Box Beneish M-Score Historical Data
The historical data trend for Box'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.
Box Beneish M-Score Chart
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Box Annual Data
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Jan23 |
Jan24 |
| Beneish M-Score |
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-3.16 |
-3.32 |
-3.09 |
-3.48 |
-3.00 |
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Box Quarterly Data
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Jan20 |
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Jul20 |
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Jul24 |
Oct24 |
| Beneish M-Score |
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-3.74 |
-3.00 |
-2.98 |
-2.99 |
-2.86 |
Competitive Comparison of Box's Beneish M-Score
For the Software - Infrastructure subindustry, Box'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.
Box's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Box's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Box's Beneish M-Score falls into.
Box 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 Box 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 * 1.0852 | + | 0.528 * 0.9555 | + | 0.404 * 1.2607 | + | 0.892 * 1.0409 | + | 0.115 * 0.9526 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0115 | + | 4.679 * -0.125212 | - | 0.327 * 0.9557 |
| = | -2.86 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was $188 Mil.
Revenue was 275.913 + 270.039 + 264.658 + 262.878 = $1,073 Mil.
Gross Profit was 220.357 + 214.526 + 206.406 + 200.157 = $841 Mil.
Total Current Assets was $963 Mil.
Total Assets was $1,354 Mil.
Property, Plant and Equipment(Net PPE) was $83 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $501 Mil.
Total Current Liabilities was $587 Mil.
Long-Term Debt & Capital Lease Obligation was $728 Mil.
Net Income was 12.893 + 20.496 + 17.222 + 99.235 = $150 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 62.582 + 36.298 + 131.204 + 89.339 = $319 Mil.
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Total Receivables was $167 Mil.
Revenue was 261.537 + 261.428 + 251.898 + 256.476 = $1,031 Mil.
Gross Profit was 192.31 + 194.415 + 190.247 + 195.462 = $772 Mil.
Total Current Assets was $684 Mil.
Total Assets was $1,034 Mil.
Property, Plant and Equipment(Net PPE) was $163 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General, & Admin. Expense(SGA) was $476 Mil.
Total Current Liabilities was $571 Mil.
Long-Term Debt & Capital Lease Obligation was $480 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) |
| = | (188.495 / 1073.488) | / | (166.875 / 1031.339) |
| = | 0.175591 | / | 0.161804 |
| | = | 1.0852 |
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) |
| = | (772.434 / 1031.339) | / | (841.446 / 1073.488) |
| = | 0.748962 | / | 0.783843 |
| | = | 0.9555 |
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 - (962.59 + 83.283) / 1354.32) | / | (1 - (684.329 + 162.727) / 1033.823) |
| = | 0.22775 | / | 0.180657 |
| | = | 1.2607 |
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 |
| = | 1073.488 | / | 1031.339 |
| | = | 1.0409 |
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)) |
| = | (51.578 / (51.578 + 162.727)) | / | (28.155 / (28.155 + 83.283)) |
| = | 0.240676 | / | 0.252652 |
| | = | 0.9526 |
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) |
| = | (500.694 / 1073.488) | / | (475.551 / 1031.339) |
| = | 0.466418 | / | 0.461101 |
| | = | 1.0115 |
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) |
| = | ((727.667 + 587.104) / 1354.32) | / | ((479.521 + 570.627) / 1033.823) |
| = | 0.970798 | / | 1.015791 |
| | = | 0.9557 |
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 |
| = | (149.846 - 0 | - | 319.423) | / | 1354.32 |
| | = | -0.125212 |
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.
Box has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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