CoreLogic Beneish M-Score Historical Data
The historical data trend for CoreLogic'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.
CoreLogic Beneish M-Score Chart
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CoreLogic Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.60 |
-2.81 |
-2.84 |
-2.76 |
-2.72 |
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CoreLogic Quarterly Data
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Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
| Beneish M-Score |
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-2.65 |
-2.82 |
-2.83 |
-2.72 |
-2.86 |
Competitive Comparison of CoreLogic's Beneish M-Score
For the Information Technology Services subindustry, CoreLogic'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.
CoreLogic's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, CoreLogic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CoreLogic's Beneish M-Score falls into.
CoreLogic 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 CoreLogic 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 * 0.9588 | + | 0.528 * 0.9022 | + | 0.404 * 0.9329 | + | 0.892 * 1.1712 | + | 0.115 * 0.9439 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.061 | + | 4.679 * -0.077649 | - | 0.327 * 1.0964 |
| = | -2.86 |
* 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 (Mar21) TTM: | Last Year (Mar20) TTM: |
Total Receivables was $321 Mil.
Revenue was 422.785 + 467.642 + 436.727 + 477.464 = $1,805 Mil.
Gross Profit was 260.226 + 309.652 + 282.535 + 262.973 = $1,115 Mil.
Total Current Assets was $780 Mil.
Total Assets was $4,328 Mil.
Property, Plant and Equipment(Net PPE) was $482 Mil.
Depreciation, Depletion and Amortization(DDA) was $191 Mil.
Selling, General, & Admin. Expense(SGA) was $564 Mil.
Total Current Liabilities was $824 Mil.
Long-Term Debt & Capital Lease Obligation was $1,861 Mil.
Net Income was 53.562 + 95.386 + 113.146 + 59.005 = $321 Mil.
Non Operating Income was -0.502 + 3.916 + 35.674 + 5.908 = $45 Mil.
Cash Flow from Operations was 189.293 + 116.67 + 175.964 + 130.274 = $612 Mil.
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Total Receivables was $286 Mil.
Revenue was 352.92 + 352.841 + 375.571 + 459.538 = $1,541 Mil.
Gross Profit was 208.395 + 207.697 + 210.856 + 232.328 = $859 Mil.
Total Current Assets was $493 Mil.
Total Assets was $4,148 Mil.
Property, Plant and Equipment(Net PPE) was $506 Mil.
Depreciation, Depletion and Amortization(DDA) was $184 Mil.
Selling, General, & Admin. Expense(SGA) was $454 Mil.
Total Current Liabilities was $677 Mil.
Long-Term Debt & Capital Lease Obligation was $1,670 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) |
| = | (320.609 / 1804.618) | / | (285.528 / 1540.87) |
| = | 0.17766 | / | 0.185303 |
| | = | 0.9588 |
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) |
| = | (859.276 / 1540.87) | / | (1115.386 / 1804.618) |
| = | 0.557656 | / | 0.618073 |
| | = | 0.9022 |
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 - (780.48 + 482.276) / 4328.423) | / | (1 - (492.803 + 505.752) / 4147.607) |
| = | 0.708264 | / | 0.759246 |
| | = | 0.9329 |
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 |
| = | 1804.618 | / | 1540.87 |
| | = | 1.1712 |
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)) |
| = | (184.481 / (184.481 + 505.752)) | / | (190.507 / (190.507 + 482.276)) |
| = | 0.267274 | / | 0.283163 |
| | = | 0.9439 |
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) |
| = | (564.181 / 1804.618) | / | (454.021 / 1540.87) |
| = | 0.312632 | / | 0.294652 |
| | = | 1.061 |
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) |
| = | ((1861.165 + 824.096) / 4328.423) | / | ((1669.808 + 676.974) / 4147.607) |
| = | 0.620379 | / | 0.565816 |
| | = | 1.0964 |
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 |
| = | (321.099 - 44.996 | - | 612.201) | / | 4328.423 |
| | = | -0.077649 |
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.
CoreLogic has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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