Insperity Beneish M-Score Historical Data
The historical data trend for Insperity'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.
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Insperity Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.53 |
-3.31 |
-2.54 |
-2.72 |
-2.43 |
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Insperity 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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|
|
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|
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-2.72 |
-2.82 |
-2.67 |
-2.74 |
-2.43 |
Competitive Comparison
For the Staffing & Employment Services subindustry, Insperity'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.
Insperity Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Insperity's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Insperity's Beneish M-Score falls into.
Insperity 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 Insperity 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 * 1.0202 | + | 0.528 * 1.0652 | + | 0.404 * 0.9572 | + | 0.892 * 1.0921 | + | 0.115 * 0.9533 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9858 | + | 4.679 * -0.012788 | - | 0.327 * 1.008 |
| = | -2.43 |
* 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 $694 Mil.
Revenue was 1580.203 + 1550.887 + 1585.129 + 1769.652 = $6,486 Mil.
Gross Profit was 222.087 + 257.931 + 224.639 + 332.146 = $1,037 Mil.
Total Current Assets was $1,595 Mil.
Total Assets was $2,120 Mil.
Property, Plant and Equipment(Net PPE) was $255 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $776 Mil.
Total Current Liabilities was $1,436 Mil.
Long-Term Debt & Capital Lease Obligation was $427 Mil.
Net Income was 19.561 + 44.332 + 12.894 + 94.595 = $171 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 58.217 + 209.908 + -108.989 + 39.352 = $198 Mil.
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Total Receivables was $623 Mil.
Revenue was 1489.714 + 1439.16 + 1432.107 + 1577.837 = $5,939 Mil.
Gross Profit was 241.038 + 244.553 + 239.868 + 285.774 = $1,011 Mil.
Total Current Assets was $1,512 Mil.
Total Assets was $2,039 Mil.
Property, Plant and Equipment(Net PPE) was $257 Mil.
Depreciation, Depletion and Amortization(DDA) was $41 Mil.
Selling, General, & Admin. Expense(SGA) was $720 Mil.
Total Current Liabilities was $1,353 Mil.
Long-Term Debt & Capital Lease Obligation was $425 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) |
| = | (693.878 / 6485.871) | / | (622.764 / 5938.818) |
| = | 0.106983 | / | 0.104863 |
| | = | 1.0202 |
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) |
| = | (1011.233 / 5938.818) | / | (1036.803 / 6485.871) |
| = | 0.170275 | / | 0.159856 |
| | = | 1.0652 |
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 - (1595.292 + 254.862) / 2119.659) | / | (1 - (1511.873 + 256.524) / 2039.261) |
| = | 0.127145 | / | 0.132825 |
| | = | 0.9572 |
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 |
| = | 6485.871 | / | 5938.818 |
| | = | 1.0921 |
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)) |
| = | (40.66 / (40.66 + 256.524)) | / | (42.708 / (42.708 + 254.862)) |
| = | 0.136818 | / | 0.143523 |
| | = | 0.9533 |
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) |
| = | (775.546 / 6485.871) | / | (720.334 / 5938.818) |
| = | 0.119575 | / | 0.121292 |
| | = | 0.9858 |
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) |
| = | ((426.894 + 1436.289) / 2119.659) | / | ((424.987 + 1353.37) / 2039.261) |
| = | 0.879001 | / | 0.87206 |
| | = | 1.008 |
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 |
| = | (171.382 - 0 | - | 198.488) | / | 2119.659 |
| | = | -0.012788 |
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.
Insperity has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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