CBIZ Beneish M-Score Historical Data
The historical data trend for CBIZ'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.
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CBIZ Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-2.77 |
-2.56 |
-2.24 |
-2.40 |
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CBIZ Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.24 |
-2.31 |
-2.34 |
-2.30 |
-2.40 |
Competitive Comparison
For the Specialty Business Services subindustry, CBIZ'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.
CBIZ Beneish M-Score Distribution
For the Business Services industry and Industrials sector, CBIZ's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CBIZ's Beneish M-Score falls into.
CBIZ 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 CBIZ 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 * 1.0085 | + | 0.528 * 1.1277 | + | 0.404 * 0.9887 | + | 0.892 * 1.1269 | + | 0.115 * 1.0529 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9348 | + | 4.679 * -0.026294 | - | 0.327 * 0.9932 |
| = | -2.40 |
* 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 $380 Mil.
Revenue was 327.547 + 410.539 + 398.502 + 454.606 = $1,591 Mil.
Gross Profit was -13.297 + 68.391 + 54.515 + 113.595 = $223 Mil.
Total Current Assets was $613 Mil.
Total Assets was $2,044 Mil.
Property, Plant and Equipment(Net PPE) was $268 Mil.
Depreciation, Depletion and Amortization(DDA) was $36 Mil.
Selling, General, & Admin. Expense(SGA) was $58 Mil.
Total Current Liabilities was $512 Mil.
Long-Term Debt & Capital Lease Obligation was $515 Mil.
Net Income was -12.737 + 33.682 + 26.863 + 73.16 = $121 Mil.
Non Operating Income was 12.774 + -2.211 + 5.421 + 5.211 = $21 Mil.
Cash Flow from Operations was 96.253 + 27.525 + 74.24 + -44.511 = $154 Mil.
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Total Receivables was $334 Mil.
Revenue was 295.043 + 363.262 + 361.952 + 391.722 = $1,412 Mil.
Gross Profit was -7.517 + 57.245 + 72.216 + 101.423 = $223 Mil.
Total Current Assets was $568 Mil.
Total Assets was $1,879 Mil.
Property, Plant and Equipment(Net PPE) was $229 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $55 Mil.
Total Current Liabilities was $512 Mil.
Long-Term Debt & Capital Lease Obligation was $438 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) |
| = | (380.152 / 1591.194) | / | (334.498 / 1411.979) |
| = | 0.23891 | / | 0.2369 |
| | = | 1.0085 |
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) |
| = | (223.367 / 1411.979) | / | (223.204 / 1591.194) |
| = | 0.158194 | / | 0.140275 |
| | = | 1.1277 |
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 - (612.685 + 268.036) / 2043.592) | / | (1 - (568.426 + 229.227) / 1879.124) |
| = | 0.569033 | / | 0.575519 |
| | = | 0.9887 |
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 |
| = | 1591.194 | / | 1411.979 |
| | = | 1.1269 |
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)) |
| = | (32.895 / (32.895 + 229.227)) | / | (36.269 / (36.269 + 268.036)) |
| = | 0.125495 | / | 0.119186 |
| | = | 1.0529 |
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) |
| = | (57.965 / 1591.194) | / | (55.023 / 1411.979) |
| = | 0.036429 | / | 0.038969 |
| | = | 0.9348 |
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) |
| = | ((514.731 + 511.921) / 2043.592) | / | ((438.108 + 512.407) / 1879.124) |
| = | 0.502376 | / | 0.505829 |
| | = | 0.9932 |
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 |
| = | (120.968 - 21.195 | - | 153.507) | / | 2043.592 |
| | = | -0.026294 |
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.
CBIZ has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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