DigitalGlobe Beneish M-Score Historical Data
The historical data trend for DigitalGlobe'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.
DigitalGlobe Beneish M-Score Chart
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DigitalGlobe Annual Data
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Trend |
Dec07 |
Dec08 |
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Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.87 |
-1.12 |
-2.64 |
-3.26 |
-2.51 |
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DigitalGlobe Quarterly Data
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
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Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
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Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
| Beneish M-Score |
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-3.00 |
-2.71 |
-2.51 |
-2.56 |
-2.26 |
Competitive Comparison of DigitalGlobe's Beneish M-Score
For the Aerospace & Defense subindustry, DigitalGlobe'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.
DigitalGlobe's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, DigitalGlobe's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DigitalGlobe's Beneish M-Score falls into.
DigitalGlobe 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 DigitalGlobe 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 * 1.2947 | + | 0.528 * 1.1039 | + | 0.404 * 1.2356 | + | 0.892 * 1.1473 | + | 0.115 * 0.902 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9965 | + | 4.679 * -0.064301 | - | 0.327 * 1.0785 |
| = | -2.26 |
* 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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Total Receivables was $147.5 Mil.
Revenue was 225.7 + 209.7 + 192.7 + 181.8 = $809.9 Mil.
Gross Profit was 156 + 148.4 + 140.8 + 141.9 = $587.1 Mil.
Total Current Assets was $290.6 Mil.
Total Assets was $2,922.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,885.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $295.1 Mil.
Selling, General, & Admin. Expense(SGA) was $213.0 Mil.
Total Current Liabilities was $160.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,237.7 Mil.
Net Income was 2.7 + -2.2 + -9.3 + 15 = $6.2 Mil.
Non Operating Income was -1.1 + -1.7 + -37.4 + -2 = $-42.2 Mil.
Cash Flow from Operations was 46.7 + 38.7 + 86.9 + 64 = $236.3 Mil.
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Total Receivables was $99.3 Mil.
Revenue was 175.5 + 175.4 + 181.7 + 173.3 = $705.9 Mil.
Gross Profit was 137.4 + 140.9 + 147.6 + 139 = $564.9 Mil.
Total Current Assets was $228.4 Mil.
Total Assets was $2,849.7 Mil.
Property, Plant and Equipment(Net PPE) was $2,032.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $282.6 Mil.
Selling, General, & Admin. Expense(SGA) was $186.3 Mil.
Total Current Liabilities was $160.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,104.4 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) |
| = | (147.5 / 809.9) | / | (99.3 / 705.9) |
| = | 0.182121 | / | 0.140671 |
| | = | 1.2947 |
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) |
| = | (564.9 / 705.9) | / | (587.1 / 809.9) |
| = | 0.800255 | / | 0.724904 |
| | = | 1.1039 |
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 - (290.6 + 1885.6) / 2922.2) | / | (1 - (228.4 + 2032.5) / 2849.7) |
| = | 0.255287 | / | 0.206618 |
| | = | 1.2356 |
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 |
| = | 809.9 | / | 705.9 |
| | = | 1.1473 |
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)) |
| = | (282.6 / (282.6 + 2032.5)) | / | (295.1 / (295.1 + 1885.6)) |
| = | 0.122068 | / | 0.135324 |
| | = | 0.902 |
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) |
| = | (213 / 809.9) | / | (186.3 / 705.9) |
| = | 0.262995 | / | 0.263918 |
| | = | 0.9965 |
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) |
| = | ((1237.7 + 160.7) / 2922.2) | / | ((1104.4 + 160) / 2849.7) |
| = | 0.478544 | / | 0.443696 |
| | = | 1.0785 |
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 |
| = | (6.2 - -42.2 | - | 236.3) | / | 2922.2 |
| | = | -0.064301 |
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.
DigitalGlobe has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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