The Brink's Co Beneish M-Score Historical Data
The historical data trend for The Brink's Co'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.
The Brink's Co Beneish M-Score Chart
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The Brink's Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-2.60 |
-2.83 |
-2.51 |
-2.97 |
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The Brink's Co 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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-2.51 |
-2.66 |
-2.74 |
-2.75 |
-2.97 |
Competitive Comparison of The Brink's Co's Beneish M-Score
For the Security & Protection Services subindustry, The Brink's Co'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.
The Brink's Co's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, The Brink's Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Brink's Co's Beneish M-Score falls into.
The Brink's Co 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 The Brink's Co 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 * 0.8339 | + | 0.528 * 0.9883 | + | 0.404 * 0.9427 | + | 0.892 * 1.0748 | + | 0.115 * 0.9694 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.922 | + | 4.679 * -0.081326 | - | 0.327 * 1.0152 |
| = | -2.97 |
* 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 $796 Mil.
Revenue was 1245.6 + 1227.4 + 1216.2 + 1185.4 = $4,875 Mil.
Gross Profit was 323.6 + 306.4 + 272.4 + 265.1 = $1,168 Mil.
Total Current Assets was $2,788 Mil.
Total Assets was $6,602 Mil.
Property, Plant and Equipment(Net PPE) was $1,351 Mil.
Depreciation, Depletion and Amortization(DDA) was $276 Mil.
Selling, General, & Admin. Expense(SGA) was $689 Mil.
Total Current Liabilities was $1,944 Mil.
Long-Term Debt & Capital Lease Obligation was $3,528 Mil.
Net Income was -5 + 45.6 + 32.1 + 15 = $88 Mil.
Non Operating Income was -56.3 + -8.2 + -2.5 + -10.8 = $-78 Mil.
Cash Flow from Operations was 409.4 + 187.7 + 150.4 + -45.1 = $702 Mil.
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Total Receivables was $889 Mil.
Revenue was 1190.9 + 1136.7 + 1133.9 + 1074 = $4,536 Mil.
Gross Profit was 316.9 + 256 + 266.4 + 234.3 = $1,074 Mil.
Total Current Assets was $2,597 Mil.
Total Assets was $6,366 Mil.
Property, Plant and Equipment(Net PPE) was $1,250 Mil.
Depreciation, Depletion and Amortization(DDA) was $246 Mil.
Selling, General, & Admin. Expense(SGA) was $696 Mil.
Total Current Liabilities was $1,675 Mil.
Long-Term Debt & Capital Lease Obligation was $3,523 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) |
| = | (796.3 / 4874.6) | / | (888.5 / 4535.5) |
| = | 0.163357 | / | 0.195899 |
| | = | 0.8339 |
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) |
| = | (1073.6 / 4535.5) | / | (1167.5 / 4874.6) |
| = | 0.23671 | / | 0.239507 |
| | = | 0.9883 |
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 - (2788.3 + 1351) / 6601.8) | / | (1 - (2597.4 + 1249.8) / 6366) |
| = | 0.373004 | / | 0.395664 |
| | = | 0.9427 |
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 |
| = | 4874.6 | / | 4535.5 |
| | = | 1.0748 |
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)) |
| = | (245.8 / (245.8 + 1249.8)) | / | (275.8 / (275.8 + 1351)) |
| = | 0.164349 | / | 0.169535 |
| | = | 0.9694 |
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) |
| = | (689.4 / 4874.6) | / | (695.7 / 4535.5) |
| = | 0.141427 | / | 0.15339 |
| | = | 0.922 |
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) |
| = | ((3528.3 + 1944.1) / 6601.8) | / | ((3523.1 + 1674.8) / 6366) |
| = | 0.828925 | / | 0.81651 |
| | = | 1.0152 |
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 |
| = | (87.7 - -77.8 | - | 702.4) | / | 6601.8 |
| | = | -0.081326 |
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.
The Brink's Co has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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