Volkswagen AG Beneish M-Score Historical Data
The historical data trend for Volkswagen 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.
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Volkswagen 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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-2.42 |
-2.59 |
-2.73 |
-2.46 |
-2.37 |
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Volkswagen AG Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.47 |
-2.40 |
-2.47 |
-2.37 |
Competitive Comparison
For the Auto Manufacturers subindustry, Volkswagen 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.
Volkswagen AG Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Volkswagen AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Volkswagen AG's Beneish M-Score falls into.
Volkswagen 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 Volkswagen 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 * 0.9838 | + | 0.528 * 0.9877 | + | 0.404 * 0.9965 | + | 0.892 * 1.1549 | + | 0.115 * 1.0795 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9364 | + | 4.679 * -0.004592 | - | 0.327 * 1.0115 |
| = | -2.37 |
* 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 €79,543 Mil.
Revenue was 87182 + 78845 + 80059 + 76197 = €322,283 Mil.
Gross Profit was 16697 + 13409 + 15722 + 15192 = €61,020 Mil.
Total Current Assets was €239,644 Mil.
Total Assets was €600,338 Mil.
Property, Plant and Equipment(Net PPE) was €130,975 Mil.
Depreciation, Depletion and Amortization(DDA) was €27,566 Mil.
Selling, General, & Admin. Expense(SGA) was €34,064 Mil.
Total Current Liabilities was €205,874 Mil.
Long-Term Debt & Capital Lease Obligation was €119,085 Mil.
Net Income was 4829 + 4033 + 3389 + 4348 = €16,599 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 6796 + 5475 + 1122 + 5963 = €19,356 Mil.
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Total Receivables was €70,006 Mil.
Revenue was 76165 + 70673 + 69500 + 62711 = €279,049 Mil.
Gross Profit was 13068 + 12666 + 14481 + 11967 = €52,182 Mil.
Total Current Assets was €224,159 Mil.
Total Assets was €564,013 Mil.
Property, Plant and Equipment(Net PPE) was €123,271 Mil.
Depreciation, Depletion and Amortization(DDA) was €28,485 Mil.
Selling, General, & Admin. Expense(SGA) was €31,496 Mil.
Total Current Liabilities was €182,723 Mil.
Long-Term Debt & Capital Lease Obligation was €119,095 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) |
| = | (79543 / 322283) | / | (70006 / 279049) |
| = | 0.246811 | / | 0.250874 |
| | = | 0.9838 |
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) |
| = | (52182 / 279049) | / | (61020 / 322283) |
| = | 0.186999 | / | 0.189337 |
| | = | 0.9877 |
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 - (239644 + 130975) / 600338) | / | (1 - (224159 + 123271) / 564013) |
| = | 0.382649 | / | 0.384004 |
| | = | 0.9965 |
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 |
| = | 322283 | / | 279049 |
| | = | 1.1549 |
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)) |
| = | (28485 / (28485 + 123271)) | / | (27566 / (27566 + 130975)) |
| = | 0.187703 | / | 0.173873 |
| | = | 1.0795 |
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) |
| = | (34064 / 322283) | / | (31496 / 279049) |
| = | 0.105696 | / | 0.112869 |
| | = | 0.9364 |
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) |
| = | ((119085 + 205874) / 600338) | / | ((119095 + 182723) / 564013) |
| = | 0.541293 | / | 0.535126 |
| | = | 1.0115 |
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 |
| = | (16599 - 0 | - | 19356) | / | 600338 |
| | = | -0.004592 |
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.
Volkswagen AG has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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