Bosch Beneish M-Score Historical Data
The historical data trend for Bosch'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.
Bosch Beneish M-Score Chart
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Bosch Annual Data
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Trend |
Dec14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.98 |
-3.01 |
-2.81 |
-1.90 |
-2.19 |
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Bosch 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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-2.19 |
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Competitive Comparison of Bosch's Beneish M-Score
For the Auto Parts subindustry, Bosch'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.
Bosch's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Bosch's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bosch's Beneish M-Score falls into.
Bosch 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 Bosch 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 * 0.9909 | + | 0.528 * 1.0826 | + | 0.404 * 0.9844 | + | 0.892 * 1.2647 | + | 0.115 * 0.8383 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9745 | + | 4.679 * 0.013032 | - | 0.327 * 1.066 |
| = | -2.19 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹33,865 Mil.
Revenue was ₹146,118 Mil.
Gross Profit was ₹45,293 Mil.
Total Current Assets was ₹88,336 Mil.
Total Assets was ₹162,523 Mil.
Property, Plant and Equipment(Net PPE) was ₹15,658 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,856 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6,854 Mil.
Total Current Liabilities was ₹50,235 Mil.
Long-Term Debt & Capital Lease Obligation was ₹371 Mil.
Net Income was ₹14,255 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹12,137 Mil.
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Total Receivables was ₹27,022 Mil.
Revenue was ₹115,534 Mil.
Gross Profit was ₹38,772 Mil.
Total Current Assets was ₹81,340 Mil.
Total Assets was ₹154,023 Mil.
Property, Plant and Equipment(Net PPE) was ₹16,335 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,243 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5,561 Mil.
Total Current Liabilities was ₹44,460 Mil.
Long-Term Debt & Capital Lease Obligation was ₹531 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) |
| = | (33865 / 146118) | / | (27022 / 115534) |
| = | 0.231765 | / | 0.233888 |
| | = | 0.9909 |
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) |
| = | (38772 / 115534) | / | (45293 / 146118) |
| = | 0.33559 | / | 0.309975 |
| | = | 1.0826 |
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 - (88336 + 15658) / 162523) | / | (1 - (81340 + 16335) / 154023) |
| = | 0.360127 | / | 0.365841 |
| | = | 0.9844 |
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 |
| = | 146118 | / | 115534 |
| | = | 1.2647 |
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)) |
| = | (3243 / (3243 + 16335)) | / | (3856 / (3856 + 15658)) |
| = | 0.165645 | / | 0.197602 |
| | = | 0.8383 |
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) |
| = | (6854 / 146118) | / | (5561 / 115534) |
| = | 0.046907 | / | 0.048133 |
| | = | 0.9745 |
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) |
| = | ((371 + 50235) / 162523) | / | ((531 + 44460) / 154023) |
| = | 0.311377 | / | 0.292106 |
| | = | 1.066 |
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 |
| = | (14255 - 0 | - | 12137) | / | 162523 |
| | = | 0.013032 |
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.
Bosch has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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