CEB Beneish M-Score Historical Data
The historical data trend for CEB'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.
CEB Beneish M-Score Chart
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CEB Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-1.76 |
-2.47 |
-2.94 |
-2.96 |
-3.12 |
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CEB Quarterly Data
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Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
| Beneish M-Score |
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-2.96 |
-2.63 |
-2.70 |
-2.77 |
-3.12 |
Competitive Comparison of CEB's Beneish M-Score
For the Specialty Business Services subindustry, CEB'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.
CEB's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, CEB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CEB's Beneish M-Score falls into.
CEB 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 CEB 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 * 0.9741 | + | 0.528 * 1.0578 | + | 0.404 * 1.0231 | + | 0.892 * 1.023 | + | 0.115 * 0.8109 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0177 | + | 4.679 * -0.115237 | - | 0.327 * 1.1967 |
| = | -3.07 |
* 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 (Dec16) TTM: | Last Year (Dec15) TTM: |
Total Receivables was $284.0 Mil.
Revenue was 254.149 + 229.844 + 242.603 + 223.198 = $949.8 Mil.
Gross Profit was 155.007 + 141.147 + 145.084 + 140.173 = $581.4 Mil.
Total Current Assets was $468.0 Mil.
Total Assets was $1,412.6 Mil.
Property, Plant and Equipment(Net PPE) was $95.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $102.2 Mil.
Selling, General, & Admin. Expense(SGA) was $394.2 Mil.
Total Current Liabilities was $597.5 Mil.
Long-Term Debt & Capital Lease Obligation was $866.7 Mil.
Net Income was -54.455 + 7.508 + 7.746 + 4.543 = $-34.7 Mil.
Non Operating Income was -4.129 + 0.668 + 3.41 + 0 = $-0.1 Mil.
Cash Flow from Operations was 35.851 + 8.583 + -37.683 + 121.425 = $128.2 Mil.
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Total Receivables was $285.0 Mil.
Revenue was 242.935 + 231.936 + 231.964 + 221.599 = $928.4 Mil.
Gross Profit was 155.616 + 153.089 + 149.532 + 142.94 = $601.2 Mil.
Total Current Assets was $449.5 Mil.
Total Assets was $1,338.6 Mil.
Property, Plant and Equipment(Net PPE) was $102.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $74.0 Mil.
Selling, General, & Admin. Expense(SGA) was $378.6 Mil.
Total Current Liabilities was $603.0 Mil.
Long-Term Debt & Capital Lease Obligation was $556.4 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) |
| = | (284.042 / 949.794) | / | (285.048 / 928.434) |
| = | 0.299056 | / | 0.30702 |
| | = | 0.9741 |
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) |
| = | (601.177 / 928.434) | / | (581.411 / 949.794) |
| = | 0.647517 | / | 0.612144 |
| | = | 1.0578 |
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 - (468 + 95.217) / 1412.592) | / | (1 - (449.512 + 102.337) / 1338.552) |
| = | 0.601288 | / | 0.587727 |
| | = | 1.0231 |
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 |
| = | 949.794 | / | 928.434 |
| | = | 1.023 |
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)) |
| = | (74.027 / (74.027 + 102.337)) | / | (102.176 / (102.176 + 95.217)) |
| = | 0.41974 | / | 0.517627 |
| | = | 0.8109 |
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) |
| = | (394.18 / 949.794) | / | (378.6 / 928.434) |
| = | 0.415016 | / | 0.407783 |
| | = | 1.0177 |
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) |
| = | ((866.681 + 597.547) / 1412.592) | / | ((556.418 + 602.996) / 1338.552) |
| = | 1.036554 | / | 0.86617 |
| | = | 1.1967 |
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 |
| = | (-34.658 - -0.051 | - | 128.176) | / | 1412.592 |
| | = | -0.115237 |
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.
CEB has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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