Volvo Car AB Beneish M-Score Historical Data
The historical data trend for Volvo Car AB'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.
Volvo Car AB Beneish M-Score Chart
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Volvo Car AB Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.27 |
-2.99 |
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Volvo Car AB Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.45 |
-2.59 |
-2.78 |
-2.99 |
-2.66 |
Competitive Comparison of Volvo Car AB's Beneish M-Score
For the Auto Manufacturers subindustry, Volvo Car AB'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.
Volvo Car AB's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Volvo Car AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Volvo Car AB's Beneish M-Score falls into.
Volvo Car AB 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 Volvo Car AB 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 * 1.1795 | + | 0.528 * 0.8901 | + | 0.404 * 1.013 | + | 0.892 * 1.1307 | + | 0.115 * 0.9647 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0084 | + | 4.679 * -0.085293 | - | 0.327 * 1.0164 |
| = | -2.66 |
* 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 kr28,096 Mil.
Revenue was 93878 + 109441 + 92045 + 102152 = kr397,516 Mil.
Gross Profit was 18072 + 22832 + 18077 + 19419 = kr78,400 Mil.
Total Current Assets was kr162,318 Mil.
Total Assets was kr369,620 Mil.
Property, Plant and Equipment(Net PPE) was kr89,952 Mil.
Depreciation, Depletion and Amortization(DDA) was kr18,738 Mil.
Selling, General, & Admin. Expense(SGA) was kr38,597 Mil.
Total Current Liabilities was kr174,630 Mil.
Long-Term Debt & Capital Lease Obligation was kr22,509 Mil.
Net Income was 3342 + 3109 + 3001 + 3332 = kr12,784 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -937 + 18140 + 10124 + 16983 = kr44,310 Mil.
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Total Receivables was kr21,067 Mil.
Revenue was 95705 + 105247 + 79329 + 71300 = kr351,581 Mil.
Gross Profit was 17099 + 16805 + 13717 + 14096 = kr61,717 Mil.
Total Current Assets was kr142,730 Mil.
Total Assets was kr326,415 Mil.
Property, Plant and Equipment(Net PPE) was kr81,382 Mil.
Depreciation, Depletion and Amortization(DDA) was kr16,235 Mil.
Selling, General, & Admin. Expense(SGA) was kr33,853 Mil.
Total Current Liabilities was kr138,396 Mil.
Long-Term Debt & Capital Lease Obligation was kr32,888 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) |
| = | (28096 / 397516) | / | (21067 / 351581) |
| = | 0.070679 | / | 0.059921 |
| | = | 1.1795 |
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) |
| = | (61717 / 351581) | / | (78400 / 397516) |
| = | 0.175541 | / | 0.197225 |
| | = | 0.8901 |
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 - (162318 + 89952) / 369620) | / | (1 - (142730 + 81382) / 326415) |
| = | 0.317488 | / | 0.313414 |
| | = | 1.013 |
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 |
| = | 397516 | / | 351581 |
| | = | 1.1307 |
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)) |
| = | (16235 / (16235 + 81382)) | / | (18738 / (18738 + 89952)) |
| = | 0.166313 | / | 0.172399 |
| | = | 0.9647 |
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) |
| = | (38597 / 397516) | / | (33853 / 351581) |
| = | 0.097095 | / | 0.096288 |
| | = | 1.0084 |
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) |
| = | ((22509 + 174630) / 369620) | / | ((32888 + 138396) / 326415) |
| = | 0.533356 | / | 0.524743 |
| | = | 1.0164 |
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 |
| = | (12784 - 0 | - | 44310) | / | 369620 |
| | = | -0.085293 |
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.
Volvo Car AB has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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