Gentherm Beneish M-Score Historical Data
The historical data trend for Gentherm'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.
Gentherm Beneish M-Score Chart
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Gentherm Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-2.54 |
-2.67 |
-2.05 |
-2.65 |
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Gentherm 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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-2.21 |
-2.31 |
-2.51 |
-2.65 |
-2.51 |
Competitive Comparison of Gentherm's Beneish M-Score
For the Auto Parts subindustry, Gentherm'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.
Gentherm's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Gentherm's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gentherm's Beneish M-Score falls into.
Gentherm 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 Gentherm 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 * 0.963 | + | 0.528 * 0.9107 | + | 0.404 * 0.9835 | + | 0.892 * 1.0835 | + | 0.115 * 0.9804 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0093 | + | 4.679 * -0.003282 | - | 0.327 * 1.0476 |
| = | -2.53 |
* 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 €282 Mil.
Revenue was 327.534 + 336.478 + 343.125 + 343.654 = €1,351 Mil.
Gross Profit was 81.653 + 88.303 + 80.779 + 81.213 = €332 Mil.
Total Current Assets was €644 Mil.
Total Assets was €1,152 Mil.
Property, Plant and Equipment(Net PPE) was €254 Mil.
Depreciation, Depletion and Amortization(DDA) was €47 Mil.
Selling, General, & Admin. Expense(SGA) was €147 Mil.
Total Current Liabilities was €306 Mil.
Long-Term Debt & Capital Lease Obligation was €226 Mil.
Net Income was 13.602 + 16.586 + 14.846 + -1.432 = €44 Mil.
Non Operating Income was -3.419 + -9.732 + 1.199 + -18.138 = €-30 Mil.
Cash Flow from Operations was -9.496 + 35.967 + 20.08 + 30.923 = €77 Mil.
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Total Receivables was €271 Mil.
Revenue was 339.626 + 324.096 + 336.292 + 246.636 = €1,247 Mil.
Gross Profit was 75.775 + 65.899 + 81.156 + 56.171 = €279 Mil.
Total Current Assets was €665 Mil.
Total Assets was €1,185 Mil.
Property, Plant and Equipment(Net PPE) was €255 Mil.
Depreciation, Depletion and Amortization(DDA) was €46 Mil.
Selling, General, & Admin. Expense(SGA) was €135 Mil.
Total Current Liabilities was €287 Mil.
Long-Term Debt & Capital Lease Obligation was €236 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) |
| = | (282.444 / 1350.791) | / | (270.697 / 1246.65) |
| = | 0.209095 | / | 0.21714 |
| | = | 0.963 |
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) |
| = | (279.001 / 1246.65) | / | (331.948 / 1350.791) |
| = | 0.223801 | / | 0.245743 |
| | = | 0.9107 |
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 - (644.397 + 254.315) / 1152.493) | / | (1 - (664.54 + 255.138) / 1185.009) |
| = | 0.220202 | / | 0.223906 |
| | = | 0.9835 |
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 |
| = | 1350.791 | / | 1246.65 |
| | = | 1.0835 |
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)) |
| = | (46.353 / (46.353 + 255.138)) | / | (47.3 / (47.3 + 254.315)) |
| = | 0.153746 | / | 0.156822 |
| | = | 0.9804 |
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) |
| = | (147.156 / 1350.791) | / | (134.558 / 1246.65) |
| = | 0.108941 | / | 0.107936 |
| | = | 1.0093 |
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) |
| = | ((225.675 + 306.447) / 1152.493) | / | ((235.646 + 286.618) / 1185.009) |
| = | 0.461714 | / | 0.440726 |
| | = | 1.0476 |
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 |
| = | (43.602 - -30.09 | - | 77.474) | / | 1152.493 |
| | = | -0.003282 |
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.
Gentherm has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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