Paycom Software Beneish M-Score Historical Data
The historical data trend for Paycom Software'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.
Paycom Software Beneish M-Score Chart
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Paycom Software Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.03 |
-2.19 |
-2.32 |
-2.47 |
-2.40 |
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Paycom Software Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.27 |
-2.42 |
-2.70 |
-2.40 |
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Competitive Comparison of Paycom Software's Beneish M-Score
For the Software - Application subindustry, Paycom Software'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.
Paycom Software's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Paycom Software's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Paycom Software's Beneish M-Score falls into.
Paycom Software 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 Paycom Software 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 * 0.9583 | + | 0.528 * 1.0126 | + | 0.404 * 1.0726 | + | 0.892 * 1.1208 | + | 0.115 * 1.0074 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8227 | + | 4.679 * -0.008139 | - | 0.327 * 1.0164 |
| = | -2.39 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R$100 Mil.
Revenue was 2489.307 + 2129.429 + 2006.609 + 1947.008 = R$8,572 Mil.
Gross Profit was 2097.741 + 1763.467 + 1666.13 + 1619.733 = R$7,147 Mil.
Total Current Assets was R$16,415 Mil.
Total Assets was R$23,571 Mil.
Property, Plant and Equipment(Net PPE) was R$2,590 Mil.
Depreciation, Depletion and Amortization(DDA) was R$591 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,963 Mil.
Total Current Liabilities was R$14,652 Mil.
Long-Term Debt & Capital Lease Obligation was R$0 Mil.
Net Income was 1230.942 + 400.593 + 371.484 + 313.141 = R$2,316 Mil.
Non Operating Income was 24.944 + 26.728 + 26.481 + 30.01 = R$108 Mil.
Cash Flow from Operations was 740.178 + 658.866 + 486.847 + 513.949 = R$2,400 Mil.
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Total Receivables was R$93 Mil.
Revenue was 2352.396 + 1943.987 + 1752.238 + 1599.737 = R$7,648 Mil.
Gross Profit was 2012.629 + 1634.136 + 1463.295 + 1346.938 = R$6,457 Mil.
Total Current Assets was R$15,911 Mil.
Total Assets was R$22,093 Mil.
Property, Plant and Equipment(Net PPE) was R$2,193 Mil.
Depreciation, Depletion and Amortization(DDA) was R$505 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,214 Mil.
Total Current Liabilities was R$13,361 Mil.
Long-Term Debt & Capital Lease Obligation was R$151 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) |
| = | (99.581 / 8572.353) | / | (92.723 / 7648.358) |
| = | 0.011617 | / | 0.012123 |
| | = | 0.9583 |
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) |
| = | (6456.998 / 7648.358) | / | (7147.071 / 8572.353) |
| = | 0.844233 | / | 0.833735 |
| | = | 1.0126 |
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 - (16415.044 + 2590.402) / 23570.708) | / | (1 - (15910.664 + 2192.909) / 22092.912) |
| = | 0.193684 | / | 0.180571 |
| | = | 1.0726 |
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 |
| = | 8572.353 | / | 7648.358 |
| | = | 1.1208 |
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)) |
| = | (504.989 / (504.989 + 2192.909)) | / | (591.126 / (591.126 + 2590.402)) |
| = | 0.187179 | / | 0.185799 |
| | = | 1.0074 |
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) |
| = | (2963.169 / 8572.353) | / | (3213.552 / 7648.358) |
| = | 0.345666 | / | 0.420162 |
| | = | 0.8227 |
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 + 14652.125) / 23570.708) | / | ((151.049 + 13360.569) / 22092.912) |
| = | 0.621624 | / | 0.611582 |
| | = | 1.0164 |
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 |
| = | (2316.16 - 108.163 | - | 2399.84) | / | 23570.708 |
| | = | -0.008139 |
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.
Paycom Software has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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