Paylocity Holding Beneish M-Score Historical Data
The historical data trend for Paylocity Holding'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.
Paylocity Holding Beneish M-Score Chart
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Paylocity Holding Annual Data
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Trend |
Jun14 |
Jun15 |
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Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.16 |
-2.29 |
-2.31 |
-1.54 |
-1.96 |
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Paylocity Holding Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.02 |
-1.96 |
-2.40 |
-2.38 |
-2.45 |
Competitive Comparison of Paylocity Holding's Beneish M-Score
For the Software - Application subindustry, Paylocity Holding'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.
Paylocity Holding's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Paylocity Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Paylocity Holding's Beneish M-Score falls into.
Paylocity Holding 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 Paylocity Holding 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 * 1.0133 | + | 0.528 * 0.9906 | + | 0.404 * 0.9886 | + | 0.892 * 1.194 | + | 0.115 * 0.8453 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8766 | + | 4.679 * -0.04052 | - | 0.327 * 0.9446 |
| = | -2.47 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €31 Mil.
Revenue was 369.179 + 299.273 + 297.578 + 284.702 = €1,251 Mil.
Gross Profit was 262.474 + 200.788 + 202.504 + 195.442 = €861 Mil.
Total Current Assets was €3,907 Mil.
Total Assets was €4,557 Mil.
Property, Plant and Equipment(Net PPE) was €89 Mil.
Depreciation, Depletion and Amortization(DDA) was €67 Mil.
Selling, General, & Admin. Expense(SGA) was €472 Mil.
Total Current Liabilities was €3,464 Mil.
Long-Term Debt & Capital Lease Obligation was €45 Mil.
Net Income was 78.489 + 34.952 + 32.342 + 34.385 = €180 Mil.
Non Operating Income was 3.978 + 3.485 + 3.022 + 2.415 = €13 Mil.
Cash Flow from Operations was 154.125 + 68.839 + 58.227 + 70.717 = €352 Mil.
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Total Receivables was €26 Mil.
Revenue was 317.426 + 257.72 + 255.813 + 216.584 = €1,048 Mil.
Gross Profit was 228.03 + 172.688 + 170.424 + 143.369 = €715 Mil.
Total Current Assets was €3,331 Mil.
Total Assets was €3,917 Mil.
Property, Plant and Equipment(Net PPE) was €98 Mil.
Depreciation, Depletion and Amortization(DDA) was €56 Mil.
Selling, General, & Admin. Expense(SGA) was €451 Mil.
Total Current Liabilities was €3,133 Mil.
Long-Term Debt & Capital Lease Obligation was €60 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) |
| = | (31.017 / 1250.732) | / | (25.637 / 1047.543) |
| = | 0.024799 | / | 0.024473 |
| | = | 1.0133 |
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) |
| = | (714.511 / 1047.543) | / | (861.208 / 1250.732) |
| = | 0.682083 | / | 0.688563 |
| | = | 0.9906 |
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 - (3906.81 + 88.76) / 4556.794) | / | (1 - (3330.653 + 98.138) / 3916.745) |
| = | 0.123162 | / | 0.124582 |
| | = | 0.9886 |
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 |
| = | 1250.732 | / | 1047.543 |
| | = | 1.194 |
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)) |
| = | (55.832 / (55.832 + 98.138)) | / | (66.675 / (66.675 + 88.76)) |
| = | 0.362616 | / | 0.428957 |
| | = | 0.8453 |
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) |
| = | (472.25 / 1250.732) | / | (451.202 / 1047.543) |
| = | 0.377579 | / | 0.430724 |
| | = | 0.8766 |
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) |
| = | ((44.977 + 3463.978) / 4556.794) | / | ((59.832 + 3133.256) / 3916.745) |
| = | 0.770049 | / | 0.81524 |
| | = | 0.9446 |
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 |
| = | (180.168 - 12.9 | - | 351.908) | / | 4556.794 |
| | = | -0.04052 |
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.
Paylocity Holding has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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