GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » StoneX Group Inc (NAS:SNEX) » Definitions » Beneish M-Score

StoneX Group (StoneX Group) Beneish M-Score : 4.26 (As of Apr. 28, 2024)


View and export this data going back to 1995. Start your Free Trial

What is StoneX Group Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 4.26 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for StoneX Group's Beneish M-Score or its related term are showing as below:

SNEX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.96   Med: -2.13   Max: 4.26
Current: 4.26

During the past 13 years, the highest Beneish M-Score of StoneX Group was 4.26. The lowest was -3.96. And the median was -2.13.


StoneX Group Beneish M-Score Historical Data

The historical data trend for StoneX 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.

* Premium members only.

StoneX Group Beneish M-Score Chart

StoneX Group Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.59 -2.56 -2.77 -0.85 -2.56

StoneX Group Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.17 -2.17 -2.50 -2.56 4.26

Competitive Comparison of StoneX Group's Beneish M-Score

For the Capital Markets subindustry, StoneX 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.


StoneX Group's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, StoneX Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where StoneX Group's Beneish M-Score falls into.



StoneX 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 StoneX 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 * 8.1895+0.528 * 0.6121+0.404 * 1.0554+0.892 * 1.0419+0.115 * 1.1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8681+4.679 * 0.050015-0.327 * 0.9863
=4.26

* 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 $9,320 Mil.
Revenue was 19573 + 16635.6 + 15047.9 + 16161 = $67,418 Mil.
Gross Profit was 442.4 + 347.6 + 436 + 325.3 = $1,551 Mil.
Total Current Assets was $13,771 Mil.
Total Assets was $23,245 Mil.
Property, Plant and Equipment(Net PPE) was $265 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $139 Mil.
Total Current Liabilities was $11,496 Mil.
Long-Term Debt & Capital Lease Obligation was $7,626 Mil.
Net Income was 69.1 + 50.7 + 69.5 + 41.7 = $231 Mil.
Non Operating Income was 0.3 + -4.6 + -6.3 + -3 = $-14 Mil.
Cash Flow from Operations was 152.4 + 371.1 + 207.9 + -1649.4 = $-918 Mil.
Total Receivables was $1,092 Mil.
Revenue was 13011.6 + 16381 + 18930.9 + 16382.7 = $64,706 Mil.
Gross Profit was 337.6 + 176.8 + 205.4 + 191.6 = $911 Mil.
Total Current Assets was $12,152 Mil.
Total Assets was $19,832 Mil.
Property, Plant and Equipment(Net PPE) was $236 Mil.
Depreciation, Depletion and Amortization(DDA) was $64 Mil.
Selling, General, & Admin. Expense(SGA) was $153 Mil.
Total Current Liabilities was $11,042 Mil.
Long-Term Debt & Capital Lease Obligation was $5,499 Mil.




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)
=(9320.3 / 67417.5) / (1092.3 / 64706.2)
=0.138247 / 0.016881
=8.1895

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)
=(911.4 / 64706.2) / (1551.3 / 67417.5)
=0.014085 / 0.02301
=0.6121

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 - (13770.9 + 264.9) / 23244.8) / (1 - (12152 + 235.8) / 19832.4)
=0.396175 / 0.375376
=1.0554

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
=67417.5 / 64706.2
=1.0419

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))
=(63.5 / (63.5 + 235.8)) / (63.3 / (63.3 + 264.9))
=0.212162 / 0.19287
=1.1

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)
=(138.5 / 67417.5) / (153.1 / 64706.2)
=0.002054 / 0.002366
=0.8681

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)
=((7626.1 + 11496.1) / 23244.8) / ((5499.4 + 11041.8) / 19832.4)
=0.822644 / 0.834049
=0.9863

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
=(231 - -13.6 - -918) / 23244.8
=0.050015

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.

StoneX Group has a M-score of 4.26 signals that the company is likely to be a manipulator.


StoneX Group Beneish M-Score Related Terms

Thank you for viewing the detailed overview of StoneX Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


StoneX Group (StoneX Group) Business Description

Traded in Other Exchanges
Address
230 Park Avenue, 10th Floor, New York, NY, USA, 10169
StoneX Group Inc is a Global brokerage and financial services firm. Its service offerings are execution, OTC / Market-Making, advisory services, Global payment solutions, market intelligence, Physical Trading and clearing services. The firm operates in four segments: commercial, Institutional, Retail, and Global Payments. Its customers include governmental and nongovernmental organizations, and commercial banks, brokers, institutional investors, and investment banks. The company operates in United States, South America, Europe, Middle East and Asia and other countries, out of which majority revenue is generates from Middle East and Asia Region.
Executives
Scott J Branch director, officer: COO 220 E CENTRAL PARKWAY, STE 2060, ATTAMONTE SPRINGS FL 32701
Eric Parthemore director 1251 NW BRIARCLIFF PARKWAY, SUITE 800, KANSAS CITY MO 64116
Philip Andrew Smith other: CEO - subsidiary entity 708 THIRD AVENUE, SUITE 1500, NEW YORK NY 10017
Mark Lowry Maurer other: CEO - subsidiary entity 230 SOUTH LASALLE, SUITE 10-500, CHICAGO IL 60604
John Moore Fowler director 2 NORTHWEST WAY, BRONXVILLE NY 10708
Charles M Lyon officer: CEO - subsidiary entity 329 PARK AVENUE NORTH, SUITE 350, WINTER PARK FL 32789
John Radziwill director, officer: Chairman of the Board
Glenn Henry Stevens other: CEO - subsidiary entity 550 HILLS DRIVE, SUITE 210, BEDMINSTER NJ 07921
Aaron Schroeder officer: Group Controller 1251 NW BRIARCLIFF PARKWAY, SUITE 800, KANSAS CITY MO 64116
William J Dunaway officer: Chief Financial Officer 1251 NW BRIARCLIFF PARKWAY, SUITE 800, KANSAS CITY MO 64116
Sean Michael Oconnor director, officer: CEO 220 E. CENTRAL PARKWAY, SUITE 2060, ALTEMONTE SPRINGS FL 32701
Xuong Nguyen other: COO of Affiliates 230 SOUTH LASALLE, SUITE 10-500, CHICAGO IL 60604
Abigail H Perkins officer: Chief Information Officer 230 PARK AVENUE, 10TH FLOOR, NEW YORK NY 10169
Diego Rotsztain officer: Chief Governance/Legal Officer 135 US HIGHWAY 202/206, SUITE 11, BEDMINSTER NJ 07921
Dhamu R. Thamodaran director 200 COMMERCE STREET, SMITHFIELD VA 23430

StoneX Group (StoneX Group) Headlines