PJT Partners Beneish M-Score Historical Data
The historical data trend for PJT Partners'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.
PJT Partners Beneish M-Score Chart
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PJT Partners Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.70 |
-3.52 |
-2.36 |
-2.81 |
-3.69 |
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PJT Partners Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.22 |
-3.02 |
-2.87 |
-3.69 |
-3.48 |
Competitive Comparison of PJT Partners's Beneish M-Score
For the Capital Markets subindustry, PJT Partners'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.
PJT Partners's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, PJT Partners's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PJT Partners's Beneish M-Score falls into.
PJT Partners 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 PJT Partners 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 * 0.795 | + | 0.528 * 1.1539 | + | 0.404 * 0.8128 | + | 0.892 * 1.2599 | + | 0.115 * 2.0235 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9426 | + | 4.679 * -0.228957 | - | 0.327 * 1.4273 |
| = | -3.51 |
* 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 €299 Mil.
Revenue was 303.042 + 301.284 + 260.826 + 319.614 = €1,185 Mil.
Gross Profit was 92.428 + 88.292 + 79.557 + 91.989 = €352 Mil.
Total Current Assets was €497 Mil.
Total Assets was €1,198 Mil.
Property, Plant and Equipment(Net PPE) was €293 Mil.
Depreciation, Depletion and Amortization(DDA) was €32 Mil.
Selling, General, & Admin. Expense(SGA) was €91 Mil.
Total Current Liabilities was €63 Mil.
Long-Term Debt & Capital Lease Obligation was €301 Mil.
Net Income was 30.013 + 22.844 + 16.313 + 20.436 = €90 Mil.
Non Operating Income was -7.981 + -8.24 + -6.594 + -7.798 = €-31 Mil.
Cash Flow from Operations was -35.677 + 113.501 + 140.686 + 175.927 = €394 Mil.
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Total Receivables was €298 Mil.
Revenue was 186.789 + 264.276 + 268.753 + 220.551 = €940 Mil.
Gross Profit was 62.527 + 94.127 + 87.882 + 78.096 = €323 Mil.
Total Current Assets was €386 Mil.
Total Assets was €896 Mil.
Property, Plant and Equipment(Net PPE) was €136 Mil.
Depreciation, Depletion and Amortization(DDA) was €34 Mil.
Selling, General, & Admin. Expense(SGA) was €77 Mil.
Total Current Liabilities was €69 Mil.
Long-Term Debt & Capital Lease Obligation was €122 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) |
| = | (298.962 / 1184.766) | / | (298.468 / 940.369) |
| = | 0.252338 | / | 0.317395 |
| | = | 0.795 |
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) |
| = | (322.632 / 940.369) | / | (352.266 / 1184.766) |
| = | 0.343091 | / | 0.29733 |
| | = | 1.1539 |
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 - (497.245 + 293.444) / 1197.684) | / | (1 - (385.835 + 135.834) / 896.463) |
| = | 0.339818 | / | 0.418081 |
| | = | 0.8128 |
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 |
| = | 1184.766 | / | 940.369 |
| | = | 1.2599 |
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)) |
| = | (34.155 / (34.155 + 135.834)) | / | (32.35 / (32.35 + 293.444)) |
| = | 0.200925 | / | 0.099296 |
| | = | 2.0235 |
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) |
| = | (90.98 / 1184.766) | / | (76.606 / 940.369) |
| = | 0.076792 | / | 0.081464 |
| | = | 0.9426 |
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) |
| = | ((301.254 + 62.798) / 1197.684) | / | ((122.064 + 68.856) / 896.463) |
| = | 0.303963 | / | 0.21297 |
| | = | 1.4273 |
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 |
| = | (89.606 - -30.613 | - | 394.437) | / | 1197.684 |
| | = | -0.228957 |
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.
PJT Partners has a M-score of -3.51 suggests that the company is unlikely to be a manipulator.
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