Forbes Beneish M-Score Historical Data
The historical data trend for Forbes'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.
Forbes Beneish M-Score Chart
|
Forbes Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.04 |
-3.71 |
-4.14 |
20.90 |
-1.66 |
|
Forbes Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-1.66 |
- |
- |
- |
Competitive Comparison of Forbes's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Forbes'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.
Forbes's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Forbes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Forbes's Beneish M-Score falls into.
Forbes 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 Forbes 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 * 0.7815 | + | 0.528 * 1.1006 | + | 0.404 * 1.0005 | + | 0.892 * 0.8647 | + | 0.115 * 1.8848 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1081 | + | 4.679 * 0.195947 | - | 0.327 * 0.7338 |
| = | -1.66 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹606 Mil.
Revenue was ₹4,345 Mil.
Gross Profit was ₹2,543 Mil.
Total Current Assets was ₹3,787 Mil.
Total Assets was ₹7,011 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,158 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹278 Mil.
Selling, General, & Admin. Expense(SGA) was ₹369 Mil.
Total Current Liabilities was ₹4,096 Mil.
Long-Term Debt & Capital Lease Obligation was ₹358 Mil.
Net Income was ₹1,920 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹546 Mil.
|
Total Receivables was ₹897 Mil.
Revenue was ₹5,025 Mil.
Gross Profit was ₹3,236 Mil.
Total Current Assets was ₹4,461 Mil.
Total Assets was ₹7,972 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,163 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹667 Mil.
Selling, General, & Admin. Expense(SGA) was ₹385 Mil.
Total Current Liabilities was ₹6,148 Mil.
Long-Term Debt & Capital Lease Obligation was ₹754 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) |
| = | (606.379 / 4344.825) | / | (897.313 / 5024.75) |
| = | 0.139564 | / | 0.178579 |
| | = | 0.7815 |
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) |
| = | (3236.365 / 5024.75) | / | (2542.603 / 4344.825) |
| = | 0.644085 | / | 0.585203 |
| | = | 1.1006 |
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 - (3787.129 + 1158.327) / 7010.957) | / | (1 - (4460.896 + 1163.332) / 7971.616) |
| = | 0.29461 | / | 0.294468 |
| | = | 1.0005 |
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 |
| = | 4344.825 | / | 5024.75 |
| | = | 0.8647 |
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)) |
| = | (666.923 / (666.923 + 1163.332)) | / | (277.603 / (277.603 + 1158.327)) |
| = | 0.364388 | / | 0.193326 |
| | = | 1.8848 |
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) |
| = | (368.697 / 4344.825) | / | (384.815 / 5024.75) |
| = | 0.084859 | / | 0.076584 |
| | = | 1.1081 |
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) |
| = | ((357.945 + 4096.093) / 7010.957) | / | ((753.579 + 6147.663) / 7971.616) |
| = | 0.635297 | / | 0.865727 |
| | = | 0.7338 |
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 |
| = | (1919.53 - 0 | - | 545.753) | / | 7010.957 |
| | = | 0.195947 |
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.
Forbes has a M-score of -1.66 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BOM:502865 has been successfully added to your