BlackRock Beneish M-Score Historical Data
The historical data trend for BlackRock'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.
|
BlackRock Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.25 |
-2.52 |
-2.41 |
-2.61 |
-2.30 |
|
BlackRock Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.51 |
-2.36 |
-2.27 |
-2.30 |
- |
Competitive Comparison
For the Asset Management subindustry, BlackRock'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.
BlackRock Beneish M-Score Distribution
For the Asset Management industry and Financial Services sector, BlackRock's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BlackRock's Beneish M-Score falls into.
BlackRock 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 BlackRock 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 * 1.2007 | + | 0.528 * 1.0086 | + | 0.404 * 0.9968 | + | 0.892 * 0.9992 | + | 0.115 * 0.9773 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0421 | + | 4.679 * 0.005649 | - | 0.327 * 1.0678 |
| = | -2.30 |
* 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 $3,916 Mil.
Revenue was 4631 + 4522 + 4463 + 4243 = $17,859 Mil.
Gross Profit was 2240 + 2157 + 2103 + 1928 = $8,428 Mil.
Total Current Assets was $19,173 Mil.
Total Assets was $123,211 Mil.
Property, Plant and Equipment(Net PPE) was $2,533 Mil.
Depreciation, Depletion and Amortization(DDA) was $427 Mil.
Selling, General, & Admin. Expense(SGA) was $1,944 Mil.
Total Current Liabilities was $1,240 Mil.
Long-Term Debt & Capital Lease Obligation was $9,702 Mil.
Net Income was 1375 + 1604 + 1366 + 1157 = $5,502 Mil.
Non Operating Income was 206 + 117 + 228 + 90 = $641 Mil.
Cash Flow from Operations was 1998 + 1576 + 985 + -394 = $4,165 Mil.
|
Total Receivables was $3,264 Mil.
Revenue was 4337 + 4311 + 4526 + 4699 = $17,873 Mil.
Gross Profit was 2064 + 2045 + 2169 + 2229 = $8,507 Mil.
Total Current Assets was $17,867 Mil.
Total Assets was $117,628 Mil.
Property, Plant and Equipment(Net PPE) was $2,547 Mil.
Depreciation, Depletion and Amortization(DDA) was $418 Mil.
Selling, General, & Admin. Expense(SGA) was $1,867 Mil.
Total Current Liabilities was $1,294 Mil.
Long-Term Debt & Capital Lease Obligation was $8,489 Mil.
|
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) |
| = | (3916 / 17859) | / | (3264 / 17873) |
| = | 0.219273 | / | 0.182622 |
| | = | 1.2007 |
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) |
| = | (8507 / 17873) | / | (8428 / 17859) |
| = | 0.475969 | / | 0.471919 |
| | = | 1.0086 |
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 - (19173 + 2533) / 123211) | / | (1 - (17867 + 2547) / 117628) |
| = | 0.823831 | / | 0.826453 |
| | = | 0.9968 |
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 |
| = | 17859 | / | 17873 |
| | = | 0.9992 |
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)) |
| = | (418 / (418 + 2547)) | / | (427 / (427 + 2533)) |
| = | 0.140978 | / | 0.144257 |
| | = | 0.9773 |
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) |
| = | (1944 / 17859) | / | (1867 / 17873) |
| = | 0.108853 | / | 0.104459 |
| | = | 1.0421 |
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) |
| = | ((9702 + 1240) / 123211) | / | ((8489 + 1294) / 117628) |
| = | 0.088807 | / | 0.083169 |
| | = | 1.0678 |
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 |
| = | (5502 - 641 | - | 4165) | / | 123211 |
| | = | 0.005649 |
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.
BlackRock has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BLK has been successfully added to your