Invesco Beneish M-Score Historical Data
The historical data trend for Invesco'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.
Invesco Beneish M-Score Chart
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Invesco Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.15 |
-2.62 |
-2.23 |
-2.61 |
-2.75 |
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Invesco 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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-2.49 |
-2.55 |
-2.43 |
-2.75 |
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Competitive Comparison of Invesco's Beneish M-Score
For the Asset Management subindustry, Invesco'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.
Invesco's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Invesco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Invesco's Beneish M-Score falls into.
Invesco 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 Invesco 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 | + | 0.528 * 1.1125 | + | 0.404 * 1.0494 | + | 0.892 * 0.989 | + | 0.115 * 0.2517 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3064 | + | 4.679 * -0.060654 | - | 0.327 * 0.8805 |
| = | -3.71 |
* 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 $0 Mil.
Revenue was 1475.3 + 1413.4 + 1442 + 1442.8 = $5,774 Mil.
Gross Profit was 498.6 + 485.2 + 515.3 + 504.6 = $2,004 Mil.
Total Current Assets was $1,426 Mil.
Total Assets was $28,077 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $147 Mil.
Selling, General, & Admin. Expense(SGA) was $610 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $8,628 Mil.
Net Income was 200.7 + -683.1 + 190.6 + 191.4 = $-100 Mil.
Non Operating Income was 73.3 + 137.8 + 8.8 + 37.4 = $257 Mil.
Cash Flow from Operations was -54.4 + 714.3 + 354.1 + 331.3 = $1,345 Mil.
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Total Receivables was $1,050 Mil.
Revenue was 1418.2 + 1443.4 + 1445.7 + 1530.4 = $5,838 Mil.
Gross Profit was 500.3 + 531.9 + 573.6 + 648.2 = $2,254 Mil.
Total Current Assets was $2,264 Mil.
Total Assets was $29,733 Mil.
Property, Plant and Equipment(Net PPE) was $573 Mil.
Depreciation, Depletion and Amortization(DDA) was $193 Mil.
Selling, General, & Admin. Expense(SGA) was $472 Mil.
Total Current Liabilities was $2,114 Mil.
Long-Term Debt & Capital Lease Obligation was $8,262 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) |
| = | (0 / 5773.5) | / | (1049.5 / 5837.7) |
| = | 0 | / | 0.17978 |
| | = | 0 |
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) |
| = | (2254 / 5837.7) | / | (2003.7 / 5773.5) |
| = | 0.386111 | / | 0.347051 |
| | = | 1.1125 |
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 - (1425.5 + 0) / 28077.2) | / | (1 - (2264.4 + 572.6) / 29733.3) |
| = | 0.949229 | / | 0.904585 |
| | = | 1.0494 |
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 |
| = | 5773.5 | / | 5837.7 |
| | = | 0.989 |
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)) |
| = | (192.6 / (192.6 + 572.6)) | / | (147.3 / (147.3 + 0)) |
| = | 0.251699 | / | 1 |
| | = | 0.2517 |
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) |
| = | (609.7 / 5773.5) | / | (471.9 / 5837.7) |
| = | 0.105603 | / | 0.080837 |
| | = | 1.3064 |
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) |
| = | ((8627.9 + 0) / 28077.2) | / | ((8262.4 + 2114.3) / 29733.3) |
| = | 0.307292 | / | 0.348993 |
| | = | 0.8805 |
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 |
| = | (-100.4 - 257.3 | - | 1345.3) | / | 28077.2 |
| | = | -0.060654 |
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.
Invesco has a M-score of -3.71 suggests that the company is unlikely to be a manipulator.
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