Cowen Beneish M-Score Historical Data
The historical data trend for Cowen'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.
Cowen Beneish M-Score Chart
|
Cowen Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.01 |
-2.09 |
-2.01 |
-2.37 |
-1.99 |
|
Cowen Quarterly Data
|
|
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.37 |
-2.23 |
-2.63 |
-2.35 |
-1.99 |
Competitive Comparison of Cowen's Beneish M-Score
For the Capital Markets subindustry, Cowen'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.
Cowen's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Cowen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cowen's Beneish M-Score falls into.
Cowen 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 Cowen 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 * 1.7066 | + | 0.528 * 1.4486 | + | 0.404 * 0.8492 | + | 0.892 * 0.7278 | + | 0.115 * 0.6413 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0538 | + | 4.679 * -0.00876 | - | 0.327 * 1.0061 |
| = | -1.99 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $2,816 Mil.
Revenue was 413.927 + 410.791 + 302.413 + 410.592 = $1,538 Mil.
Gross Profit was 61.983 + 89.945 + 51.588 + 135.935 = $339 Mil.
Total Current Assets was $4,383 Mil.
Total Assets was $8,829 Mil.
Property, Plant and Equipment(Net PPE) was $102 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $148 Mil.
Total Current Liabilities was $4,372 Mil.
Long-Term Debt & Capital Lease Obligation was $1,905 Mil.
Net Income was 12.928 + 14.351 + 14.163 + 35.016 = $76 Mil.
Non Operating Income was -11.998 + -13.123 + 14.508 + -7.183 = $-18 Mil.
Cash Flow from Operations was 97.09 + 103.91 + 279.736 + -309.142 = $172 Mil.
|
Total Receivables was $2,267 Mil.
Revenue was 494.28 + 412.237 + 458.757 + 747.526 = $2,113 Mil.
Gross Profit was 168.763 + 126.584 + 131.409 + 248.847 = $676 Mil.
Total Current Assets was $3,561 Mil.
Total Assets was $8,749 Mil.
Property, Plant and Equipment(Net PPE) was $120 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $193 Mil.
Total Current Liabilities was $3,874 Mil.
Long-Term Debt & Capital Lease Obligation was $2,309 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) |
| = | (2815.923 / 1537.723) | / | (2267.154 / 2112.8) |
| = | 1.831229 | / | 1.073057 |
| | = | 1.7066 |
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) |
| = | (675.603 / 2112.8) | / | (339.451 / 1537.723) |
| = | 0.319767 | / | 0.220749 |
| | = | 1.4486 |
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 - (4383.085 + 101.972) / 8828.774) | / | (1 - (3560.717 + 119.631) / 8748.814) |
| = | 0.491995 | / | 0.579332 |
| | = | 0.8492 |
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 |
| = | 1537.723 | / | 2112.8 |
| | = | 0.7278 |
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)) |
| = | (19.004 / (19.004 + 119.631)) | / | (27.725 / (27.725 + 101.972)) |
| = | 0.137079 | / | 0.213767 |
| | = | 0.6413 |
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) |
| = | (148.014 / 1537.723) | / | (192.978 / 2112.8) |
| = | 0.096255 | / | 0.091338 |
| | = | 1.0538 |
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) |
| = | ((1905.221 + 4371.617) / 8828.774) | / | ((2308.826 + 3873.672) / 8748.814) |
| = | 0.710952 | / | 0.706667 |
| | = | 1.0061 |
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 |
| = | (76.458 - -17.796 | - | 171.594) | / | 8828.774 |
| | = | -0.00876 |
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.
Cowen has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
COWN has been successfully added to your