Sage Group (The) Beneish M-Score Historical Data
The historical data trend for Sage Group (The)'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.
Sage Group (The) Beneish M-Score Chart
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Sage Group (The) Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.93 |
-2.96 |
-2.63 |
-2.32 |
-2.68 |
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Sage Group (The) Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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-2.63 |
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-2.32 |
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-2.68 |
Competitive Comparison of Sage Group (The)'s Beneish M-Score
For the Software - Application subindustry, Sage Group (The)'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.
Sage Group (The)'s Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Sage Group (The)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sage Group (The)'s Beneish M-Score falls into.
Sage Group (The) 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 Sage Group (The) 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 * 0.953 | + | 0.528 * 1.0006 | + | 0.404 * 0.9403 | + | 0.892 * 1.2258 | + | 0.115 * 0.7012 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9773 | + | 4.679 * -0.044715 | - | 0.327 * 1.0143 |
| = | -2.59 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $384 Mil.
Revenue was $2,703 Mil.
Gross Profit was $2,510 Mil.
Total Current Assets was $1,379 Mil.
Total Assets was $4,871 Mil.
Property, Plant and Equipment(Net PPE) was $129 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General, & Admin. Expense(SGA) was $1,946 Mil.
Total Current Liabilities was $1,467 Mil.
Long-Term Debt & Capital Lease Obligation was $1,538 Mil.
Net Income was $261 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $479 Mil.
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Total Receivables was $328 Mil.
Revenue was $2,205 Mil.
Gross Profit was $2,049 Mil.
Total Current Assets was $1,000 Mil.
Total Assets was $4,413 Mil.
Property, Plant and Equipment(Net PPE) was $172 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $1,624 Mil.
Total Current Liabilities was $1,502 Mil.
Long-Term Debt & Capital Lease Obligation was $1,182 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) |
| = | (383.663 / 2702.97) | / | (328.426 / 2204.983) |
| = | 0.141941 | / | 0.148947 |
| | = | 0.953 |
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) |
| = | (2048.698 / 2204.983) | / | (2509.901 / 2702.97) |
| = | 0.929122 | / | 0.928572 |
| | = | 1.0006 |
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 - (1378.713 + 128.713) / 4871.287) | / | (1 - (1000 + 172.14) / 4413.364) |
| = | 0.690549 | / | 0.734411 |
| | = | 0.9403 |
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 |
| = | 2702.97 | / | 2204.983 |
| | = | 1.2258 |
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)) |
| = | (109.853 / (109.853 + 172.14)) | / | (160.891 / (160.891 + 128.713)) |
| = | 0.389559 | / | 0.555555 |
| | = | 0.7012 |
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) |
| = | (1945.545 / 2702.97) | / | (1624.009 / 2204.983) |
| = | 0.71978 | / | 0.736518 |
| | = | 0.9773 |
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) |
| = | ((1538.366 + 1466.584) / 4871.287) | / | ((1182.333 + 1501.699) / 4413.364) |
| = | 0.61687 | / | 0.60816 |
| | = | 1.0143 |
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 |
| = | (261.139 - 0 | - | 478.96) | / | 4871.287 |
| | = | -0.044715 |
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.
Sage Group (The) has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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