Vestis Beneish M-Score Historical Data
The historical data trend for Vestis'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.
Vestis Beneish M-Score Chart
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Vestis Annual Data
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Trend |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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- |
- |
- |
-3.06 |
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Vestis Quarterly Data
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Sep20 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-3.06 |
- |
-2.83 |
Competitive Comparison of Vestis's Beneish M-Score
For the Rental & Leasing Services subindustry, Vestis'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.
Vestis's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Vestis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vestis's Beneish M-Score falls into.
Vestis 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 Vestis 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 * 1.0371 | + | 0.528 * 0.9269 | + | 0.404 * 1.0086 | + | 0.892 * 1.031 | + | 0.115 * 0.5204 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0733 | + | 4.679 * -0.066157 | - | 0.327 * 0.9918 |
| = | -2.83 |
* 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 $406 Mil.
Revenue was 705.368 + 717.923 + 715.901 + 709.383 = $2,849 Mil.
Gross Profit was 200.951 + 215.542 + 225.829 + 224.816 = $867 Mil.
Total Current Assets was $1,005 Mil.
Total Assets was $3,122 Mil.
Property, Plant and Equipment(Net PPE) was $711 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $513 Mil.
Total Current Liabilities was $400 Mil.
Long-Term Debt & Capital Lease Obligation was $1,565 Mil.
Net Income was 5.965 + 12.266 + 160.348 + -17.513 = $161 Mil.
Non Operating Income was 0 + 0 + 51.831 + 0 = $52 Mil.
Cash Flow from Operations was 76.037 + 51.505 + 113.04 + 75.172 = $316 Mil.
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Total Receivables was $380 Mil.
Revenue was 699.305 + 700.696 + 683.173 + 679.72 = $2,763 Mil.
Gross Profit was 199.843 + 204.583 + 171.709 + 203.475 = $780 Mil.
Total Current Assets was $1,035 Mil.
Total Assets was $3,177 Mil.
Property, Plant and Equipment(Net PPE) was $723 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $463 Mil.
Total Current Liabilities was $379 Mil.
Long-Term Debt & Capital Lease Obligation was $1,637 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) |
| = | (405.954 / 2848.575) | / | (379.647 / 2762.894) |
| = | 0.142511 | / | 0.137409 |
| | = | 1.0371 |
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) |
| = | (779.61 / 2762.894) | / | (867.138 / 2848.575) |
| = | 0.282172 | / | 0.304411 |
| | = | 0.9269 |
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 - (1004.748 + 710.895) / 3121.661) | / | (1 - (1035.009 + 722.943) / 3176.541) |
| = | 0.450407 | / | 0.446583 |
| | = | 1.0086 |
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 |
| = | 2848.575 | / | 2762.894 |
| | = | 1.031 |
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)) |
| = | (67.507 / (67.507 + 722.943)) | / | (139.572 / (139.572 + 710.895)) |
| = | 0.085403 | / | 0.164112 |
| | = | 0.5204 |
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) |
| = | (512.773 / 2848.575) | / | (463.386 / 2762.894) |
| = | 0.18001 | / | 0.167718 |
| | = | 1.0733 |
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) |
| = | ((1565.026 + 400.154) / 3121.661) | / | ((1637.007 + 379.244) / 3176.541) |
| = | 0.62953 | / | 0.634732 |
| | = | 0.9918 |
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 |
| = | (161.066 - 51.831 | - | 315.754) | / | 3121.661 |
| | = | -0.066157 |
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.
Vestis has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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