Rollins Beneish M-Score Historical Data
The historical data trend for Rollins'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.
Rollins Beneish M-Score Chart
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Rollins Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-2.82 |
-2.55 |
-2.53 |
-2.70 |
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Rollins Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.47 |
-2.55 |
-2.61 |
-2.70 |
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Competitive Comparison of Rollins's Beneish M-Score
For the Personal Services subindustry, Rollins'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.
Rollins's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Rollins's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rollins's Beneish M-Score falls into.
Rollins 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 Rollins 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 * 0.9841 | + | 0.528 * 0.9846 | + | 0.404 * 1.035 | + | 0.892 * 1.1449 | + | 0.115 * 1.0163 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0028 | + | 4.679 * -0.047402 | - | 0.327 * 1.4982 |
| = | -2.74 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $213 Mil.
Revenue was 748.349 + 754.086 + 840.427 + 820.75 = $3,164 Mil.
Gross Profit was 382.791 + 383.781 + 451.894 + 436.559 = $1,655 Mil.
Total Current Assets was $424 Mil.
Total Assets was $2,659 Mil.
Property, Plant and Equipment(Net PPE) was $469 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $942 Mil.
Total Current Liabilities was $592 Mil.
Long-Term Debt & Capital Lease Obligation was $758 Mil.
Net Income was 94.394 + 108.803 + 127.777 + 110.143 = $441 Mil.
Non Operating Income was -0.061 + 15.86 + -4.703 + 1.019 = $12 Mil.
Cash Flow from Operations was 127.433 + 152.825 + 127.355 + 147.413 = $555 Mil.
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Total Receivables was $189 Mil.
Revenue was 658.015 + 661.39 + 729.704 + 714.049 = $2,763 Mil.
Gross Profit was 331.173 + 333.307 + 381.546 + 377.269 = $1,423 Mil.
Total Current Assets was $368 Mil.
Total Assets was $2,139 Mil.
Property, Plant and Equipment(Net PPE) was $399 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $820 Mil.
Total Current Liabilities was $467 Mil.
Long-Term Debt & Capital Lease Obligation was $257 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) |
| = | (212.971 / 3163.612) | / | (189.025 / 2763.158) |
| = | 0.067319 | / | 0.068409 |
| | = | 0.9841 |
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) |
| = | (1423.295 / 2763.158) | / | (1655.025 / 3163.612) |
| = | 0.515097 | / | 0.523144 |
| | = | 0.9846 |
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 - (424.353 + 468.755) / 2658.619) | / | (1 - (367.866 + 398.657) / 2138.886) |
| = | 0.664071 | / | 0.641625 |
| | = | 1.035 |
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 |
| = | 3163.612 | / | 2763.158 |
| | = | 1.1449 |
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)) |
| = | (90.701 / (90.701 + 398.657)) | / | (104.56 / (104.56 + 468.755)) |
| = | 0.185347 | / | 0.182378 |
| | = | 1.0163 |
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) |
| = | (941.859 / 3163.612) | / | (820.356 / 2763.158) |
| = | 0.297716 | / | 0.296891 |
| | = | 1.0028 |
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) |
| = | ((757.523 + 591.936) / 2658.619) | / | ((257.292 + 467.356) / 2138.886) |
| = | 0.507579 | / | 0.338797 |
| | = | 1.4982 |
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 |
| = | (441.117 - 12.115 | - | 555.026) | / | 2658.619 |
| | = | -0.047402 |
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.
Rollins has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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