Digital Turbine Beneish M-Score Historical Data
The historical data trend for Digital Turbine'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.
|
Digital Turbine Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.12 |
-2.13 |
-1.39 |
-0.82 |
-3.12 |
|
Digital Turbine Quarterly Data
|
|
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-0.82 |
-2.48 |
-2.62 |
-2.97 |
-3.12 |
Competitive Comparison
For the Software - Application subindustry, Digital Turbine'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.
Digital Turbine Beneish M-Score Distribution
For the Software industry and Technology sector, Digital Turbine's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Digital Turbine's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
Digital Turbine 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 Digital Turbine 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 * 0.7602 | + | 0.528 * 0.9655 | + | 0.404 * 1.094 | + | 0.892 * 0.8907 | + | 0.115 * 0.8892 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2083 | + | 4.679 * -0.075722 | - | 0.327 * 0.8025 |
| = | -3.12 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $178.2 Mil.
Revenue was 140.118 + 162.31 + 174.859 + 188.633 = $665.9 Mil.
Gross Profit was 59.482 + 79.616 + 88.779 + 92.351 = $320.2 Mil.
Total Current Assets was $266.1 Mil.
Total Assets was $1,266.6 Mil.
Property, Plant and Equipment(Net PPE) was $49.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $81.1 Mil.
Selling, General, & Admin. Expense(SGA) was $217.6 Mil.
Total Current Liabilities was $220.9 Mil.
Long-Term Debt & Capital Lease Obligation was $410.5 Mil.
Net Income was -13.932 + 4.019 + 11.664 + 14.922 = $16.7 Mil.
Non Operating Income was -0.594 + 0.025 + 0.031 + -0.259 = $-0.8 Mil.
Cash Flow from Operations was 15.862 + 33.205 + 27.68 + 36.629 = $113.4 Mil.
|
Total Receivables was $263.1 Mil.
Revenue was 184.135 + 216.818 + 188.568 + 158.075 = $747.6 Mil.
Gross Profit was 89.403 + 98.675 + 89.233 + 69.799 = $347.1 Mil.
Total Current Assets was $410.9 Mil.
Total Assets was $1,458.5 Mil.
Property, Plant and Equipment(Net PPE) was $46.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.5 Mil.
Selling, General, & Admin. Expense(SGA) was $202.1 Mil.
Total Current Liabilities was $385.3 Mil.
Long-Term Debt & Capital Lease Obligation was $520.8 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) |
| = | (178.189 / 665.92) | / | (263.139 / 747.596) |
| = | 0.267583 | / | 0.35198 |
| | = | 0.7602 |
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) |
| = | (347.11 / 747.596) | / | (320.228 / 665.92) |
| = | 0.464302 | / | 0.480881 |
| | = | 0.9655 |
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 - (266.066 + 49.4) / 1266.556) | / | (1 - (410.871 + 46.525) / 1458.509) |
| = | 0.750926 | / | 0.686395 |
| | = | 1.094 |
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 |
| = | 665.92 | / | 747.596 |
| | = | 0.8907 |
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)) |
| = | (57.452 / (57.452 + 46.525)) | / | (81.073 / (81.073 + 49.4)) |
| = | 0.552545 | / | 0.621378 |
| | = | 0.8892 |
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) |
| = | (217.577 / 665.92) | / | (202.146 / 747.596) |
| = | 0.326731 | / | 0.270395 |
| | = | 1.2083 |
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) |
| = | ((410.522 + 220.92) / 1266.556) | / | ((520.785 + 385.263) / 1458.509) |
| = | 0.49855 | / | 0.621215 |
| | = | 0.8025 |
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 |
| = | (16.673 - -0.797 | - | 113.376) | / | 1266.556 |
| | = | -0.075722 |
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.
Digital Turbine has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
Create New Portfolio
Portfolio Contest
Personalize
Premium Gurus 
0.34(3.62%) Volume: 2,530,118 4:00PM EDT
Email Alerts
Stock PDF
RSS
Website
Filings
Download
Manual of Stocks™ Web APP
APPS has been successfully added to your 