Dicker Data Beneish M-Score Historical Data
The historical data trend for Dicker Data'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.
Dicker Data Beneish M-Score Chart
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Dicker Data Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.41 |
-1.39 |
-1.99 |
-2.81 |
-2.54 |
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Dicker Data Semi-Annual Data
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Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-1.99 |
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-2.81 |
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-2.54 |
Competitive Comparison of Dicker Data's Beneish M-Score
For the Electronics & Computer Distribution subindustry, Dicker Data'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.
Dicker Data's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Dicker Data's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dicker Data's Beneish M-Score falls into.
Dicker Data 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 Dicker Data 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 * 1.0633 | + | 0.528 * 0.9791 | + | 0.404 * 0.8515 | + | 0.892 * 0.9912 | + | 0.115 * 0.9637 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0298 | + | 4.679 * -0.005613 | - | 0.327 * 1.0522 |
| = | -2.55 |
* 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 €314 Mil.
Revenue was €1,375 Mil.
Gross Profit was €196 Mil.
Total Current Assets was €518 Mil.
Total Assets was €642 Mil.
Property, Plant and Equipment(Net PPE) was €67 Mil.
Depreciation, Depletion and Amortization(DDA) was €9 Mil.
Selling, General, & Admin. Expense(SGA) was €89 Mil.
Total Current Liabilities was €330 Mil.
Long-Term Debt & Capital Lease Obligation was €156 Mil.
Net Income was €48 Mil.
Gross Profit was €5 Mil.
Cash Flow from Operations was €46 Mil.
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Total Receivables was €298 Mil.
Revenue was €1,387 Mil.
Gross Profit was €194 Mil.
Total Current Assets was €440 Mil.
Total Assets was €569 Mil.
Property, Plant and Equipment(Net PPE) was €70 Mil.
Depreciation, Depletion and Amortization(DDA) was €9 Mil.
Selling, General, & Admin. Expense(SGA) was €87 Mil.
Total Current Liabilities was €397 Mil.
Long-Term Debt & Capital Lease Obligation was €12 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) |
| = | (314.18 / 1374.605) | / | (298.099 / 1386.784) |
| = | 0.22856 | / | 0.214957 |
| | = | 1.0633 |
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) |
| = | (193.674 / 1386.784) | / | (196.063 / 1374.605) |
| = | 0.139657 | / | 0.142632 |
| | = | 0.9791 |
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 - (518.17 + 67.33) / 642.251) | / | (1 - (439.572 + 70.381) / 569.002) |
| = | 0.088363 | / | 0.103776 |
| | = | 0.8515 |
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 |
| = | 1374.605 | / | 1386.784 |
| | = | 0.9912 |
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)) |
| = | (8.577 / (8.577 + 70.381)) | / | (8.553 / (8.553 + 67.33)) |
| = | 0.108627 | / | 0.112713 |
| | = | 0.9637 |
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) |
| = | (88.897 / 1374.605) | / | (87.092 / 1386.784) |
| = | 0.064671 | / | 0.062801 |
| | = | 1.0298 |
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) |
| = | ((156.171 + 330.187) / 642.251) | / | ((12.049 + 397.456) / 569.002) |
| = | 0.757271 | / | 0.71969 |
| | = | 1.0522 |
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 |
| = | (47.595 - 5.27 | - | 45.93) | / | 642.251 |
| | = | -0.005613 |
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.
Dicker Data has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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