Hertz Global Holdings Beneish M-Score Historical Data
The historical data trend for Hertz Global Holdings'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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Hertz Global Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.00 |
-5.05 |
-3.08 |
-2.54 |
-2.35 |
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Hertz Global Holdings 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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-2.54 |
-2.54 |
-2.47 |
-2.44 |
-2.35 |
Competitive Comparison
For the Rental & Leasing Services subindustry, Hertz Global Holdings'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.
Hertz Global Holdings Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Hertz Global Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hertz Global Holdings's Beneish M-Score falls into.
Hertz Global Holdings 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 Hertz Global Holdings 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 * 1.1333 | + | 0.528 * 1.8945 | + | 0.404 * 0.8329 | + | 0.892 * 1.079 | + | 0.115 * 0.4666 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9297 | + | 4.679 * -0.088234 | - | 0.327 * 1.0272 |
| = | -2.35 |
* 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 $1,191 Mil.
Revenue was 2184 + 2703 + 2437 + 2047 = $9,371 Mil.
Gross Profit was 65 + 680 + 619 + 364 = $1,728 Mil.
Total Current Assets was $2,397 Mil.
Total Assets was $24,605 Mil.
Property, Plant and Equipment(Net PPE) was $17,575 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,571 Mil.
Selling, General, & Admin. Expense(SGA) was $962 Mil.
Total Current Liabilities was $3,096 Mil.
Long-Term Debt & Capital Lease Obligation was $16,455 Mil.
Net Income was -348 + 629 + 139 + 196 = $616 Mil.
Non Operating Income was -93 + 313 + 12 + 81 = $313 Mil.
Cash Flow from Operations was 564 + 851 + 497 + 562 = $2,474 Mil.
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Total Receivables was $974 Mil.
Revenue was 2035 + 2496 + 2344 + 1810 = $8,685 Mil.
Gross Profit was 1320 + 646 + 672 + 396 = $3,034 Mil.
Total Current Assets was $2,392 Mil.
Total Assets was $22,497 Mil.
Property, Plant and Equipment(Net PPE) was $15,019 Mil.
Depreciation, Depletion and Amortization(DDA) was $951 Mil.
Selling, General, & Admin. Expense(SGA) was $959 Mil.
Total Current Liabilities was $2,736 Mil.
Long-Term Debt & Capital Lease Obligation was $14,667 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) |
| = | (1191 / 9371) | / | (974 / 8685) |
| = | 0.127094 | / | 0.112147 |
| | = | 1.1333 |
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) |
| = | (3034 / 8685) | / | (1728 / 9371) |
| = | 0.349338 | / | 0.184399 |
| | = | 1.8945 |
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 - (2397 + 17575) / 24605) | / | (1 - (2392 + 15019) / 22497) |
| = | 0.188295 | / | 0.226075 |
| | = | 0.8329 |
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 |
| = | 9371 | / | 8685 |
| | = | 1.079 |
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)) |
| = | (951 / (951 + 15019)) | / | (2571 / (2571 + 17575)) |
| = | 0.059549 | / | 0.127618 |
| | = | 0.4666 |
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) |
| = | (962 / 9371) | / | (959 / 8685) |
| = | 0.102657 | / | 0.11042 |
| | = | 0.9297 |
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) |
| = | ((16455 + 3096) / 24605) | / | ((14667 + 2736) / 22497) |
| = | 0.794595 | / | 0.77357 |
| | = | 1.0272 |
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 |
| = | (616 - 313 | - | 2474) | / | 24605 |
| | = | -0.088234 |
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.
Hertz Global Holdings has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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