thyssenkrupp AG Beneish M-Score Historical Data
The historical data trend for thyssenkrupp 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.
thyssenkrupp AG Beneish M-Score Chart
|
thyssenkrupp AG Annual Data
|
|
Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.43 |
-7.83 |
-2.91 |
-2.18 |
-2.72 |
|
thyssenkrupp AG Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.36 |
-2.50 |
-2.66 |
-2.72 |
-2.63 |
Competitive Comparison of thyssenkrupp AG's Beneish M-Score
For the Metal Fabrication subindustry, thyssenkrupp 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.
thyssenkrupp AG's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, thyssenkrupp AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where thyssenkrupp AG's Beneish M-Score falls into.
thyssenkrupp 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 thyssenkrupp 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 * 1.0134 | + | 0.528 * 2.1967 | + | 0.404 * 1.0582 | + | 0.892 * 0.8921 | + | 0.115 * 0.4287 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1546 | + | 4.679 * -0.132188 | - | 0.327 * 1.0196 |
| = | -2.63 |
* 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 €5,767 Mil.
Revenue was 8181 + 8811 + 9598 + 10106 = €36,696 Mil.
Gross Profit was 797 + -625 + 1201 + 915 = €2,288 Mil.
Total Current Assets was €23,235 Mil.
Total Assets was €32,068 Mil.
Property, Plant and Equipment(Net PPE) was €4,814 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,312 Mil.
Selling, General, & Admin. Expense(SGA) was €4,187 Mil.
Total Current Liabilities was €12,420 Mil.
Long-Term Debt & Capital Lease Obligation was €1,276 Mil.
Net Income was -314 + -2008 + 83 + -223 = €-2,462 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -424 + 1396 + 599 + 206 = €1,777 Mil.
|
Total Receivables was €6,379 Mil.
Revenue was 9018 + 10568 + 10950 + 10599 = €41,135 Mil.
Gross Profit was 1167 + 1263 + 1394 + 1810 = €5,634 Mil.
Total Current Assets was €25,206 Mil.
Total Assets was €36,104 Mil.
Property, Plant and Equipment(Net PPE) was €6,622 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,402 Mil.
Selling, General, & Admin. Expense(SGA) was €4,065 Mil.
Total Current Liabilities was €12,374 Mil.
Long-Term Debt & Capital Lease Obligation was €2,750 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) |
| = | (5767 / 36696) | / | (6379 / 41135) |
| = | 0.157156 | / | 0.155075 |
| | = | 1.0134 |
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) |
| = | (5634 / 41135) | / | (2288 / 36696) |
| = | 0.136964 | / | 0.06235 |
| | = | 2.1967 |
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 - (23235 + 4814) / 32068) | / | (1 - (25206 + 6622) / 36104) |
| = | 0.125327 | / | 0.118436 |
| | = | 1.0582 |
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 |
| = | 36696 | / | 41135 |
| | = | 0.8921 |
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)) |
| = | (1402 / (1402 + 6622)) | / | (3312 / (3312 + 4814)) |
| = | 0.174726 | / | 0.407581 |
| | = | 0.4287 |
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) |
| = | (4187 / 36696) | / | (4065 / 41135) |
| = | 0.1141 | / | 0.098821 |
| | = | 1.1546 |
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) |
| = | ((1276 + 12420) / 32068) | / | ((2750 + 12374) / 36104) |
| = | 0.427092 | / | 0.418901 |
| | = | 1.0196 |
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 |
| = | (-2462 - 0 | - | 1777) | / | 32068 |
| | = | -0.132188 |
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.
thyssenkrupp AG has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
XTER:TKA has been successfully added to your