Cielo Beneish M-Score Historical Data
The historical data trend for Cielo'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.
Cielo Beneish M-Score Chart
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Cielo Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.19 |
-2.47 |
-2.34 |
-2.56 |
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Cielo Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.63 |
-2.67 |
-2.56 |
-2.76 |
-2.86 |
Competitive Comparison of Cielo's Beneish M-Score
For the Software - Infrastructure subindustry, Cielo'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.
Cielo's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Cielo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cielo's Beneish M-Score falls into.
Cielo 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 Cielo 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 * 0.9447 | + | 0.528 * 0.996 | + | 0.404 * 0.9329 | + | 0.892 * 1.0025 | + | 0.115 * 0.9568 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3852 | + | 4.679 * -0.073111 | - | 0.327 * 1.0338 |
| = | -2.98 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $16,174 Mil.
Revenue was 460.281 + 514.724 + 565.37 + 530.304 = $2,071 Mil.
Gross Profit was 193.428 + 231.332 + 273.064 + 252.423 = $950 Mil.
Total Current Assets was $16,609 Mil.
Total Assets was $18,660 Mil.
Property, Plant and Equipment(Net PPE) was $158 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General, & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $14,260 Mil.
Long-Term Debt & Capital Lease Obligation was $557 Mil.
Net Income was 71.586 + 101.025 + 98.131 + 92.47 = $363 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 257.06 + 1199.3 + -30.798 + 301.905 = $1,727 Mil.
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Total Receivables was $17,079 Mil.
Revenue was 544.343 + 493.38 + 525.031 + 502.844 = $2,066 Mil.
Gross Profit was 256.737 + 222.887 + 241.533 + 222.921 = $944 Mil.
Total Current Assets was $17,460 Mil.
Total Assets was $19,792 Mil.
Property, Plant and Equipment(Net PPE) was $181 Mil.
Depreciation, Depletion and Amortization(DDA) was $182 Mil.
Selling, General, & Admin. Expense(SGA) was $83 Mil.
Total Current Liabilities was $14,582 Mil.
Long-Term Debt & Capital Lease Obligation was $620 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) |
| = | (16173.911 / 2070.679) | / | (17078.559 / 2065.598) |
| = | 7.810921 | / | 8.268094 |
| | = | 0.9447 |
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) |
| = | (944.078 / 2065.598) | / | (950.247 / 2070.679) |
| = | 0.457048 | / | 0.458906 |
| | = | 0.996 |
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 - (16609.428 + 158.485) / 18659.973) | / | (1 - (17459.84 + 180.505) / 19791.589) |
| = | 0.101397 | / | 0.108695 |
| | = | 0.9329 |
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 |
| = | 2070.679 | / | 2065.598 |
| | = | 1.0025 |
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)) |
| = | (182.233 / (182.233 + 180.505)) | / | (175.208 / (175.208 + 158.485)) |
| = | 0.502382 | / | 0.525057 |
| | = | 0.9568 |
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) |
| = | (114.731 / 2070.679) | / | (82.623 / 2065.598) |
| = | 0.055407 | / | 0.04 |
| | = | 1.3852 |
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) |
| = | ((556.768 + 14260.367) / 18659.973) | / | ((619.973 + 14582.057) / 19791.589) |
| = | 0.79406 | / | 0.768106 |
| | = | 1.0338 |
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 |
| = | (363.212 - 0 | - | 1727.467) | / | 18659.973 |
| | = | -0.073111 |
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.
Cielo has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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