TI Fluid Systems Beneish M-Score Historical Data
The historical data trend for TI Fluid Systems'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.
TI Fluid Systems Beneish M-Score Chart
|
TI Fluid Systems Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.77 |
-2.82 |
-3.01 |
-3.16 |
-2.90 |
|
TI Fluid Systems Semi-Annual Data
|
|
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
-3.01 |
- |
-3.16 |
- |
-2.90 |
Competitive Comparison of TI Fluid Systems's Beneish M-Score
For the Auto Parts subindustry, TI Fluid Systems'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.
TI Fluid Systems's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, TI Fluid Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TI Fluid Systems's Beneish M-Score falls into.
TI Fluid Systems 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 TI Fluid Systems 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 * 0.9454 | + | 0.528 * 0.5412 | + | 0.404 * 0.9807 | + | 0.892 * 1.0657 | + | 0.115 * 1.1223 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5512 | + | 4.679 * -0.056648 | - | 0.327 * 1.001 |
| = | -2.90 |
* 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 £475 Mil.
Revenue was £3,029 Mil.
Gross Profit was £394 Mil.
Total Current Assets was £1,170 Mil.
Total Assets was £2,321 Mil.
Property, Plant and Equipment(Net PPE) was £554 Mil.
Depreciation, Depletion and Amortization(DDA) was £154 Mil.
Selling, General, & Admin. Expense(SGA) was £229 Mil.
Total Current Liabilities was £629 Mil.
Long-Term Debt & Capital Lease Obligation was £963 Mil.
Net Income was £72 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £203 Mil.
|
Total Receivables was £471 Mil.
Revenue was £2,842 Mil.
Gross Profit was £200 Mil.
Total Current Assets was £1,231 Mil.
Total Assets was £2,423 Mil.
Property, Plant and Equipment(Net PPE) was £557 Mil.
Depreciation, Depletion and Amortization(DDA) was £179 Mil.
Selling, General, & Admin. Expense(SGA) was £390 Mil.
Total Current Liabilities was £586 Mil.
Long-Term Debt & Capital Lease Obligation was £1,075 Mil.
|
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) |
| = | (474.862 / 3029.224) | / | (471.292 / 2842.452) |
| = | 0.15676 | / | 0.165805 |
| | = | 0.9454 |
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) |
| = | (200.032 / 2842.452) | / | (393.88 / 3029.224) |
| = | 0.070373 | / | 0.130027 |
| | = | 0.5412 |
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 - (1170.182 + 554.465) / 2320.722) | / | (1 - (1231.152 + 557.219) / 2422.994) |
| = | 0.256849 | / | 0.261917 |
| | = | 0.9807 |
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 |
| = | 3029.224 | / | 2842.452 |
| | = | 1.0657 |
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)) |
| = | (179.333 / (179.333 + 557.219)) | / | (153.606 / (153.606 + 554.465)) |
| = | 0.243476 | / | 0.216936 |
| | = | 1.1223 |
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) |
| = | (228.988 / 3029.224) | / | (389.801 / 2842.452) |
| = | 0.075593 | / | 0.137135 |
| | = | 0.5512 |
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) |
| = | ((962.99 + 628.812) / 2320.722) | / | ((1074.519 + 585.745) / 2422.994) |
| = | 0.685908 | / | 0.685212 |
| | = | 1.001 |
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 |
| = | (71.936 - 0 | - | 203.401) | / | 2320.722 |
| | = | -0.056648 |
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.
TI Fluid Systems has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
LSE:TIFS has been successfully added to your