InnerWorkings Beneish M-Score Historical Data
The historical data trend for InnerWorkings'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.
InnerWorkings Beneish M-Score Chart
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InnerWorkings Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.79 |
-2.44 |
-2.34 |
-2.76 |
-2.55 |
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InnerWorkings Quarterly Data
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Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
| Beneish M-Score |
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-2.56 |
-2.52 |
-2.55 |
-2.45 |
-2.87 |
Competitive Comparison of InnerWorkings's Beneish M-Score
For the Advertising Agencies subindustry, InnerWorkings'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.
InnerWorkings's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, InnerWorkings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where InnerWorkings's Beneish M-Score falls into.
InnerWorkings 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 InnerWorkings 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 * 0.8028 | + | 0.528 * 0.9983 | + | 0.404 * 1.1389 | + | 0.892 * 0.9602 | + | 0.115 * 0.8801 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9232 | + | 4.679 * -0.064937 | - | 0.327 * 0.9588 |
| = | -2.93 |
* 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 (Jun20) TTM: | Last Year (Jun19) TTM: |
Total Receivables was $192 Mil.
Revenue was 203.311 + 261.36 + 320.018 + 286.525 = $1,071 Mil.
Gross Profit was 48.421 + 63.442 + 63.578 + 68.169 = $244 Mil.
Total Current Assets was $285 Mil.
Total Assets was $525 Mil.
Property, Plant and Equipment(Net PPE) was $83 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $205 Mil.
Total Current Liabilities was $187 Mil.
Long-Term Debt & Capital Lease Obligation was $163 Mil.
Net Income was -7.912 + -2.84 + -4.27 + -2.174 = $-17 Mil.
Non Operating Income was -3.29 + -7.518 + -6.721 + -4.791 = $-22 Mil.
Cash Flow from Operations was 27.782 + -9.745 + 32.248 + -11.067 = $39 Mil.
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Total Receivables was $250 Mil.
Revenue was 283.861 + 267.211 + 293.75 + 270.85 = $1,116 Mil.
Gross Profit was 68.398 + 62.01 + 58.833 + 64.042 = $253 Mil.
Total Current Assets was $379 Mil.
Total Assets was $632 Mil.
Property, Plant and Equipment(Net PPE) was $87 Mil.
Depreciation, Depletion and Amortization(DDA) was $12 Mil.
Selling, General, & Admin. Expense(SGA) was $232 Mil.
Total Current Liabilities was $392 Mil.
Long-Term Debt & Capital Lease Obligation was $47 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) |
| = | (192.394 / 1071.214) | / | (249.598 / 1115.672) |
| = | 0.179604 | / | 0.22372 |
| | = | 0.8028 |
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) |
| = | (253.283 / 1115.672) | / | (243.61 / 1071.214) |
| = | 0.227023 | / | 0.227415 |
| | = | 0.9983 |
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 - (285.01 + 83.162) / 525.033) | / | (1 - (378.989 + 86.926) / 631.596) |
| = | 0.298764 | / | 0.262321 |
| | = | 1.1389 |
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 |
| = | 1071.214 | / | 1115.672 |
| | = | 0.9602 |
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)) |
| = | (11.664 / (11.664 + 86.926)) | / | (12.916 / (12.916 + 83.162)) |
| = | 0.118308 | / | 0.134432 |
| | = | 0.8801 |
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) |
| = | (205.285 / 1071.214) | / | (231.601 / 1115.672) |
| = | 0.191638 | / | 0.207589 |
| | = | 0.9232 |
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) |
| = | ((162.763 + 186.833) / 525.033) | / | ((46.615 + 392.022) / 631.596) |
| = | 0.665855 | / | 0.69449 |
| | = | 0.9588 |
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 |
| = | (-17.196 - -22.32 | - | 39.218) | / | 525.033 |
| | = | -0.064937 |
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.
InnerWorkings has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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