Market Cap : 27.86 B | Enterprise Value : 33.91 B | PE Ratio : 39.50 | PB Ratio : 7.41 |
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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Equifax's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Equifax was -1.66. The lowest was -3.78. And the median was -2.68.
The historical data trend for Equifax'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.
For the Consulting Services subindustry, Equifax'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.
For the Business Services industry and Industrials sector, Equifax's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Equifax's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
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 Equifax 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 * 1.1253 | + | 0.528 * 1.0234 | + | 0.404 * 1.2041 | + | 0.892 * 1.0811 | + | 0.115 * 0.9816 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9138 | + | 4.679 * -0.006 | - | 0.327 * 0.9775 | |||||||
= | -2.21 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $845 Mil. Revenue was 1244.3 + 1316.7 + 1363.2 + 1253.2 = $5,177 Mil. Gross Profit was 701.8 + 774.6 + 809.8 + 727.6 = $3,014 Mil. Total Current Assets was $1,295 Mil. Total Assets was $11,308 Mil. Property, Plant and Equipment(Net PPE) was $1,487 Mil. Depreciation, Depletion and Amortization(DDA) was $559 Mil. Selling, General, & Admin. Expense(SGA) was $1,332 Mil. Total Current Liabilities was $2,019 Mil. Long-Term Debt & Capital Lease Obligation was $4,819 Mil. Net Income was 165.7 + 200.6 + 221.8 + 122.1 = $710 Mil. Non Operating Income was 23.9 + 1.8 + 11.1 + -75.5 = $-39 Mil. Cash Flow from Operations was 354.9 + 275.3 + -198.5 + 385.3 = $817 Mil. |
Total Receivables was $695 Mil. Revenue was 1222.9 + 1234.8 + 1213 + 1118.4 = $4,789 Mil. Gross Profit was 733.9 + 751.8 + 729.7 + 637.5 = $2,853 Mil. Total Current Assets was $2,890 Mil. Total Assets was $11,083 Mil. Property, Plant and Equipment(Net PPE) was $1,253 Mil. Depreciation, Depletion and Amortization(DDA) was $459 Mil. Selling, General, & Admin. Expense(SGA) was $1,348 Mil. Total Current Liabilities was $1,887 Mil. Long-Term Debt & Capital Lease Obligation was $4,969 Mil. |
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) |
= | (845 / 5177.4) | / | (694.6 / 4789.1) | |
= | 0.16320933 | / | 0.14503769 | |
= | 1.1253 |
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) | |
= | (2852.9 / 4789.1) | / | (3013.8 / 5177.4) | |
= | 0.59570692 | / | 0.58210685 | |
= | 1.0234 |
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 - (1294.9 + 1487) / 11308) | / | (1 - (2890.3 + 1252.9) / 11083.3) | |
= | 0.75398833 | / | 0.62617632 | |
= | 1.2041 |
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 | |
= | 5177.4 | / | 4789.1 | |
= | 1.0811 |
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)) |
= | (459 / (459 + 1252.9)) | / | (558.8 / (558.8 + 1487)) | |
= | 0.26812314 | / | 0.27314498 | |
= | 0.9816 |
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) |
= | (1331.7 / 5177.4) | / | (1348 / 4789.1) | |
= | 0.25721405 | / | 0.28147251 | |
= | 0.9138 |
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) |
= | ((4819.2 + 2018.7) / 11308) | / | ((4969.4 + 1886.9) / 11083.3) | |
= | 0.60469579 | / | 0.61861539 | |
= | 0.9775 |
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 | |
= | (710.2 - -38.7 | - | 817) | / | 11308 | |
= | -0.006 |
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.
Equifax has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Equifax's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Lisa M Nelson | officer: President-International | EQUIFAX INC., 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
Audrey B Tillman | director | 1932 WYNNTON RD, COLUMBUS GA 31999 |
Melissa D Goodwin | director | C/O WRIGHT EXPRESS CORPORATION, 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
Sunil Bindal | officer: SVP, Corp Development | EQUIFAX INC., 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
Lindsay B Parker | officer: Chief Marketing Officer | EQUIFAX INC, 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
Beverly J Anderson | officer: Pres-Global Consumer Solutions | 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
Robert W Selander | director | MASTERCARD INTERNATIONAL, 2000 PURCHASE STREET, PURCHASE NY 10577 |
Robert D Marcus | director | C/O TIME WARNER CABLE INC., 60 COLUMBUS CIRCLE, 17TH FLOOR, NEW YORK NY 10023 |
John A Mckinley | director | C/O EQUIFAX INC, 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
Elane B Stock | director | 351 PHELPS DRIVE, IRVING TX 75038 |
Carla Chaney | officer: CVP & Chief HR Officer | 5302 LAKE VIEW CLUB, DUNWOODY GA 30338 |
G. Thomas Hough | director | P.O. BOX 407, LAKELAND FL 33802 |
Heather H Wilson | director | 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
Sid Singh | officer: President - USIS | 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
James M Griggs | officer: SVP & Corp Controller | 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
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