NeuStar Beneish M-Score Historical Data
The historical data trend for NeuStar'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.
NeuStar Beneish M-Score Chart
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NeuStar Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.74 |
-2.68 |
-2.93 |
-2.66 |
-2.55 |
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NeuStar Quarterly Data
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Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
| Beneish M-Score |
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-2.62 |
-2.57 |
-2.45 |
-2.55 |
-2.88 |
Competitive Comparison of NeuStar's Beneish M-Score
For the Specialty Business Services subindustry, NeuStar'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.
NeuStar's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, NeuStar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NeuStar's Beneish M-Score falls into.
NeuStar 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 NeuStar 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 * 0.9022 | + | 0.528 * 1.0174 | + | 0.404 * 0.9917 | + | 0.892 * 1.1196 | + | 0.115 * 0.921 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8744 | + | 4.679 * -0.106635 | - | 0.327 * 0.7881 |
| = | -2.87 |
* 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 (Mar17) TTM: | Last Year (Mar16) TTM: |
Total Receivables was $205 Mil.
Revenue was 293.186 + 324.903 + 300.081 + 297.565 = $1,216 Mil.
Gross Profit was 205.27 + 230.947 + 206.521 + 207.328 = $850 Mil.
Total Current Assets was $301 Mil.
Total Assets was $2,045 Mil.
Property, Plant and Equipment(Net PPE) was $149 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General, & Admin. Expense(SGA) was $329 Mil.
Total Current Liabilities was $316 Mil.
Long-Term Debt & Capital Lease Obligation was $643 Mil.
Net Income was 45.443 + 46.119 + 53.031 + 38.121 = $183 Mil.
Non Operating Income was -0.625 + -0.497 + -6.988 + 0.27 = $-8 Mil.
Cash Flow from Operations was 104.417 + 126.767 + 84.397 + 93.083 = $409 Mil.
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Total Receivables was $203 Mil.
Revenue was 287.298 + 280.15 + 261.653 + 256.767 = $1,086 Mil.
Gross Profit was 195.947 + 192.731 + 194.545 + 189.216 = $772 Mil.
Total Current Assets was $323 Mil.
Total Assets was $2,182 Mil.
Property, Plant and Equipment(Net PPE) was $144 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General, & Admin. Expense(SGA) was $336 Mil.
Total Current Liabilities was $363 Mil.
Long-Term Debt & Capital Lease Obligation was $935 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) |
| = | (205.16 / 1215.735) | / | (203.116 / 1085.868) |
| = | 0.168754 | / | 0.187054 |
| | = | 0.9022 |
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) |
| = | (772.439 / 1085.868) | / | (850.066 / 1215.735) |
| = | 0.711356 | / | 0.69922 |
| | = | 1.0174 |
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 - (301.125 + 149.363) / 2045.379) | / | (1 - (322.553 + 143.855) / 2182.295) |
| = | 0.779753 | / | 0.786276 |
| | = | 0.9917 |
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 |
| = | 1215.735 | / | 1085.868 |
| | = | 1.1196 |
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)) |
| = | (131.249 / (131.249 + 143.855)) | / | (160.526 / (160.526 + 149.363)) |
| = | 0.477089 | / | 0.518011 |
| | = | 0.921 |
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) |
| = | (329.333 / 1215.735) | / | (336.39 / 1085.868) |
| = | 0.270892 | / | 0.309789 |
| | = | 0.8744 |
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) |
| = | ((642.75 + 315.558) / 2045.379) | / | ((934.73 + 362.573) / 2182.295) |
| = | 0.468523 | / | 0.594467 |
| | = | 0.7881 |
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 |
| = | (182.714 - -7.84 | - | 408.664) | / | 2045.379 |
| | = | -0.106635 |
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.
NeuStar has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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