VeriFone Systems Beneish M-Score Historical Data
The historical data trend for VeriFone Systems'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.
VeriFone Systems Beneish M-Score Chart
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VeriFone Systems Annual Data
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| Beneish M-Score |
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-3.40 |
-2.82 |
-2.67 |
-2.89 |
-2.82 |
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VeriFone Systems Quarterly Data
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| Beneish M-Score |
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-2.99 |
-3.02 |
-2.82 |
-2.87 |
-2.82 |
Competitive Comparison of VeriFone Systems's Beneish M-Score
For the Business Equipment & Supplies subindustry, VeriFone Systems'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.
VeriFone Systems's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, VeriFone Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VeriFone Systems's Beneish M-Score falls into.
VeriFone Systems 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 VeriFone Systems 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 * 0.987 | + | 0.528 * 0.9506 | + | 0.404 * 1.0264 | + | 0.892 * 0.9674 | + | 0.115 * 1.1154 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9876 | + | 4.679 * -0.064909 | - | 0.327 * 0.9978 |
| = | -2.82 |
* 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 (Apr18) TTM: | Last Year (Apr17) TTM: |
Total Receivables was $320 Mil.
Revenue was 438.403 + 436.797 + 476.554 + 466.866 = $1,819 Mil.
Gross Profit was 178.474 + 178.159 + 194.37 + 174.45 = $725 Mil.
Total Current Assets was $749 Mil.
Total Assets was $2,343 Mil.
Property, Plant and Equipment(Net PPE) was $126 Mil.
Depreciation, Depletion and Amortization(DDA) was $130 Mil.
Selling, General, & Admin. Expense(SGA) was $380 Mil.
Total Current Liabilities was $514 Mil.
Long-Term Debt & Capital Lease Obligation was $836 Mil.
Net Income was -17.045 + 7.249 + 3.016 + -70.955 = $-78 Mil.
Non Operating Income was -11.964 + -1.154 + -9.319 + -67.613 = $-90 Mil.
Cash Flow from Operations was 27.055 + 51.632 + 25.863 + 59.871 = $164 Mil.
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Total Receivables was $335 Mil.
Revenue was 473.685 + 453.871 + 464.2 + 488.132 = $1,880 Mil.
Gross Profit was 172.761 + 171.431 + 177.5 + 191.147 = $713 Mil.
Total Current Assets was $807 Mil.
Total Assets was $2,404 Mil.
Property, Plant and Equipment(Net PPE) was $130 Mil.
Depreciation, Depletion and Amortization(DDA) was $170 Mil.
Selling, General, & Admin. Expense(SGA) was $398 Mil.
Total Current Liabilities was $585 Mil.
Long-Term Debt & Capital Lease Obligation was $803 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) |
| = | (320.072 / 1818.62) | / | (335.198 / 1879.888) |
| = | 0.175997 | / | 0.178307 |
| | = | 0.987 |
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) |
| = | (712.839 / 1879.888) | / | (725.453 / 1818.62) |
| = | 0.379192 | / | 0.398903 |
| | = | 0.9506 |
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 - (749.408 + 126.246) / 2343.38) | / | (1 - (806.547 + 130.488) / 2404.068) |
| = | 0.626329 | / | 0.610229 |
| | = | 1.0264 |
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 |
| = | 1818.62 | / | 1879.888 |
| | = | 0.9674 |
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)) |
| = | (169.884 / (169.884 + 130.488)) | / | (129.873 / (129.873 + 126.246)) |
| = | 0.565579 | / | 0.507081 |
| | = | 1.1154 |
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) |
| = | (380.089 / 1818.62) | / | (397.828 / 1879.888) |
| = | 0.208999 | / | 0.211623 |
| | = | 0.9876 |
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) |
| = | ((835.745 + 514.286) / 2343.38) | / | ((803.345 + 584.684) / 2404.068) |
| = | 0.576104 | / | 0.577367 |
| | = | 0.9978 |
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 |
| = | (-77.735 - -90.05 | - | 164.421) | / | 2343.38 |
| | = | -0.064909 |
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.
VeriFone Systems has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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