Mercedes-Benz Group AG Beneish M-Score Historical Data
The historical data trend for Mercedes-Benz Group 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.
Mercedes-Benz Group AG Beneish M-Score Chart
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Mercedes-Benz Group AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.83 |
-2.79 |
-2.36 |
-2.46 |
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Mercedes-Benz Group AG Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.41 |
-2.43 |
-2.41 |
-2.46 |
-2.45 |
Competitive Comparison of Mercedes-Benz Group AG's Beneish M-Score
For the Auto Manufacturers subindustry, Mercedes-Benz Group 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.
Mercedes-Benz Group AG's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Mercedes-Benz Group AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mercedes-Benz Group AG's Beneish M-Score falls into.
Mercedes-Benz Group 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 Mercedes-Benz Group 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 * 1.0021 | + | 0.528 * 1.0989 | + | 0.404 * 1.0288 | + | 0.892 * 0.9928 | + | 0.115 * 1.0012 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0211 | + | 4.679 * -0.007539 | - | 0.327 * 0.9767 |
| = | -2.45 |
* 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 €38,190 Mil.
Revenue was 35873 + 40261 + 37200 + 38241 = €151,575 Mil.
Gross Profit was 7106 + 7981 + 8034 + 8957 = €32,078 Mil.
Total Current Assets was €106,558 Mil.
Total Assets was €267,149 Mil.
Property, Plant and Equipment(Net PPE) was €68,207 Mil.
Depreciation, Depletion and Amortization(DDA) was €6,655 Mil.
Selling, General, & Admin. Expense(SGA) was €12,466 Mil.
Total Current Liabilities was €78,911 Mil.
Long-Term Debt & Capital Lease Obligation was €59,409 Mil.
Net Income was 2974 + 3117 + 3636 + 3563 = €13,290 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 4564 + 3601 + 3524 + 3615 = €15,304 Mil.
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Total Receivables was €38,387 Mil.
Revenue was 37516 + 41003 + 37716 + 36440 = €152,675 Mil.
Gross Profit was 9450 + 8772 + 8782 + 8502 = €35,506 Mil.
Total Current Assets was €107,608 Mil.
Total Assets was €263,244 Mil.
Property, Plant and Equipment(Net PPE) was €67,154 Mil.
Depreciation, Depletion and Amortization(DDA) was €6,561 Mil.
Selling, General, & Admin. Expense(SGA) was €12,297 Mil.
Total Current Liabilities was €89,467 Mil.
Long-Term Debt & Capital Lease Obligation was €50,078 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) |
| = | (38190 / 151575) | / | (38387 / 152675) |
| = | 0.251954 | / | 0.25143 |
| | = | 1.0021 |
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) |
| = | (35506 / 152675) | / | (32078 / 151575) |
| = | 0.232559 | / | 0.211631 |
| | = | 1.0989 |
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 - (106558 + 68207) / 267149) | / | (1 - (107608 + 67154) / 263244) |
| = | 0.345815 | / | 0.336122 |
| | = | 1.0288 |
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 |
| = | 151575 | / | 152675 |
| | = | 0.9928 |
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)) |
| = | (6561 / (6561 + 67154)) | / | (6655 / (6655 + 68207)) |
| = | 0.089005 | / | 0.088897 |
| | = | 1.0012 |
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) |
| = | (12466 / 151575) | / | (12297 / 152675) |
| = | 0.082243 | / | 0.080544 |
| | = | 1.0211 |
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) |
| = | ((59409 + 78911) / 267149) | / | ((50078 + 89467) / 263244) |
| = | 0.517763 | / | 0.530098 |
| | = | 0.9767 |
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 |
| = | (13290 - 0 | - | 15304) | / | 267149 |
| | = | -0.007539 |
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.
Mercedes-Benz Group AG has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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