Rational AG Beneish M-Score Historical Data
The historical data trend for Rational 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.
Rational AG Beneish M-Score Chart
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Rational 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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-2.72 |
-2.61 |
-2.76 |
-1.77 |
-2.57 |
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Rational AG 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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-2.22 |
-2.39 |
-2.45 |
-2.57 |
-2.50 |
Competitive Comparison of Rational AG's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Rational 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.
Rational AG's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Rational AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rational AG's Beneish M-Score falls into.
Rational 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 Rational 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 * 0.9778 | + | 0.528 * 0.9672 | + | 0.404 * 1.1307 | + | 0.892 * 1.0466 | + | 0.115 * 0.9879 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0009 | + | 4.679 * -0.021532 | - | 0.327 * 0.9097 |
| = | -2.50 |
* 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 €179 Mil.
Revenue was 286.425 + 292.762 + 272.288 + 278.339 = €1,130 Mil.
Gross Profit was 167.478 + 167.679 + 156.191 + 157.441 = €649 Mil.
Total Current Assets was €740 Mil.
Total Assets was €1,005 Mil.
Property, Plant and Equipment(Net PPE) was €219 Mil.
Depreciation, Depletion and Amortization(DDA) was €8 Mil.
Selling, General, & Admin. Expense(SGA) was €310 Mil.
Total Current Liabilities was €169 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 56.116 + 57.356 + 52.262 + 54.444 = €220 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 26.751 + 60.917 + 69.812 + 84.333 = €242 Mil.
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Total Receivables was €175 Mil.
Revenue was 282.449 + 290.431 + 274.239 + 232.425 = €1,080 Mil.
Gross Profit was 157.31 + 167.794 + 150.088 + 124.393 = €600 Mil.
Total Current Assets was €690 Mil.
Total Assets was €934 Mil.
Property, Plant and Equipment(Net PPE) was €206 Mil.
Depreciation, Depletion and Amortization(DDA) was €8 Mil.
Selling, General, & Admin. Expense(SGA) was €296 Mil.
Total Current Liabilities was €173 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (178.995 / 1129.814) | / | (174.919 / 1079.544) |
| = | 0.158429 | / | 0.16203 |
| | = | 0.9778 |
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) |
| = | (599.585 / 1079.544) | / | (648.789 / 1129.814) |
| = | 0.555406 | / | 0.574244 |
| | = | 0.9672 |
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 - (739.607 + 218.505) / 1004.761) | / | (1 - (689.831 + 205.927) / 934.116) |
| = | 0.046428 | / | 0.041063 |
| | = | 1.1307 |
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 |
| = | 1129.814 | / | 1079.544 |
| | = | 1.0466 |
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)) |
| = | (7.869 / (7.869 + 205.927)) | / | (8.456 / (8.456 + 218.505)) |
| = | 0.036806 | / | 0.037258 |
| | = | 0.9879 |
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) |
| = | (309.589 / 1129.814) | / | (295.538 / 1079.544) |
| = | 0.274018 | / | 0.273762 |
| | = | 1.0009 |
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) |
| = | ((0 + 168.799) / 1004.761) | / | ((0 + 172.513) / 934.116) |
| = | 0.167999 | / | 0.18468 |
| | = | 0.9097 |
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 |
| = | (220.178 - 0 | - | 241.813) | / | 1004.761 |
| | = | -0.021532 |
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.
Rational AG has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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