Dun & Bradstreet Holdings Beneish M-Score Historical Data
The historical data trend for Dun & Bradstreet Holdings'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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Dun & Bradstreet Holdings Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -2.40
[4] => -2.29
[5] => -3.04
[6] => -2.74
)
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- |
-2.40 |
-2.29 |
-3.04 |
-2.74 |
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Dun & Bradstreet Holdings 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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-3.04 |
-3.18 |
-3.12 |
-2.57 |
-2.74 |
Competitive Comparison
For the Financial Data & Stock Exchanges subindustry, Dun & Bradstreet Holdings'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.
Dun & Bradstreet Holdings Beneish M-Score Distribution
For the Capital Markets industry and Financial Services sector, Dun & Bradstreet Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dun & Bradstreet Holdings's Beneish M-Score falls into.
Dun & Bradstreet Holdings 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 Dun & Bradstreet Holdings 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 * 0.9132 | + | 0.528 * 1.0544 | + | 0.404 * 1.0027 | + | 0.892 * 1.0402 | + | 0.115 * 0.9936 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9576 | + | 4.679 * -0.052617 | - | 0.327 * 1.0125 |
| = | -2.74 |
* 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 $258 Mil.
Revenue was 630.4 + 588.5 + 554.7 + 540.4 = $2,314 Mil.
Gross Profit was 406.8 + 382 + 349.7 + 344.5 = $1,483 Mil.
Total Current Assets was $656 Mil.
Total Assets was $9,136 Mil.
Property, Plant and Equipment(Net PPE) was $145 Mil.
Depreciation, Depletion and Amortization(DDA) was $587 Mil.
Selling, General, & Admin. Expense(SGA) was $743 Mil.
Total Current Liabilities was $1,042 Mil.
Long-Term Debt & Capital Lease Obligation was $3,546 Mil.
Net Income was 1.7 + 4.4 + -19.4 + -33.7 = $-47 Mil.
Non Operating Income was -6.9 + -4.9 + -3.1 + -3.6 = $-19 Mil.
Cash Flow from Operations was 168.5 + 69.1 + 58.9 + 155.7 = $452 Mil.
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Total Receivables was $272 Mil.
Revenue was 595 + 556.3 + 537.3 + 536 = $2,225 Mil.
Gross Profit was 406.9 + 381.3 + 355.7 + 359.3 = $1,503 Mil.
Total Current Assets was $704 Mil.
Total Assets was $9,472 Mil.
Property, Plant and Equipment(Net PPE) was $150 Mil.
Depreciation, Depletion and Amortization(DDA) was $587 Mil.
Selling, General, & Admin. Expense(SGA) was $746 Mil.
Total Current Liabilities was $1,103 Mil.
Long-Term Debt & Capital Lease Obligation was $3,596 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) |
| = | (258 / 2314) | / | (271.6 / 2224.6) |
| = | 0.111495 | / | 0.122089 |
| | = | 0.9132 |
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) |
| = | (1503.2 / 2224.6) | / | (1483 / 2314) |
| = | 0.675717 | / | 0.640882 |
| | = | 1.0544 |
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 - (656.3 + 145.2) / 9135.9) | / | (1 - (703.9 + 150) / 9471.9) |
| = | 0.912269 | / | 0.909849 |
| | = | 1.0027 |
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 |
| = | 2314 | / | 2224.6 |
| | = | 1.0402 |
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)) |
| = | (587.2 / (587.2 + 150)) | / | (586.8 / (586.8 + 145.2)) |
| = | 0.796527 | / | 0.801639 |
| | = | 0.9936 |
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) |
| = | (742.7 / 2314) | / | (745.6 / 2224.6) |
| = | 0.320959 | / | 0.335161 |
| | = | 0.9576 |
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) |
| = | ((3546.3 + 1042.4) / 9135.9) | / | ((3596.1 + 1102.6) / 9471.9) |
| = | 0.502271 | / | 0.496067 |
| | = | 1.0125 |
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 |
| = | (-47 - -18.5 | - | 452.2) | / | 9135.9 |
| | = | -0.052617 |
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.
Dun & Bradstreet Holdings has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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