Crawford Beneish M-Score Historical Data
The historical data trend for Crawford'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.
Crawford Beneish M-Score Chart
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Crawford Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.82 |
-2.48 |
-2.53 |
-2.99 |
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Crawford Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.04 |
-2.99 |
-2.96 |
-2.85 |
-2.68 |
Competitive Comparison of Crawford's Beneish M-Score
For the Insurance Brokers subindustry, Crawford'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.
Crawford's Beneish M-Score Distribution in the Insurance Industry
For the Insurance industry and Financial Services sector, Crawford's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crawford's Beneish M-Score falls into.
Crawford 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 Crawford 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 * 0.9796 | + | 0.528 * 0.9965 | + | 0.404 * 1.0434 | + | 0.892 * 0.9632 | + | 0.115 * 0.9342 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0973 | + | 4.679 * -0.028203 | - | 0.327 * 1.0099 |
| = | -2.68 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $270 Mil.
Revenue was 342.726 + 326.853 + 313.073 + 309.165 = $1,292 Mil.
Gross Profit was 93.418 + 91.962 + 87.265 + 79.139 = $352 Mil.
Total Current Assets was $362 Mil.
Total Assets was $801 Mil.
Property, Plant and Equipment(Net PPE) was $104 Mil.
Depreciation, Depletion and Amortization(DDA) was $35 Mil.
Selling, General, & Admin. Expense(SGA) was $294 Mil.
Total Current Liabilities was $283 Mil.
Long-Term Debt & Capital Lease Obligation was $276 Mil.
Net Income was 9.453 + 8.584 + 2.837 + -0.818 = $20 Mil.
Non Operating Income was 0 + 0 + -2.523 + -1.642 = $-4 Mil.
Cash Flow from Operations was 19.346 + 11.55 + -19.803 + 35.713 = $47 Mil.
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Total Receivables was $287 Mil.
Revenue was 342.187 + 337.629 + 327.938 + 333.368 = $1,341 Mil.
Gross Profit was 100.152 + 90.525 + 89.256 + 84.008 = $364 Mil.
Total Current Assets was $380 Mil.
Total Assets was $827 Mil.
Property, Plant and Equipment(Net PPE) was $116 Mil.
Depreciation, Depletion and Amortization(DDA) was $36 Mil.
Selling, General, & Admin. Expense(SGA) was $279 Mil.
Total Current Liabilities was $291 Mil.
Long-Term Debt & Capital Lease Obligation was $282 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) |
| = | (270.458 / 1291.817) | / | (286.638 / 1341.122) |
| = | 0.209362 | / | 0.21373 |
| | = | 0.9796 |
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) |
| = | (363.941 / 1341.122) | / | (351.784 / 1291.817) |
| = | 0.271371 | / | 0.272317 |
| | = | 0.9965 |
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 - (362.368 + 103.558) / 800.794) | / | (1 - (379.991 + 115.686) / 827.191) |
| = | 0.41817 | / | 0.400771 |
| | = | 1.0434 |
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 |
| = | 1291.817 | / | 1341.122 |
| | = | 0.9632 |
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)) |
| = | (36.074 / (36.074 + 115.686)) | / | (35.344 / (35.344 + 103.558)) |
| = | 0.237704 | / | 0.254453 |
| | = | 0.9342 |
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) |
| = | (294.398 / 1291.817) | / | (278.545 / 1341.122) |
| = | 0.227895 | / | 0.207695 |
| | = | 1.0973 |
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) |
| = | ((276.41 + 283.366) / 800.794) | / | ((281.898 + 290.681) / 827.191) |
| = | 0.699026 | / | 0.692197 |
| | = | 1.0099 |
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 |
| = | (20.056 - -4.165 | - | 46.806) | / | 800.794 |
| | = | -0.028203 |
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.
Crawford has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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