ScanSource Beneish M-Score Historical Data
The historical data trend for ScanSource'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.
ScanSource Beneish M-Score Chart
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ScanSource Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.44 |
-3.33 |
-2.38 |
-1.91 |
-2.16 |
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ScanSource Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.01 |
-2.16 |
-2.55 |
-2.84 |
-3.17 |
Competitive Comparison of ScanSource's Beneish M-Score
For the Electronics & Computer Distribution subindustry, ScanSource'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.
ScanSource's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, ScanSource's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ScanSource's Beneish M-Score falls into.
ScanSource 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 ScanSource 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 * 0.9673 | + | 0.528 * 1.0009 | + | 0.404 * 1.0042 | + | 0.892 * 0.8776 | + | 0.115 * 1.0094 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.084 | + | 4.679 * -0.130293 | - | 0.327 * 0.8268 |
| = | -3.18 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €543 Mil.
Revenue was 692.391 + 811.354 + 821.098 + 874.218 = €3,199 Mil.
Gross Profit was 86.923 + 92.386 + 99.798 + 100.291 = €379 Mil.
Total Current Assets was €1,303 Mil.
Total Assets was €1,640 Mil.
Property, Plant and Equipment(Net PPE) was €33 Mil.
Depreciation, Depletion and Amortization(DDA) was €26 Mil.
Selling, General, & Admin. Expense(SGA) was €262 Mil.
Total Current Liabilities was €592 Mil.
Long-Term Debt & Capital Lease Obligation was €127 Mil.
Net Income was 11.782 + 30.01 + 14.46 + 17.363 = €74 Mil.
Non Operating Income was -3.831 + 13.26 + -0.634 + -0.323 = €8 Mil.
Cash Flow from Operations was 147.339 + 57.976 + 87.64 + -14.086 = €279 Mil.
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Total Receivables was €639 Mil.
Revenue was 827.075 + 954.612 + 953.251 + 910.32 = €3,645 Mil.
Gross Profit was 104.386 + 108.875 + 114.62 + 104.809 = €433 Mil.
Total Current Assets was €1,473 Mil.
Total Assets was €1,850 Mil.
Property, Plant and Equipment(Net PPE) was €34 Mil.
Depreciation, Depletion and Amortization(DDA) was €28 Mil.
Selling, General, & Admin. Expense(SGA) was €275 Mil.
Total Current Liabilities was €695 Mil.
Long-Term Debt & Capital Lease Obligation was €285 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) |
| = | (542.659 / 3199.061) | / | (639.284 / 3645.258) |
| = | 0.169631 | / | 0.175374 |
| | = | 0.9673 |
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) |
| = | (432.69 / 3645.258) | / | (379.398 / 3199.061) |
| = | 0.118699 | / | 0.118597 |
| | = | 1.0009 |
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 - (1302.867 + 32.746) / 1640.349) | / | (1 - (1473.423 + 34.078) / 1849.677) |
| = | 0.185775 | / | 0.184992 |
| | = | 1.0042 |
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 |
| = | 3199.061 | / | 3645.258 |
| | = | 0.8776 |
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)) |
| = | (27.853 / (27.853 + 34.078)) | / | (26.317 / (26.317 + 32.746)) |
| = | 0.449742 | / | 0.445575 |
| | = | 1.0094 |
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) |
| = | (261.931 / 3199.061) | / | (275.325 / 3645.258) |
| = | 0.081877 | / | 0.07553 |
| | = | 1.084 |
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) |
| = | ((126.982 + 591.602) / 1640.349) | / | ((284.94 + 695.037) / 1849.677) |
| = | 0.438068 | / | 0.52981 |
| | = | 0.8268 |
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 |
| = | (73.615 - 8.472 | - | 278.869) | / | 1640.349 |
| | = | -0.130293 |
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.
ScanSource has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
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