FTI Consulting Beneish M-Score Historical Data
The historical data trend for FTI Consulting'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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FTI Consulting Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.24 |
-2.59 |
-2.61 |
-2.30 |
-2.18 |
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FTI Consulting 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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-2.30 |
-2.23 |
-2.10 |
-2.03 |
-2.18 |
Competitive Comparison
For the Consulting Services subindustry, FTI Consulting'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.
FTI Consulting Beneish M-Score Distribution
For the Business Services industry and Industrials sector, FTI Consulting's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FTI Consulting's Beneish M-Score falls into.
FTI Consulting 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 FTI Consulting 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 * 1.0667 | + | 0.528 * 0.9773 | + | 0.404 * 0.9947 | + | 0.892 * 1.152 | + | 0.115 * 0.9953 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0173 | + | 4.679 * 0.015163 | - | 0.327 * 0.833 |
| = | -2.18 |
* 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 $1,148 Mil.
Revenue was 924.684 + 893.261 + 864.591 + 806.706 = $3,489 Mil.
Gross Profit was 310.875 + 294.457 + 276.497 + 253.197 = $1,135 Mil.
Total Current Assets was $1,555 Mil.
Total Assets was $3,326 Mil.
Property, Plant and Equipment(Net PPE) was $369 Mil.
Depreciation, Depletion and Amortization(DDA) was $47 Mil.
Selling, General, & Admin. Expense(SGA) was $751 Mil.
Total Current Liabilities was $893 Mil.
Long-Term Debt & Capital Lease Obligation was $224 Mil.
Net Income was 81.633 + 83.317 + 62.395 + 47.547 = $275 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 382.986 + 106.675 + -10.994 + -254.206 = $224 Mil.
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Total Receivables was $934 Mil.
Revenue was 774.431 + 775.865 + 754.992 + 723.62 = $3,029 Mil.
Gross Profit was 248.292 + 249.211 + 234.912 + 230.516 = $963 Mil.
Total Current Assets was $1,511 Mil.
Total Assets was $3,241 Mil.
Property, Plant and Equipment(Net PPE) was $357 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $641 Mil.
Total Current Liabilities was $769 Mil.
Long-Term Debt & Capital Lease Obligation was $537 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) |
| = | (1148.201 / 3489.242) | / | (934.41 / 3028.908) |
| = | 0.329069 | / | 0.308497 |
| | = | 1.0667 |
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) |
| = | (962.931 / 3028.908) | / | (1135.026 / 3489.242) |
| = | 0.317914 | / | 0.325293 |
| | = | 0.9773 |
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 - (1555.453 + 368.572) / 3325.878) | / | (1 - (1510.602 + 357.23) / 3241.407) |
| = | 0.421499 | / | 0.423759 |
| | = | 0.9947 |
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 |
| = | 3489.242 | / | 3028.908 |
| | = | 1.152 |
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)) |
| = | (45.541 / (45.541 + 357.23)) | / | (47.238 / (47.238 + 368.572)) |
| = | 0.113069 | / | 0.113605 |
| | = | 0.9953 |
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) |
| = | (751.306 / 3489.242) | / | (641.07 / 3028.908) |
| = | 0.215321 | / | 0.211651 |
| | = | 1.0173 |
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) |
| = | ((223.774 + 892.769) / 3325.878) | / | ((536.776 + 769.491) / 3241.407) |
| = | 0.335714 | / | 0.402994 |
| | = | 0.833 |
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 |
| = | (274.892 - 0 | - | 224.461) | / | 3325.878 |
| | = | 0.015163 |
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.
FTI Consulting has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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