Garrett Motion Beneish M-Score Historical Data
The historical data trend for Garrett Motion'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.
Garrett Motion Beneish M-Score Chart
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Garrett Motion Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.08 |
-2.07 |
-1.30 |
-2.34 |
-3.02 |
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Garrett Motion 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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-2.40 |
-2.55 |
-2.75 |
-3.02 |
-3.09 |
Competitive Comparison of Garrett Motion's Beneish M-Score
For the Auto Parts subindustry, Garrett Motion'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.
Garrett Motion's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Garrett Motion's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Garrett Motion's Beneish M-Score falls into.
Garrett Motion 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 Garrett Motion 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 * 0.8495 | + | 0.528 * 0.984 | + | 0.404 * 1.0311 | + | 0.892 * 1.0433 | + | 0.115 * 0.9074 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.116 | + | 4.679 * -0.084559 | - | 0.327 * 1.275 |
| = | -3.09 |
* 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 $787 Mil.
Revenue was 915 + 945 + 960 + 1011 = $3,831 Mil.
Gross Profit was 172 + 189 + 176 + 202 = $739 Mil.
Total Current Assets was $1,338 Mil.
Total Assets was $2,448 Mil.
Property, Plant and Equipment(Net PPE) was $495 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $255 Mil.
Total Current Liabilities was $1,319 Mil.
Long-Term Debt & Capital Lease Obligation was $1,668 Mil.
Net Income was 66 + 52 + 57 + 71 = $246 Mil.
Non Operating Income was 4 + -3 + 3 + -8 = $-4 Mil.
Cash Flow from Operations was 84 + 135 + 74 + 164 = $457 Mil.
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Total Receivables was $888 Mil.
Revenue was 970 + 898 + 945 + 859 = $3,672 Mil.
Gross Profit was 189 + 161 + 178 + 169 = $697 Mil.
Total Current Assets was $1,605 Mil.
Total Assets was $2,791 Mil.
Property, Plant and Equipment(Net PPE) was $506 Mil.
Depreciation, Depletion and Amortization(DDA) was $83 Mil.
Selling, General, & Admin. Expense(SGA) was $219 Mil.
Total Current Liabilities was $1,478 Mil.
Long-Term Debt & Capital Lease Obligation was $1,193 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) |
| = | (787 / 3831) | / | (888 / 3672) |
| = | 0.205429 | / | 0.24183 |
| | = | 0.8495 |
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) |
| = | (697 / 3672) | / | (739 / 3831) |
| = | 0.189815 | / | 0.1929 |
| | = | 0.984 |
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 - (1338 + 495) / 2448) | / | (1 - (1605 + 506) / 2791) |
| = | 0.251225 | / | 0.24364 |
| | = | 1.0311 |
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 |
| = | 3831 | / | 3672 |
| | = | 1.0433 |
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)) |
| = | (83 / (83 + 506)) | / | (91 / (91 + 495)) |
| = | 0.140917 | / | 0.15529 |
| | = | 0.9074 |
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) |
| = | (255 / 3831) | / | (219 / 3672) |
| = | 0.066562 | / | 0.059641 |
| | = | 1.116 |
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) |
| = | ((1668 + 1319) / 2448) | / | ((1193 + 1478) / 2791) |
| = | 1.22018 | / | 0.957005 |
| | = | 1.275 |
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 |
| = | (246 - -4 | - | 457) | / | 2448 |
| | = | -0.084559 |
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.
Garrett Motion has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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