.
Sonic Automotive 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 Sonic Automotive 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 * 1.1275 | + | 0.528 * 1.049 | + | 0.404 * 0.9792 | + | 0.892 * 0.9804 | + | 0.115 * 0.965 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9831 | + | 4.679 * 0.030244 | - | 0.327 * 1.0057 |
| = | -2.22 |
* 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 €387 Mil.
Revenue was 3113.28 + 3287.262 + 3413.96 + 3371.627 = €13,186 Mil.
Gross Profit was 493.304 + 496.189 + 545.521 + 525.095 = €2,060 Mil.
Total Current Assets was €2,310 Mil.
Total Assets was €4,975 Mil.
Property, Plant and Equipment(Net PPE) was €1,943 Mil.
Depreciation, Depletion and Amortization(DDA) was €116 Mil.
Selling, General, & Admin. Expense(SGA) was €1,461 Mil.
Total Current Liabilities was €2,116 Mil.
Long-Term Debt & Capital Lease Obligation was €1,945 Mil.
Net Income was 38.64 + 35.488 + 64.091 + 21.598 = €160 Mil.
Non Operating Income was -0.828 + -15.589 + -0.094 + -57.964 = €-74 Mil.
Cash Flow from Operations was 64.492 + -109.948 + 115.345 + 13.937 = €84 Mil.
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Total Receivables was €350 Mil.
Revenue was 3260.781 + 3389.526 + 3482.581 + 3316.865 = €13,450 Mil.
Gross Profit was 516.969 + 543.838 + 586.507 + 557.005 = €2,204 Mil.
Total Current Assets was €2,150 Mil.
Total Assets was €4,808 Mil.
Property, Plant and Equipment(Net PPE) was €1,946 Mil.
Depreciation, Depletion and Amortization(DDA) was €112 Mil.
Selling, General, & Admin. Expense(SGA) was €1,515 Mil.
Total Current Liabilities was €1,921 Mil.
Long-Term Debt & Capital Lease Obligation was €1,982 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) |
| = | (386.952 / 13186.129) | / | (350.063 / 13449.753) |
| = | 0.029345 | / | 0.026027 |
| | = | 1.1275 |
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) |
| = | (2204.319 / 13449.753) | / | (2060.109 / 13186.129) |
| = | 0.163893 | / | 0.156233 |
| | = | 1.049 |
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 - (2310.12 + 1943.408) / 4974.992) | / | (1 - (2149.881 + 1946.269) / 4808.232) |
| = | 0.145018 | / | 0.148096 |
| | = | 0.9792 |
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 |
| = | 13186.129 | / | 13449.753 |
| | = | 0.9804 |
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)) |
| = | (112.024 / (112.024 + 1946.269)) | / | (116.163 / (116.163 + 1943.408)) |
| = | 0.054426 | / | 0.056402 |
| | = | 0.965 |
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) |
| = | (1460.58 / 13186.129) | / | (1515.381 / 13449.753) |
| = | 0.110766 | / | 0.11267 |
| | = | 0.9831 |
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) |
| = | ((1945.432 + 2115.724) / 4974.992) | / | ((1981.574 + 1921.238) / 4808.232) |
| = | 0.816314 | / | 0.811694 |
| | = | 1.0057 |
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 |
| = | (159.817 - -74.475 | - | 83.826) | / | 4974.992 |
| | = | 0.030244 |
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.
Sonic Automotive has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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