Clarivate Beneish M-Score Historical Data
The historical data trend for Clarivate'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.
Clarivate Beneish M-Score Chart
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Clarivate Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.50 |
-2.35 |
-2.53 |
-2.69 |
-2.88 |
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Clarivate 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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-2.69 |
-2.76 |
-2.72 |
-2.76 |
-2.88 |
Competitive Comparison of Clarivate's Beneish M-Score
For the Information Technology Services subindustry, Clarivate'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.
Clarivate's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Clarivate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Clarivate's Beneish M-Score falls into.
Clarivate 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 Clarivate 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 * 0.9037 | + | 0.528 * 0.9929 | + | 0.404 * 1.0067 | + | 0.892 * 0.9726 | + | 0.115 * 0.997 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.011 | + | 4.679 * -0.057345 | - | 0.327 * 1.0402 |
| = | -2.88 |
* 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 $798 Mil.
Revenue was 663 + 622.2 + 650.3 + 621.2 = $2,557 Mil.
Gross Profit was 435.3 + 412.1 + 436.7 + 403.4 = $1,688 Mil.
Total Current Assets was $1,245 Mil.
Total Assets was $11,490 Mil.
Property, Plant and Equipment(Net PPE) was $107 Mil.
Depreciation, Depletion and Amortization(DDA) was $727 Mil.
Selling, General, & Admin. Expense(SGA) was $728 Mil.
Total Current Liabilities was $1,434 Mil.
Long-Term Debt & Capital Lease Obligation was $4,572 Mil.
Net Income was -191.8 + -65.6 + -304.3 + -75 = $-637 Mil.
Non Operating Income was -247.9 + -49.3 + -306.9 + -20.3 = $-624 Mil.
Cash Flow from Operations was 141.3 + 202.9 + 126.2 + 176.2 = $647 Mil.
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Total Receivables was $908 Mil.
Revenue was 683.7 + 647.2 + 668.8 + 629.1 = $2,629 Mil.
Gross Profit was 452.1 + 426.6 + 444.6 + 399.4 = $1,723 Mil.
Total Current Assets was $1,462 Mil.
Total Assets was $12,707 Mil.
Property, Plant and Equipment(Net PPE) was $107 Mil.
Depreciation, Depletion and Amortization(DDA) was $708 Mil.
Selling, General, & Admin. Expense(SGA) was $740 Mil.
Total Current Liabilities was $1,600 Mil.
Long-Term Debt & Capital Lease Obligation was $4,784 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) |
| = | (798.3 / 2556.7) | / | (908.3 / 2628.8) |
| = | 0.312238 | / | 0.345519 |
| | = | 0.9037 |
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) |
| = | (1722.7 / 2628.8) | / | (1687.5 / 2556.7) |
| = | 0.655318 | / | 0.660031 |
| | = | 0.9929 |
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 - (1244.6 + 107.1) / 11490.2) | / | (1 - (1462.2 + 106.8) / 12706.8) |
| = | 0.882361 | / | 0.876523 |
| | = | 1.0067 |
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 |
| = | 2556.7 | / | 2628.8 |
| | = | 0.9726 |
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)) |
| = | (708.3 / (708.3 + 106.8)) | / | (727 / (727 + 107.1)) |
| = | 0.868973 | / | 0.871598 |
| | = | 0.997 |
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) |
| = | (727.6 / 2556.7) | / | (740 / 2628.8) |
| = | 0.284586 | / | 0.281497 |
| | = | 1.011 |
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) |
| = | ((4571.9 + 1433.5) / 11490.2) | / | ((4784.3 + 1600) / 12706.8) |
| = | 0.522654 | / | 0.502432 |
| | = | 1.0402 |
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 |
| = | (-636.7 - -624.4 | - | 646.6) | / | 11490.2 |
| | = | -0.057345 |
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.
Clarivate has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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