Service International Beneish M-Score Historical Data
The historical data trend for Service International'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.
Service International Beneish M-Score Chart
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Service International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.45 |
-2.56 |
-2.37 |
-2.76 |
-1.45 |
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Service International 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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-2.76 |
-2.60 |
-2.62 |
-1.18 |
-1.45 |
Competitive Comparison of Service International's Beneish M-Score
For the Personal Services subindustry, Service International'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.
Service International's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Service International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Service International's Beneish M-Score falls into.
Service International 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 Service International 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 * 2.1272 | + | 0.528 * 1.0552 | + | 0.404 * 1.0046 | + | 0.892 * 0.9978 | + | 0.115 * 0.9717 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6648 | + | 4.679 * -0.021115 | - | 0.327 * 0.9842 |
| = | -1.45 |
* 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 $220 Mil.
Revenue was 1055.796 + 1001.859 + 1013.414 + 1028.709 = $4,100 Mil.
Gross Profit was 287.562 + 253.683 + 261.468 + 289.094 = $1,092 Mil.
Total Current Assets was $498 Mil.
Total Assets was $16,355 Mil.
Property, Plant and Equipment(Net PPE) was $4,552 Mil.
Depreciation, Depletion and Amortization(DDA) was $311 Mil.
Selling, General, & Admin. Expense(SGA) was $157 Mil.
Total Current Liabilities was $749 Mil.
Long-Term Debt & Capital Lease Obligation was $4,695 Mil.
Net Income was 138.395 + 121.971 + 132.188 + 144.763 = $537 Mil.
Non Operating Income was 1.894 + 2.67 + 8.21 + 0.84 = $14 Mil.
Cash Flow from Operations was 277.585 + 227.815 + 144.071 + 219.572 = $869 Mil.
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Total Receivables was $104 Mil.
Revenue was 1027.683 + 977.72 + 990.855 + 1112.403 = $4,109 Mil.
Gross Profit was 280.088 + 230.956 + 266.645 + 376.913 = $1,155 Mil.
Total Current Assets was $360 Mil.
Total Assets was $15,066 Mil.
Property, Plant and Equipment(Net PPE) was $4,340 Mil.
Depreciation, Depletion and Amortization(DDA) was $288 Mil.
Selling, General, & Admin. Expense(SGA) was $237 Mil.
Total Current Liabilities was $799 Mil.
Long-Term Debt & Capital Lease Obligation was $4,296 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) |
| = | (220.122 / 4099.778) | / | (103.702 / 4108.661) |
| = | 0.053691 | / | 0.02524 |
| | = | 2.1272 |
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) |
| = | (1154.602 / 4108.661) | / | (1091.807 / 4099.778) |
| = | 0.281017 | / | 0.266309 |
| | = | 1.0552 |
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 - (498.286 + 4551.918) / 16355.4) | / | (1 - (359.846 + 4340.106) / 15066.037) |
| = | 0.691221 | / | 0.688043 |
| | = | 1.0046 |
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 |
| = | 4099.778 | / | 4108.661 |
| | = | 0.9978 |
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)) |
| = | (287.808 / (287.808 + 4340.106)) | / | (311.242 / (311.242 + 4551.918)) |
| = | 0.06219 | / | 0.064 |
| | = | 0.9717 |
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) |
| = | (157.368 / 4099.778) | / | (237.248 / 4108.661) |
| = | 0.038385 | / | 0.057743 |
| | = | 0.6648 |
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) |
| = | ((4695.205 + 749.1) / 16355.4) | / | ((4296.397 + 799.28) / 15066.037) |
| = | 0.332875 | / | 0.338223 |
| | = | 0.9842 |
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 |
| = | (537.317 - 13.614 | - | 869.043) | / | 16355.4 |
| | = | -0.021115 |
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.
Service International has a M-score of -1.45 signals that the company is likely to be a manipulator.
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