Invesco Beneish M-Score Historical Data
The historical data trend for Invesco'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.
Invesco Beneish M-Score Chart
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Invesco Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.62 |
-2.23 |
-2.65 |
-2.75 |
-2.38 |
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Invesco Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.75 |
-2.84 |
-2.67 |
-2.64 |
-2.38 |
Competitive Comparison of Invesco's Beneish M-Score
For the Asset Management subindustry, Invesco'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.
Invesco's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Invesco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Invesco's Beneish M-Score falls into.
Invesco 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 Invesco 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 * 1.2383 | + | 0.528 * 1.0472 | + | 0.404 * 1.0069 | + | 0.892 * 1.1762 | + | 0.115 * 0.9364 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9809 | + | 4.679 * -0.020175 | - | 0.327 * 0.8713 |
| = | -2.13 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was R$6,791 Mil.
Revenue was 9718.893 + 8391.982 + 7989.202 + 7346.699 = R$33,447 Mil.
Gross Profit was 3676.463 + 2161.957 + 2884.795 + 2482.928 = R$11,206 Mil.
Total Current Assets was R$15,918 Mil.
Total Assets was R$164,781 Mil.
Property, Plant and Equipment(Net PPE) was R$2,922 Mil.
Depreciation, Depletion and Amortization(DDA) was R$987 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,715 Mil.
Total Current Liabilities was R$5,066 Mil.
Long-Term Debt & Capital Lease Obligation was R$46,041 Mil.
Net Income was 1638.119 + 632.417 + 1030.9 + 999.446 = R$4,301 Mil.
Non Operating Income was -39.657 + 260.83 + 314.548 + 365.019 = R$901 Mil.
Cash Flow from Operations was 1933.407 + 2427.772 + 2634.342 + -270.901 = R$6,725 Mil.
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Total Receivables was R$4,663 Mil.
Revenue was 6925.377 + 7121.605 + 7002.918 + 7386.837 = R$28,437 Mil.
Gross Profit was 2377.383 + 2544.912 + 2449.177 + 2605.863 = R$9,977 Mil.
Total Current Assets was R$14,127 Mil.
Total Assets was R$141,770 Mil.
Property, Plant and Equipment(Net PPE) was R$2,937 Mil.
Depreciation, Depletion and Amortization(DDA) was R$910 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,220 Mil.
Total Current Liabilities was R$6,147 Mil.
Long-Term Debt & Capital Lease Obligation was R$44,319 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) |
| = | (6791.023 / 33446.776) | / | (4662.65 / 28436.737) |
| = | 0.20304 | / | 0.163966 |
| | = | 1.2383 |
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) |
| = | (9977.335 / 28436.737) | / | (11206.143 / 33446.776) |
| = | 0.350861 | / | 0.335044 |
| | = | 1.0472 |
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 - (15918.119 + 2922.379) / 164781.299) | / | (1 - (14127.103 + 2937.43) / 141769.833) |
| = | 0.885664 | / | 0.879632 |
| | = | 1.0069 |
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 |
| = | 33446.776 | / | 28436.737 |
| | = | 1.1762 |
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)) |
| = | (909.591 / (909.591 + 2937.43)) | / | (987.221 / (987.221 + 2922.379)) |
| = | 0.23644 | / | 0.252512 |
| | = | 0.9364 |
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) |
| = | (3715.059 / 33446.776) | / | (3220.236 / 28436.737) |
| = | 0.111074 | / | 0.113242 |
| | = | 0.9809 |
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) |
| = | ((46040.586 + 5066.27) / 164781.299) | / | ((44318.691 + 6147.289) / 141769.833) |
| = | 0.31015 | / | 0.355971 |
| | = | 0.8713 |
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 |
| = | (4300.882 - 900.74 | - | 6724.62) | / | 164781.299 |
| | = | -0.020175 |
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.
Invesco has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.
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