Forvia SE Beneish M-Score Historical Data
The historical data trend for Forvia SE'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.
Forvia SE Beneish M-Score Chart
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Forvia SE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.53 |
-2.83 |
-2.37 |
-3.00 |
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Forvia SE Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.83 |
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-2.37 |
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-3.00 |
Competitive Comparison of Forvia SE's Beneish M-Score
For the Auto Parts subindustry, Forvia SE'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.
Forvia SE's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Forvia SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Forvia SE's Beneish M-Score falls into.
Forvia SE 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 Forvia SE 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 * 0.7364 | + | 0.528 * 0.9481 | + | 0.404 * 1.033 | + | 0.892 * 1.1088 | + | 0.115 * 0.9435 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9749 | + | 4.679 * -0.078474 | - | 0.327 * 0.9851 |
| = | -3.00 |
* 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 €4,565 Mil.
Revenue was €27,248 Mil.
Gross Profit was €3,662 Mil.
Total Current Assets was €13,512 Mil.
Total Assets was €30,485 Mil.
Property, Plant and Equipment(Net PPE) was €5,881 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,868 Mil.
Selling, General, & Admin. Expense(SGA) was €1,270 Mil.
Total Current Liabilities was €13,761 Mil.
Long-Term Debt & Capital Lease Obligation was €9,453 Mil.
Net Income was €222 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €2,615 Mil.
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Total Receivables was €5,591 Mil.
Revenue was €24,574 Mil.
Gross Profit was €3,132 Mil.
Total Current Assets was €14,631 Mil.
Total Assets was €32,218 Mil.
Property, Plant and Equipment(Net PPE) was €6,239 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,837 Mil.
Selling, General, & Admin. Expense(SGA) was €1,175 Mil.
Total Current Liabilities was €14,810 Mil.
Long-Term Debt & Capital Lease Obligation was €10,095 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) |
| = | (4564.7 / 27247.9) | / | (5590.6 / 24573.7) |
| = | 0.167525 | / | 0.227503 |
| | = | 0.7364 |
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) |
| = | (3131.6 / 24573.7) | / | (3662.4 / 27247.9) |
| = | 0.127437 | / | 0.13441 |
| | = | 0.9481 |
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 - (13511.5 + 5881) / 30485.2) | / | (1 - (14630.6 + 6239.4) / 32218.4) |
| = | 0.363872 | / | 0.352234 |
| | = | 1.033 |
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 |
| = | 27247.9 | / | 24573.7 |
| | = | 1.1088 |
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)) |
| = | (1836.8 / (1836.8 + 6239.4)) | / | (1867.8 / (1867.8 + 5881)) |
| = | 0.227434 | / | 0.241044 |
| | = | 0.9435 |
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) |
| = | (1270.3 / 27247.9) | / | (1175.1 / 24573.7) |
| = | 0.04662 | / | 0.047819 |
| | = | 0.9749 |
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) |
| = | ((9452.5 + 13760.9) / 30485.2) | / | ((10095.2 + 14810) / 32218.4) |
| = | 0.761465 | / | 0.773012 |
| | = | 0.9851 |
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 |
| = | (222.2 - 0 | - | 2614.5) | / | 30485.2 |
| | = | -0.078474 |
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.
Forvia SE has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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