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FIS (Fidelity National Information Services) Beneish M-Score : -2.35 (As of Mar. 15, 2025)


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What is Fidelity National Information Services Beneish M-Score?

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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Fidelity National Information Services's Beneish M-Score or its related term are showing as below:

FIS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.35   Med: -2.56   Max: -1.7
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Fidelity National Information Services was -1.70. The lowest was -4.35. And the median was -2.56.


Fidelity National Information Services Beneish M-Score Historical Data

The historical data trend for Fidelity National Information Services'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.

* Premium members only.

Fidelity National Information Services Beneish M-Score Chart

Fidelity National Information Services Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.81 -2.06 -4.35 -3.40 -2.35

Fidelity National Information Services Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.40 -4.04 -3.11 -2.54 -2.35

Competitive Comparison of Fidelity National Information Services's Beneish M-Score

For the Information Technology Services subindustry, Fidelity National Information Services'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.


Fidelity National Information Services's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Fidelity National Information Services's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fidelity National Information Services's Beneish M-Score falls into.



Fidelity National Information Services 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 Fidelity National Information Services 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 * 1.0893+0.528 * 0.9886+0.404 * 1.1163+0.892 * 1.0304+0.115 * 0.9889
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0131+4.679 * -0.014978-0.327 * 0.8275
=-2.35

* 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 $2,246 Mil.
Revenue was 2599 + 2570 + 2489 + 2467 = $10,125 Mil.
Gross Profit was 976 + 977 + 951 + 915 = $3,819 Mil.
Total Current Assets was $5,186 Mil.
Total Assets was $33,784 Mil.
Property, Plant and Equipment(Net PPE) was $876 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,737 Mil.
Selling, General, & Admin. Expense(SGA) was $2,185 Mil.
Total Current Liabilities was $6,094 Mil.
Long-Term Debt & Capital Lease Obligation was $9,863 Mil.
Net Income was 281 + 224 + 243 + 724 = $1,472 Mil.
Non Operating Income was 28 + -40 + -17 + -168 = $-197 Mil.
Cash Flow from Operations was 782 + 641 + 546 + 206 = $2,175 Mil.
Total Receivables was $2,001 Mil.
Revenue was 2513 + 2492 + 2424 + 2397 = $9,826 Mil.
Gross Profit was 970 + 961 + 905 + 828 = $3,664 Mil.
Total Current Assets was $13,656 Mil.
Total Assets was $54,973 Mil.
Property, Plant and Equipment(Net PPE) was $909 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,744 Mil.
Selling, General, & Admin. Expense(SGA) was $2,093 Mil.
Total Current Liabilities was $18,229 Mil.
Long-Term Debt & Capital Lease Obligation was $13,148 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)
=(2246 / 10125) / (2001 / 9826)
=0.221827 / 0.203643
=1.0893

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)
=(3664 / 9826) / (3819 / 10125)
=0.372888 / 0.377185
=0.9886

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 - (5186 + 876) / 33784) / (1 - (13656 + 909) / 54973)
=0.820566 / 0.735052
=1.1163

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
=10125 / 9826
=1.0304

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))
=(1744 / (1744 + 909)) / (1737 / (1737 + 876))
=0.657369 / 0.664753
=0.9889

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)
=(2185 / 10125) / (2093 / 9826)
=0.215802 / 0.213006
=1.0131

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)
=((9863 + 6094) / 33784) / ((13148 + 18229) / 54973)
=0.472324 / 0.570771
=0.8275

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
=(1472 - -197 - 2175) / 33784
=-0.014978

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.

Fidelity National Information Services has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.


Fidelity National Information Services Beneish M-Score Related Terms

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Fidelity National Information Services Business Description

Traded in Other Exchanges
Address
347 Riverside Avenue, Jacksonville, FL, USA, 32202
Fidelity National Information Services provides core processing and ancillary services to banks, but its business has expanded over time. By acquiring SunGard in 2015, the company now provides record-keeping and other services to investment firms. With the acquisition of Worldpay in 2019, FIS was providing payment processing services for merchants and holding leading positions in the United States and United Kingdom. But the company sold off a majority interest in Worldpay and now has only a minority stake.
Executives
Jeffrey A Goldstein director HELLMAN & FRIEDMAN LLC, 375 PARK AVENUE, 20TH FLOOR, NEW YORK NY 10152
Lenore D Williams officer: CEVP, Chief People Officer 601 RIVERSIDE AVE, JACKSONVILLE FL 32204
Ellen R Alemany director ONE ADP BOULEVARD, ROSELAND NJ 07068
James Kehoe officer: Chief Financial Officer KRAFT FOODS GROUP, INC., THREE LAKES DRIVE, NORTHFIELD IL 60093
Erik D Hoag officer: CEVP Chief Financial Officer 347 RIVERSIDE AVE, JACKSONVILLE FL 32202
Stephanie Ferris officer: COO C/O VANTIV, INC., 8500 GOVERNORS HILL DRIVE, CINCINNATI OH 45249
Brian T Shea director ONE PERSHING PLAZA, 95 CHRISTOPHER COLUMBUS DRIVE, JERSEY CITY NJ 07399
Stallings James B Jr director 601 RIVERSIDE AVE, JACKSONVILLE FL 32204
Vijay D'silva director 601 RIVERSIDE AVENUE, JACKSONVILLE FL 32204
Louise M Parent director 200 VESEY STREET, NEW YORK NY 10285
Kenneth T Lamneck director INSIGHT ENTERPRISES, INC., 6820 SOUTH HARL AVENUE, TEMPE AZ 85283
Mark D Benjamin director NUANCE COMMUNICATIONS, INC., 1 WAYSIDE ROAD, BURLINGTON MA 01803
Mark A Ernst director 255 FISERV DRIVE, BROOKFIELD WI 53045
Gary Norcross officer: Corporate EVP and COO 601 RIVERSIDE AVENUE, JACKSONVILLE FL 32204
James W. Woodall officer: SVP, CAO and Controller 601 RIVERSIDE AVENUE, JACKSONVILLE FL 32204