Beneficient Beneish M-Score Historical Data
The historical data trend for Beneficient'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.
Beneficient Beneish M-Score Chart
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Beneficient Annual Data
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Beneficient Quarterly Data
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Competitive Comparison of Beneficient's Beneish M-Score
For the Asset Management subindustry, Beneficient'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.
Beneficient's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Beneficient's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beneficient's Beneish M-Score falls into.
Beneficient 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 Beneficient 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 $0.00 Mil.
Revenue was -10.3 + -42.761 + -2.743 + -18.468 = $-74.27 Mil.
Gross Profit was -17.64 + -58.159 + -38.566 + -29.243 = $-143.61 Mil.
Total Current Assets was $11.27 Mil.
Total Assets was $500.56 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.07 Mil.
Selling, General, & Admin. Expense(SGA) was $38.09 Mil.
Total Current Liabilities was $224.55 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -542.166 + -371.735 + -1115.523 + -34.96 = $-2,064.38 Mil.
Non Operating Income was -892.069 + -306.684 + -1096.305 + 0 = $-2,295.06 Mil.
Cash Flow from Operations was -22.214 + -13.446 + -13.91 + 0 = $-49.57 Mil.
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Total Receivables was $0.00 Mil.
Revenue was -11.444 + -38.031 + -66.62 + 0 = $-116.10 Mil.
Gross Profit was -24.114 + -48.548 + -73.945 + 0 = $-146.61 Mil.
Total Current Assets was $15.35 Mil.
Total Assets was $2,951.16 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.80 Mil.
Selling, General, & Admin. Expense(SGA) was $36.20 Mil.
Total Current Liabilities was $154.65 Mil.
Long-Term Debt & Capital Lease Obligation was $55.95 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) |
| = | (0 / -74.272) | / | (0 / -116.095) |
| = | | / | |
| | = | |
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) |
| = | (-146.607 / -116.095) | / | (-143.608 / -74.272) |
| = | | / | |
| | = | |
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 - (11.268 + 0) / 500.563) | / | (1 - (15.353 + 0) / 2951.164) |
| = | 0.977489 | / | 0.994798 |
| | = | |
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 |
| = | -74.272 | / | -116.095 |
| | = | |
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)) |
| = | (1.795 / (1.795 + 0)) | / | (4.067 / (4.067 + 0)) |
| = | 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) |
| = | (38.094 / -74.272) | / | (36.197 / -116.095) |
| = | | / | |
| | = | |
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) |
| = | ((0 + 224.552) / 500.563) | / | ((55.954 + 154.653) / 2951.164) |
| = | 0.448599 | / | 0.071364 |
| | = | |
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 |
| = | (-2064.384 - -2295.058 | - | -49.57) | / | 500.563 |
| | = | 0.559858 |
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.
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