Experian Beneish M-Score Historical Data
The historical data trend for Experian'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.
Experian Beneish M-Score Chart
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Experian Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
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Mar23 |
| Beneish M-Score |
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-2.78 |
-2.72 |
-2.74 |
-2.53 |
-2.78 |
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Experian Semi-Annual Data
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Sep23 |
| Beneish M-Score |
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-2.53 |
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-2.78 |
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Competitive Comparison of Experian's Beneish M-Score
For the Consulting Services subindustry, Experian'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.
Experian's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Experian's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Experian's Beneish M-Score falls into.
Experian 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 Experian 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 * 1.0242 | + | 0.528 * 0.9885 | + | 0.404 * 0.9893 | + | 0.892 * 1.0526 | + | 0.115 * 0.9608 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0765 | + | 4.679 * -0.087169 | - | 0.327 * 1.0445 |
| = | -2.86 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $1,519 Mil.
Revenue was $6,619 Mil.
Gross Profit was $3,168 Mil.
Total Current Assets was $1,794 Mil.
Total Assets was $10,864 Mil.
Property, Plant and Equipment(Net PPE) was $382 Mil.
Depreciation, Depletion and Amortization(DDA) was $674 Mil.
Selling, General, & Admin. Expense(SGA) was $570 Mil.
Total Current Liabilities was $2,311 Mil.
Long-Term Debt & Capital Lease Obligation was $3,943 Mil.
Net Income was $770 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,717 Mil.
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Total Receivables was $1,409 Mil.
Revenue was $6,288 Mil.
Gross Profit was $2,975 Mil.
Total Current Assets was $1,673 Mil.
Total Assets was $10,894 Mil.
Property, Plant and Equipment(Net PPE) was $415 Mil.
Depreciation, Depletion and Amortization(DDA) was $658 Mil.
Selling, General, & Admin. Expense(SGA) was $503 Mil.
Total Current Liabilities was $1,965 Mil.
Long-Term Debt & Capital Lease Obligation was $4,039 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) |
| = | (1519 / 6619) | / | (1409 / 6288) |
| = | 0.229491 | / | 0.224078 |
| | = | 1.0242 |
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) |
| = | (2975 / 6288) | / | (3168 / 6619) |
| = | 0.473123 | / | 0.478622 |
| | = | 0.9885 |
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 - (1794 + 382) / 10864) | / | (1 - (1673 + 415) / 10894) |
| = | 0.799705 | / | 0.808335 |
| | = | 0.9893 |
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 |
| = | 6619 | / | 6288 |
| | = | 1.0526 |
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)) |
| = | (658 / (658 + 415)) | / | (674 / (674 + 382)) |
| = | 0.613234 | / | 0.638258 |
| | = | 0.9608 |
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) |
| = | (570 / 6619) | / | (503 / 6288) |
| = | 0.086116 | / | 0.079994 |
| | = | 1.0765 |
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) |
| = | ((3943 + 2311) / 10864) | / | ((4039 + 1965) / 10894) |
| = | 0.575663 | / | 0.551129 |
| | = | 1.0445 |
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 |
| = | (770 - 0 | - | 1717) | / | 10864 |
| | = | -0.087169 |
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.
Experian has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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