Heidrick & Struggles International Beneish M-Score Historical Data
The historical data trend for Heidrick & Struggles International'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.
Heidrick & Struggles International Beneish M-Score Chart
|
Heidrick & Struggles International Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.46 |
-2.55 |
-2.71 |
-2.80 |
-1.97 |
|
Heidrick & Struggles International Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.80 |
-2.29 |
-2.13 |
-1.98 |
-1.97 |
Competitive Comparison of Heidrick & Struggles International's Beneish M-Score
For the Staffing & Employment Services subindustry, Heidrick & Struggles International'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.
Heidrick & Struggles International's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Heidrick & Struggles International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Heidrick & Struggles International's Beneish M-Score falls into.
Heidrick & Struggles International 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 Heidrick & Struggles International 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 * 1.0874 | + | 0.528 * 0.9587 | + | 0.404 * 1.3444 | + | 0.892 * 0.9609 | + | 0.115 * 0.716 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2275 | + | 4.679 * 0.075991 | - | 0.327 * 0.8167 |
| = | -1.97 |
* 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 $144 Mil.
Revenue was 257.39 + 267.896 + 273.777 + 242.119 = $1,041 Mil.
Gross Profit was 76.133 + 69.997 + 69.555 + 60.428 = $276 Mil.
Total Current Assets was $693 Mil.
Total Assets was $1,142 Mil.
Property, Plant and Equipment(Net PPE) was $122 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $439 Mil.
Long-Term Debt & Capital Lease Obligation was $78 Mil.
Net Income was 14.855 + 14.987 + 8.982 + 15.586 = $54 Mil.
Non Operating Income was -0.84 + -0.649 + -5.869 + 1.809 = $-6 Mil.
Cash Flow from Operations was 153.825 + 109.474 + 46.94 + -337.031 = $-27 Mil.
|
Total Receivables was $137 Mil.
Revenue was 238.669 + 258.271 + 301.109 + 285.537 = $1,084 Mil.
Gross Profit was 64.357 + 68.997 + 76.022 + 66.104 = $275 Mil.
Total Current Assets was $824 Mil.
Total Assets was $1,176 Mil.
Property, Plant and Equipment(Net PPE) was $102 Mil.
Depreciation, Depletion and Amortization(DDA) was $11 Mil.
Selling, General, & Admin. Expense(SGA) was $133 Mil.
Total Current Liabilities was $588 Mil.
Long-Term Debt & Capital Lease Obligation was $63 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) |
| = | (143.538 / 1041.182) | / | (137.383 / 1083.586) |
| = | 0.137861 | / | 0.126786 |
| | = | 1.0874 |
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) |
| = | (275.48 / 1083.586) | / | (276.113 / 1041.182) |
| = | 0.25423 | / | 0.265192 |
| | = | 0.9587 |
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 - (693.214 + 121.815) / 1141.591) | / | (1 - (823.819 + 101.664) / 1175.638) |
| = | 0.286059 | / | 0.212782 |
| | = | 1.3444 |
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 |
| = | 1041.182 | / | 1083.586 |
| | = | 0.9609 |
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)) |
| = | (10.603 / (10.603 + 101.664)) | / | (18.508 / (18.508 + 121.815)) |
| = | 0.094444 | / | 0.131896 |
| | = | 0.716 |
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) |
| = | (156.494 / 1041.182) | / | (132.678 / 1083.586) |
| = | 0.150304 | / | 0.122443 |
| | = | 1.2275 |
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) |
| = | ((78.204 + 438.691) / 1141.591) | / | ((63.299 + 588.477) / 1175.638) |
| = | 0.452785 | / | 0.554402 |
| | = | 0.8167 |
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 |
| = | (54.41 - -5.549 | - | -26.792) | / | 1141.591 |
| | = | 0.075991 |
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.
Heidrick & Struggles International has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
HSII has been successfully added to your