Gen Digital Beneish M-Score Historical Data
The historical data trend for Gen Digital'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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Gen Digital Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.81
[6] => -0.75
[7] => -2.69
[8] => -2.94
[9] => -1.52
)
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-2.81 |
-0.75 |
-2.69 |
-2.94 |
-1.52 |
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Gen Digital 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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-1.62 |
-1.52 |
-1.41 |
-2.34 |
-1.03 |
Competitive Comparison
For the Software - Infrastructure subindustry, Gen Digital'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.
Gen Digital Beneish M-Score Distribution
For the Software industry and Technology sector, Gen Digital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gen Digital's Beneish M-Score falls into.
Gen Digital 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 Gen Digital 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 * 2.176 | + | 0.528 * 1.0395 | + | 0.404 * 0.9847 | + | 0.892 * 1.2205 | + | 0.115 * 0.7389 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9783 | + | 4.679 * 0.029112 | - | 0.327 * 0.8719 |
| = | -1.03 |
* 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 $1,057 Mil.
Revenue was 951 + 948 + 946 + 947 = $3,792 Mil.
Gross Profit was 769 + 768 + 767 + 757 = $3,061 Mil.
Total Current Assets was $1,720 Mil.
Total Assets was $16,282 Mil.
Property, Plant and Equipment(Net PPE) was $110 Mil.
Depreciation, Depletion and Amortization(DDA) was $500 Mil.
Selling, General, & Admin. Expense(SGA) was $1,348 Mil.
Total Current Liabilities was $2,563 Mil.
Long-Term Debt & Capital Lease Obligation was $9,109 Mil.
Net Income was 144 + 149 + 189 + 915 = $1,397 Mil.
Non Operating Income was 4 + -16 + -11 + -44 = $-67 Mil.
Cash Flow from Operations was 315 + 125 + 226 + 324 = $990 Mil.
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Total Receivables was $398 Mil.
Revenue was 936 + 748 + 707 + 716 = $3,107 Mil.
Gross Profit was 758 + 629 + 605 + 615 = $2,607 Mil.
Total Current Assets was $1,376 Mil.
Total Assets was $15,503 Mil.
Property, Plant and Equipment(Net PPE) was $153 Mil.
Depreciation, Depletion and Amortization(DDA) was $235 Mil.
Selling, General, & Admin. Expense(SGA) was $1,129 Mil.
Total Current Liabilities was $2,878 Mil.
Long-Term Debt & Capital Lease Obligation was $9,869 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) |
| = | (1057 / 3792) | / | (398 / 3107) |
| = | 0.278745 | / | 0.128098 |
| | = | 2.176 |
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) |
| = | (2607 / 3107) | / | (3061 / 3792) |
| = | 0.839073 | / | 0.807226 |
| | = | 1.0395 |
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 - (1720 + 110) / 16282) | / | (1 - (1376 + 153) / 15503) |
| = | 0.887606 | / | 0.901374 |
| | = | 0.9847 |
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 |
| = | 3792 | / | 3107 |
| | = | 1.2205 |
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)) |
| = | (235 / (235 + 153)) | / | (500 / (500 + 110)) |
| = | 0.60567 | / | 0.819672 |
| | = | 0.7389 |
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) |
| = | (1348 / 3792) | / | (1129 / 3107) |
| = | 0.355485 | / | 0.363373 |
| | = | 0.9783 |
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) |
| = | ((9109 + 2563) / 16282) | / | ((9869 + 2878) / 15503) |
| = | 0.716865 | / | 0.822228 |
| | = | 0.8719 |
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 |
| = | (1397 - -67 | - | 990) | / | 16282 |
| | = | 0.029112 |
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.
Gen Digital has a M-score of -1.03 signals that the company is likely to be a manipulator.
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