EZCORP Beneish M-Score Historical Data
The historical data trend for EZCORP'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.
EZCORP Beneish M-Score Chart
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EZCORP Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.79 |
-3.17 |
-2.36 |
-2.37 |
-2.40 |
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EZCORP Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.34 |
-2.37 |
-2.43 |
-2.40 |
-2.42 |
Competitive Comparison of EZCORP's Beneish M-Score
For the Credit Services subindustry, EZCORP'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.
EZCORP's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, EZCORP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EZCORP's Beneish M-Score falls into.
EZCORP 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 EZCORP 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 * 0.985 | + | 0.528 * 1.0161 | + | 0.404 * 0.9638 | + | 0.892 * 1.1669 | + | 0.115 * 0.9934 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9146 | + | 4.679 * -0.020436 | - | 0.327 * 0.9577 |
| = | -2.42 |
* 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 $320 Mil.
Revenue was 299.991 + 270.479 + 255.812 + 258.423 = $1,085 Mil.
Gross Profit was 172.573 + 159.374 + 148.785 + 149.182 = $630 Mil.
Total Current Assets was $719 Mil.
Total Assets was $1,481 Mil.
Property, Plant and Equipment(Net PPE) was $300 Mil.
Depreciation, Depletion and Amortization(DDA) was $90 Mil.
Selling, General, & Admin. Expense(SGA) was $69 Mil.
Total Current Liabilities was $180 Mil.
Long-Term Debt & Capital Lease Obligation was $515 Mil.
Net Income was 28.47 + 10.253 + 18.222 + -6.79 = $50 Mil.
Non Operating Income was 1.596 + -1.722 + 1.557 + -32.654 = $-31 Mil.
Cash Flow from Operations was 21.481 + 27.525 + 27.482 + 35.159 = $112 Mil.
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Total Receivables was $279 Mil.
Revenue was 264.327 + 233.407 + 215.842 + 215.982 = $930 Mil.
Gross Profit was 152.497 + 137.6 + 129.508 + 128.928 = $549 Mil.
Total Current Assets was $662 Mil.
Total Assets was $1,402 Mil.
Property, Plant and Equipment(Net PPE) was $286 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General, & Admin. Expense(SGA) was $64 Mil.
Total Current Liabilities was $139 Mil.
Long-Term Debt & Capital Lease Obligation was $548 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) |
| = | (320.387 / 1084.705) | / | (278.754 / 929.558) |
| = | 0.295368 | / | 0.299878 |
| | = | 0.985 |
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) |
| = | (548.533 / 929.558) | / | (629.914 / 1084.705) |
| = | 0.590101 | / | 0.580724 |
| | = | 1.0161 |
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 - (719.168 + 300.101) / 1481.193) | / | (1 - (662.416 + 286.166) / 1402.315) |
| = | 0.311859 | / | 0.32356 |
| | = | 0.9638 |
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 |
| = | 1084.705 | / | 929.558 |
| | = | 1.1669 |
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)) |
| = | (84.755 / (84.755 + 286.166)) | / | (89.645 / (89.645 + 300.101)) |
| = | 0.228499 | / | 0.230009 |
| | = | 0.9934 |
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) |
| = | (68.596 / 1084.705) | / | (64.273 / 929.558) |
| = | 0.063239 | / | 0.069144 |
| | = | 0.9146 |
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) |
| = | ((514.698 + 179.997) / 1481.193) | / | ((547.714 + 139.005) / 1402.315) |
| = | 0.46901 | / | 0.489704 |
| | = | 0.9577 |
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 |
| = | (50.155 - -31.223 | - | 111.647) | / | 1481.193 |
| | = | -0.020436 |
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.
EZCORP has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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