Yandex NV Beneish M-Score Historical Data
The historical data trend for Yandex NV'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.
Yandex NV Beneish M-Score Chart
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Yandex NV Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.72 |
-2.05 |
-2.16 |
-3.09 |
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Yandex NV Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.16 |
-2.06 |
-2.60 |
-2.91 |
-3.09 |
Competitive Comparison of Yandex NV's Beneish M-Score
For the Internet Content & Information subindustry, Yandex NV'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.
Yandex NV's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Yandex NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yandex NV's Beneish M-Score falls into.
Yandex NV 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 Yandex NV 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 * 0.7987 | + | 0.528 * 1.0125 | + | 0.404 * 0.876 | + | 0.892 * 1.1965 | + | 0.115 * 1.0483 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0271 | + | 4.679 * -0.093359 | - | 0.327 * 1.3761 |
| = | -3.09 |
* 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 $1,664 Mil.
Revenue was 2766.109 + 2123.609 + 2248.611 + 2170.015 = $9,308 Mil.
Gross Profit was 1489.715 + 1208.857 + 1273.734 + 1139.479 = $5,112 Mil.
Total Current Assets was $3,446 Mil.
Total Assets was $8,718 Mil.
Property, Plant and Equipment(Net PPE) was $2,543 Mil.
Depreciation, Depletion and Amortization(DDA) was $737 Mil.
Selling, General, & Admin. Expense(SGA) was $3,106 Mil.
Total Current Liabilities was $3,853 Mil.
Long-Term Debt & Capital Lease Obligation was $1,137 Mil.
Net Income was -70.065 + 79.658 + 175.323 + 56.91 = $242 Mil.
Non Operating Income was -5.73 + 60.078 + 95.8 + 76.088 = $226 Mil.
Cash Flow from Operations was 131.353 + 231.9 + 166.956 + 299.29 = $829 Mil.
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Total Receivables was $1,741 Mil.
Revenue was 2692.451 + 2208.451 + 1869.135 + 1009.874 = $7,780 Mil.
Gross Profit was 1420.67 + 1285.454 + 1095.736 + 523.932 = $4,326 Mil.
Total Current Assets was $3,920 Mil.
Total Assets was $10,077 Mil.
Property, Plant and Equipment(Net PPE) was $2,555 Mil.
Depreciation, Depletion and Amortization(DDA) was $787 Mil.
Selling, General, & Admin. Expense(SGA) was $2,528 Mil.
Total Current Liabilities was $3,069 Mil.
Long-Term Debt & Capital Lease Obligation was $1,122 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) |
| = | (1663.504 / 9308.344) | / | (1740.882 / 7779.911) |
| = | 0.178711 | / | 0.223766 |
| | = | 0.7987 |
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) |
| = | (4325.792 / 7779.911) | / | (5111.785 / 9308.344) |
| = | 0.556021 | / | 0.549162 |
| | = | 1.0125 |
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 - (3445.583 + 2542.835) / 8718.031) | / | (1 - (3920.49 + 2554.771) / 10077.108) |
| = | 0.3131 | / | 0.357429 |
| | = | 0.876 |
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 |
| = | 9308.344 | / | 7779.911 |
| | = | 1.1965 |
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)) |
| = | (787.267 / (787.267 + 2554.771)) | / | (736.997 / (736.997 + 2542.835)) |
| = | 0.235565 | / | 0.224706 |
| | = | 1.0483 |
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) |
| = | (3106.135 / 9308.344) | / | (2527.602 / 7779.911) |
| = | 0.333694 | / | 0.324888 |
| | = | 1.0271 |
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) |
| = | ((1137.028 + 3853.053) / 8718.031) | / | ((1122.206 + 3069.346) / 10077.108) |
| = | 0.572386 | / | 0.415948 |
| | = | 1.3761 |
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 |
| = | (241.826 - 226.236 | - | 829.499) | / | 8718.031 |
| | = | -0.093359 |
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.
Yandex NV has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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