Progress Software Beneish M-Score Historical Data
The historical data trend for Progress Software'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.
Progress Software Beneish M-Score Chart
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Progress Software Annual Data
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Trend |
Nov14 |
Nov15 |
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Nov17 |
Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-2.59 |
-2.35 |
-2.69 |
-2.85 |
-2.45 |
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Progress Software Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
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Aug22 |
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Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.62 |
-2.46 |
-2.50 |
-2.45 |
-2.82 |
Competitive Comparison of Progress Software's Beneish M-Score
For the Software - Infrastructure subindustry, Progress Software'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.
Progress Software's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Progress Software's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Progress Software's Beneish M-Score falls into.
Progress Software 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 Progress Software 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 * 0.8078 | + | 0.528 * 1.0361 | + | 0.404 * 0.9867 | + | 0.892 * 1.1506 | + | 0.115 * 0.8626 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9732 | + | 4.679 * -0.069805 | - | 0.327 * 0.93 |
| = | -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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $118.0 Mil.
Revenue was 184.685 + 176.97 + 174.992 + 178.251 = $714.9 Mil.
Gross Profit was 151.876 + 143.307 + 142.073 + 144.473 = $581.7 Mil.
Total Current Assets was $297.3 Mil.
Total Assets was $1,547.8 Mil.
Property, Plant and Equipment(Net PPE) was $29.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $108.5 Mil.
Selling, General, & Admin. Expense(SGA) was $247.1 Mil.
Total Current Liabilities was $312.2 Mil.
Long-Term Debt & Capital Lease Obligation was $702.5 Mil.
Net Income was 22.639 + 15.335 + 19.098 + 12.09 = $69.2 Mil.
Non Operating Income was -4.717 + -4.608 + -3.168 + -7.96 = $-20.5 Mil.
Cash Flow from Operations was 70.504 + 33.161 + 46.041 + 47.951 = $197.7 Mil.
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Total Receivables was $126.9 Mil.
Revenue was 164.226 + 157.127 + 151.217 + 148.747 = $621.3 Mil.
Gross Profit was 138.009 + 133.596 + 127.421 + 124.79 = $523.8 Mil.
Total Current Assets was $292.7 Mil.
Total Assets was $1,643.6 Mil.
Property, Plant and Equipment(Net PPE) was $36.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $77.6 Mil.
Selling, General, & Admin. Expense(SGA) was $220.7 Mil.
Total Current Liabilities was $337.2 Mil.
Long-Term Debt & Capital Lease Obligation was $821.4 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) |
| = | (117.986 / 714.898) | / | (126.943 / 621.317) |
| = | 0.165039 | / | 0.204313 |
| | = | 0.8078 |
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) |
| = | (523.816 / 621.317) | / | (581.729 / 714.898) |
| = | 0.843074 | / | 0.813723 |
| | = | 1.0361 |
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 - (297.256 + 29.399) / 1547.769) | / | (1 - (292.701 + 36.749) / 1643.607) |
| = | 0.788951 | / | 0.799557 |
| | = | 0.9867 |
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 |
| = | 714.898 | / | 621.317 |
| | = | 1.1506 |
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)) |
| = | (77.647 / (77.647 + 36.749)) | / | (108.536 / (108.536 + 29.399)) |
| = | 0.678756 | / | 0.786863 |
| | = | 0.8626 |
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) |
| = | (247.148 / 714.898) | / | (220.716 / 621.317) |
| = | 0.345711 | / | 0.355239 |
| | = | 0.9732 |
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) |
| = | ((702.47 + 312.208) / 1547.769) | / | ((821.443 + 337.157) / 1643.607) |
| = | 0.655575 | / | 0.704913 |
| | = | 0.93 |
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 |
| = | (69.162 - -20.453 | - | 197.657) | / | 1547.769 |
| | = | -0.069805 |
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.
Progress Software has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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