General Motors Co Beneish M-Score Historical Data
The historical data trend for General Motors Co'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.
General Motors Co Beneish M-Score Chart
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General Motors Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-2.70 |
-2.76 |
-2.30 |
-2.46 |
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General Motors Co 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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-2.49 |
-2.53 |
-2.60 |
-2.46 |
-2.40 |
Competitive Comparison of General Motors Co's Beneish M-Score
For the Auto Manufacturers subindustry, General Motors Co'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.
General Motors Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, General Motors Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where General Motors Co's Beneish M-Score falls into.
General Motors Co 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 General Motors Co 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 * 1.1085 | + | 0.528 * 1.1688 | + | 0.404 * 0.9563 | + | 0.892 * 1.0879 | + | 0.115 * 0.9804 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8126 | + | 4.679 * -0.040009 | - | 0.327 * 1.0255 |
| = | -2.40 |
* 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 $55,456 Mil.
Revenue was 43014 + 42979 + 44131 + 44747 = $174,871 Mil.
Gross Profit was 5912 + 3309 + 5356 + 5347 = $19,924 Mil.
Total Current Assets was $106,470 Mil.
Total Assets was $276,591 Mil.
Property, Plant and Equipment(Net PPE) was $81,529 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,874 Mil.
Selling, General, & Admin. Expense(SGA) was $9,468 Mil.
Total Current Liabilities was $91,777 Mil.
Long-Term Debt & Capital Lease Obligation was $86,261 Mil.
Net Income was 2980 + 2101 + 3064 + 2566 = $10,711 Mil.
Non Operating Income was -105 + 551 + 227 + 108 = $781 Mil.
Cash Flow from Operations was 3152 + 3657 + 6596 + 7591 = $20,996 Mil.
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Total Receivables was $45,985 Mil.
Revenue was 39985 + 43108 + 41888 + 35759 = $160,740 Mil.
Gross Profit was 5126 + 6003 + 5868 + 4409 = $21,406 Mil.
Total Current Assets was $98,832 Mil.
Total Assets was $267,004 Mil.
Property, Plant and Equipment(Net PPE) was $78,743 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,211 Mil.
Selling, General, & Admin. Expense(SGA) was $10,710 Mil.
Total Current Liabilities was $90,185 Mil.
Long-Term Debt & Capital Lease Obligation was $77,411 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) |
| = | (55456 / 174871) | / | (45985 / 160740) |
| = | 0.317125 | / | 0.286083 |
| | = | 1.1085 |
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) |
| = | (21406 / 160740) | / | (19924 / 174871) |
| = | 0.133172 | / | 0.113935 |
| | = | 1.1688 |
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 - (106470 + 81529) / 276591) | / | (1 - (98832 + 78743) / 267004) |
| = | 0.3203 | / | 0.334935 |
| | = | 0.9563 |
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 |
| = | 174871 | / | 160740 |
| | = | 1.0879 |
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)) |
| = | (11211 / (11211 + 78743)) | / | (11874 / (11874 + 81529)) |
| = | 0.12463 | / | 0.127127 |
| | = | 0.9804 |
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) |
| = | (9468 / 174871) | / | (10710 / 160740) |
| = | 0.054143 | / | 0.066629 |
| | = | 0.8126 |
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) |
| = | ((86261 + 91777) / 276591) | / | ((77411 + 90185) / 267004) |
| = | 0.643687 | / | 0.627691 |
| | = | 1.0255 |
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 |
| = | (10711 - 781 | - | 20996) | / | 276591 |
| | = | -0.040009 |
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.
General Motors Co has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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