CME Group Beneish M-Score Historical Data
The historical data trend for CME Group'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.
CME Group Beneish M-Score Chart
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CME Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.85 |
-2.71 |
-2.34 |
-2.26 |
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CME Group 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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-2.23 |
-2.41 |
-2.37 |
-2.26 |
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Competitive Comparison of CME Group's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, CME Group'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.
CME Group's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, CME Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CME Group's Beneish M-Score falls into.
CME Group 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 CME Group 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 * 0.9973 | + | 0.528 * 0.9982 | + | 0.404 * 1.3337 | + | 0.892 * 1.1115 | + | 0.115 * 0.958 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9455 | + | 4.679 * -0.008518 | - | 0.327 * 0.9216 |
| = | -2.26 |
* 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 $536 Mil.
Revenue was 1439.3 + 1337.8 + 1360.2 + 1441.6 = $5,579 Mil.
Gross Profit was 1226.4 + 1132.3 + 1154.5 + 1237.1 = $4,750 Mil.
Total Current Assets was $94,890 Mil.
Total Assets was $129,706 Mil.
Property, Plant and Equipment(Net PPE) was $410 Mil.
Depreciation, Depletion and Amortization(DDA) was $353 Mil.
Selling, General, & Admin. Expense(SGA) was $144 Mil.
Total Current Liabilities was $93,417 Mil.
Long-Term Debt & Capital Lease Obligation was $3,425 Mil.
Net Income was 814.6 + 750.2 + 777.6 + 883.8 = $3,226 Mil.
Non Operating Income was 182.5 + 193.7 + 218 + 283.1 = $877 Mil.
Cash Flow from Operations was 1044.3 + 856.7 + 650.4 + 902.4 = $3,454 Mil.
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Total Receivables was $483 Mil.
Revenue was 1207.8 + 1227.8 + 1237.2 + 1346.6 = $5,019 Mil.
Gross Profit was 1014.8 + 1038.2 + 1051.9 + 1161.4 = $4,266 Mil.
Total Current Assets was $139,078 Mil.
Total Assets was $174,176 Mil.
Property, Plant and Equipment(Net PPE) was $456 Mil.
Depreciation, Depletion and Amortization(DDA) was $363 Mil.
Selling, General, & Admin. Expense(SGA) was $137 Mil.
Total Current Liabilities was $137,688 Mil.
Long-Term Debt & Capital Lease Obligation was $3,422 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) |
| = | (535.6 / 5578.9) | / | (483.2 / 5019.4) |
| = | 0.096005 | / | 0.096266 |
| | = | 0.9973 |
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) |
| = | (4266.3 / 5019.4) | / | (4750.3 / 5578.9) |
| = | 0.849962 | / | 0.851476 |
| | = | 0.9982 |
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 - (94890.2 + 409.5) / 129706.1) | / | (1 - (139078.3 + 455.5) / 174175.7) |
| = | 0.265264 | / | 0.198891 |
| | = | 1.3337 |
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 |
| = | 5578.9 | / | 5019.4 |
| | = | 1.1115 |
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)) |
| = | (362.6 / (362.6 + 455.5)) | / | (352.6 / (352.6 + 409.5)) |
| = | 0.443222 | / | 0.462669 |
| | = | 0.958 |
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) |
| = | (144.4 / 5578.9) | / | (137.4 / 5019.4) |
| = | 0.025883 | / | 0.027374 |
| | = | 0.9455 |
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) |
| = | ((3425.4 + 93416.9) / 129706.1) | / | ((3422.4 + 137687.5) / 174175.7) |
| = | 0.746629 | / | 0.810158 |
| | = | 0.9216 |
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 |
| = | (3226.2 - 877.3 | - | 3453.8) | / | 129706.1 |
| | = | -0.008518 |
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.
CME Group has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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