G4S Beneish M-Score Historical Data
The historical data trend for G4S'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.
G4S Beneish M-Score Chart
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G4S Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.72 |
-2.66 |
-2.18 |
-3.15 |
-3.09 |
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G4S Semi-Annual Data
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Dec10 |
Jun11 |
Dec11 |
Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
| Beneish M-Score |
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-3.15 |
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-3.09 |
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Competitive Comparison of G4S's Beneish M-Score
For the Security & Protection Services subindustry, G4S'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.
G4S's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, G4S's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where G4S's Beneish M-Score falls into.
G4S 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 G4S 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 * 0.8691 | + | 0.528 * 1.016 | + | 0.404 * 0.8238 | + | 0.892 * 1.0703 | + | 0.115 * 0.8196 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8384 | + | 4.679 * -0.094164 | - | 0.327 * 1.0672 |
| = | -3.06 |
* 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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $1,206 Mil.
Revenue was $10,168 Mil.
Gross Profit was $1,755 Mil.
Total Current Assets was $3,911 Mil.
Total Assets was $7,029 Mil.
Property, Plant and Equipment(Net PPE) was $657 Mil.
Depreciation, Depletion and Amortization(DDA) was $304 Mil.
Selling, General, & Admin. Expense(SGA) was $1,176 Mil.
Total Current Liabilities was $2,634 Mil.
Long-Term Debt & Capital Lease Obligation was $3,159 Mil.
Net Income was $-119 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $543 Mil.
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Total Receivables was $1,296 Mil.
Revenue was $9,500 Mil.
Gross Profit was $1,666 Mil.
Total Current Assets was $3,386 Mil.
Total Assets was $7,492 Mil.
Property, Plant and Equipment(Net PPE) was $922 Mil.
Depreciation, Depletion and Amortization(DDA) was $323 Mil.
Selling, General, & Admin. Expense(SGA) was $1,310 Mil.
Total Current Liabilities was $3,047 Mil.
Long-Term Debt & Capital Lease Obligation was $2,739 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) |
| = | (1205.767 / 10167.759) | / | (1296.203 / 9500) |
| = | 0.118587 | / | 0.136442 |
| | = | 0.8691 |
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) |
| = | (1665.823 / 9500) | / | (1754.915 / 10167.759) |
| = | 0.17535 | / | 0.172596 |
| | = | 1.016 |
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 - (3910.878 + 656.619) / 7028.834) | / | (1 - (3386.076 + 921.519) / 7492.405) |
| = | 0.350177 | / | 0.425072 |
| | = | 0.8238 |
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 |
| = | 10167.759 | / | 9500 |
| | = | 1.0703 |
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)) |
| = | (322.785 / (322.785 + 921.519)) | / | (304.063 / (304.063 + 656.619)) |
| = | 0.25941 | / | 0.316507 |
| | = | 0.8196 |
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) |
| = | (1175.623 / 10167.759) | / | (1310.127 / 9500) |
| = | 0.115623 | / | 0.137908 |
| | = | 0.8384 |
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) |
| = | ((3158.585 + 2634.338) / 7028.834) | / | ((2739.241 + 3046.835) / 7492.405) |
| = | 0.824166 | / | 0.772259 |
| | = | 1.0672 |
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 |
| = | (-119.266 - 0 | - | 542.595) | / | 7028.834 |
| | = | -0.094164 |
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.
G4S has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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