PRA Group Beneish M-Score Historical Data
The historical data trend for PRA Group'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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PRA Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.31 |
-2.36 |
-2.43 |
-2.33 |
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PRA Group 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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-2.43 |
-2.54 |
-2.43 |
-2.31 |
-2.33 |
Competitive Comparison
For the Credit Services subindustry, PRA Group'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.
PRA Group Beneish M-Score Distribution
For the Credit Services industry and Financial Services sector, PRA Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PRA Group's Beneish M-Score falls into.
PRA Group 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 PRA Group 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 * 1.3156 | + | 0.528 * 1.2385 | + | 0.404 * 0.9043 | + | 0.892 * 0.8418 | + | 0.115 * 0.6809 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.27 | + | 4.679 * 0.00463 | - | 0.327 * 1.0621 |
| = | -2.33 |
* 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 $3,684.3 Mil.
Revenue was 223.252 + 218.771 + 213.93 + 159.544 = $815.5 Mil.
Gross Profit was 119.637 + 118.093 + 122.988 + 55.317 = $416.0 Mil.
Total Current Assets was $3,796.8 Mil.
Total Assets was $4,525.4 Mil.
Property, Plant and Equipment(Net PPE) was $82.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.6 Mil.
Selling, General, & Admin. Expense(SGA) was $185.0 Mil.
Total Current Liabilities was $1,709.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,526.9 Mil.
Net Income was -8.782 + -12.262 + -3.804 + -58.629 = $-83.5 Mil.
Non Operating Income was -1.461 + -4.973 + 0.199 + -0.659 = $-6.9 Mil.
Cash Flow from Operations was 20.737 + -37.433 + -33.318 + -47.521 = $-97.5 Mil.
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Total Receivables was $3,326.8 Mil.
Revenue was 223.264 + 245.467 + 258.816 + 241.205 = $968.8 Mil.
Gross Profit was 133.384 + 157.45 + 167.959 + 153.314 = $612.1 Mil.
Total Current Assets was $3,410.2 Mil.
Total Assets was $4,175.7 Mil.
Property, Plant and Equipment(Net PPE) was $106.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.2 Mil.
Selling, General, & Admin. Expense(SGA) was $173.0 Mil.
Total Current Liabilities was $1,317.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,494.0 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) |
| = | (3684.311 / 815.497) | / | (3326.782 / 968.752) |
| = | 4.517872 | / | 3.43409 |
| | = | 1.3156 |
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) |
| = | (612.107 / 968.752) | / | (416.035 / 815.497) |
| = | 0.631851 | / | 0.510161 |
| | = | 1.2385 |
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 - (3796.839 + 82.327) / 4525.354) | / | (1 - (3410.158 + 106.151) / 4175.674) |
| = | 0.142793 | / | 0.157906 |
| | = | 0.9043 |
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 |
| = | 815.497 | / | 968.752 |
| | = | 0.8418 |
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)) |
| = | (15.243 / (15.243 + 106.151)) | / | (18.615 / (18.615 + 82.327)) |
| = | 0.125566 | / | 0.184413 |
| | = | 0.6809 |
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) |
| = | (184.952 / 815.497) | / | (173.001 / 968.752) |
| = | 0.226797 | / | 0.178581 |
| | = | 1.27 |
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) |
| = | ((1526.855 + 1709.434) / 4525.354) | / | ((1493.991 + 1317.66) / 4175.674) |
| = | 0.715146 | / | 0.673341 |
| | = | 1.0621 |
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 |
| = | (-83.477 - -6.894 | - | -97.535) | / | 4525.354 |
| | = | 0.00463 |
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.
PRA Group has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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