FactSet Research Systems Beneish M-Score Historical Data
The historical data trend for FactSet Research Systems'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.
FactSet Research Systems Beneish M-Score Chart
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FactSet Research Systems Annual Data
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Trend |
Aug15 |
Aug16 |
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Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
Aug24 |
| Beneish M-Score |
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-2.73 |
-2.77 |
-2.14 |
-2.48 |
-2.69 |
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FactSet Research Systems Quarterly Data
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Nov19 |
Feb20 |
May20 |
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Nov20 |
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Aug24 |
| Beneish M-Score |
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-2.48 |
-2.58 |
-2.57 |
-2.61 |
-2.69 |
Competitive Comparison of FactSet Research Systems's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, FactSet Research Systems'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.
FactSet Research Systems's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, FactSet Research Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FactSet Research Systems's Beneish M-Score falls into.
FactSet Research Systems 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 FactSet Research Systems 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 * 0.9084 | + | 0.528 * 0.9865 | + | 0.404 * 0.9909 | + | 0.892 * 1.0564 | + | 0.115 * 0.8923 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0046 | + | 4.679 * -0.039474 | - | 0.327 * 0.888 |
| = | -2.69 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was $228 Mil.
Revenue was 562.187 + 552.708 + 545.945 + 542.216 = $2,203 Mil.
Gross Profit was 303.991 + 305.722 + 290.803 + 290.595 = $1,191 Mil.
Total Current Assets was $836 Mil.
Total Assets was $4,055 Mil.
Property, Plant and Equipment(Net PPE) was $213 Mil.
Depreciation, Depletion and Amortization(DDA) was $156 Mil.
Selling, General, & Admin. Expense(SGA) was $485 Mil.
Total Current Liabilities was $667 Mil.
Long-Term Debt & Capital Lease Obligation was $1,419 Mil.
Net Income was 89.496 + 158.135 + 140.94 + 148.555 = $537 Mil.
Non Operating Income was -2.815 + 0.234 + 0.401 + -0.962 = $-3 Mil.
Cash Flow from Operations was 163.161 + 238.235 + 143.798 + 155.144 = $700 Mil.
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Total Receivables was $238 Mil.
Revenue was 535.797 + 529.811 + 515.085 + 504.815 = $2,086 Mil.
Gross Profit was 272.109 + 288.122 + 274.279 + 277.773 = $1,112 Mil.
Total Current Assets was $770 Mil.
Total Assets was $3,963 Mil.
Property, Plant and Equipment(Net PPE) was $228 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $457 Mil.
Total Current Liabilities was $484 Mil.
Long-Term Debt & Capital Lease Obligation was $1,811 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) |
| = | (228.054 / 2203.056) | / | (237.665 / 2085.508) |
| = | 0.103517 | / | 0.11396 |
| | = | 0.9084 |
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) |
| = | (1112.283 / 2085.508) | / | (1191.111 / 2203.056) |
| = | 0.533339 | / | 0.540663 |
| | = | 0.9865 |
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 - (835.848 + 213.007) / 4055.04) | / | (1 - (770.135 + 227.944) / 3962.922) |
| = | 0.741345 | / | 0.748146 |
| | = | 0.9909 |
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 |
| = | 2203.056 | / | 2085.508 |
| | = | 1.0564 |
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)) |
| = | (137.728 / (137.728 + 227.944)) | / | (155.594 / (155.594 + 213.007)) |
| = | 0.376644 | / | 0.42212 |
| | = | 0.8923 |
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) |
| = | (485.135 / 2203.056) | / | (457.13 / 2085.508) |
| = | 0.22021 | / | 0.219194 |
| | = | 1.0046 |
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) |
| = | ((1418.652 + 667.066) / 4055.04) | / | ((1811.082 + 484.251) / 3962.922) |
| = | 0.514352 | / | 0.579202 |
| | = | 0.888 |
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 |
| = | (537.126 - -3.142 | - | 700.338) | / | 4055.04 |
| | = | -0.039474 |
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.
FactSet Research Systems has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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