Zip Co Beneish M-Score Historical Data
The historical data trend for Zip Co'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.
Zip Co Beneish M-Score Chart
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Zip Co Annual Data
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Jun15 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.43 |
-0.68 |
-1.16 |
-2.52 |
-2.81 |
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Zip Co Semi-Annual Data
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Dec24 |
| Beneish M-Score |
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-2.52 |
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-2.81 |
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Competitive Comparison of Zip Co's Beneish M-Score
For the Credit Services subindustry, Zip Co'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.
Zip Co's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Zip Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zip Co's Beneish M-Score falls into.
Zip Co 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 Zip Co 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 * 0.9443 | + | 0.528 * 0.8742 | + | 0.404 * 0.9627 | + | 0.892 * 1.2469 | + | 0.115 * 0.951 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.72 | + | 4.679 * -0.106706 | - | 0.327 * 0.9011 |
| = | -2.82 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was €56.2 Mil.
Revenue was €535.4 Mil.
Gross Profit was €354.5 Mil.
Total Current Assets was €282.7 Mil.
Total Assets was €1,963.0 Mil.
Property, Plant and Equipment(Net PPE) was €12.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €39.7 Mil.
Selling, General, & Admin. Expense(SGA) was €128.3 Mil.
Total Current Liabilities was €170.9 Mil.
Long-Term Debt & Capital Lease Obligation was €1,493.0 Mil.
Net Income was €2.3 Mil.
Gross Profit was €43.6 Mil.
Cash Flow from Operations was €168.1 Mil.
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Total Receivables was €47.7 Mil.
Revenue was €429.4 Mil.
Gross Profit was €248.5 Mil.
Total Current Assets was €229.4 Mil.
Total Assets was €2,080.0 Mil.
Property, Plant and Equipment(Net PPE) was €14.7 Mil.
Depreciation, Depletion and Amortization(DDA) was €39.3 Mil.
Selling, General, & Admin. Expense(SGA) was €142.9 Mil.
Total Current Liabilities was €137.8 Mil.
Long-Term Debt & Capital Lease Obligation was €1,818.8 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) |
| = | (56.205 / 535.426) | / | (47.737 / 429.416) |
| = | 0.104972 | / | 0.111167 |
| | = | 0.9443 |
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) |
| = | (248.534 / 429.416) | / | (354.479 / 535.426) |
| = | 0.578772 | / | 0.66205 |
| | = | 0.8742 |
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 - (282.735 + 12.192) / 1963.028) | / | (1 - (229.366 + 14.702) / 2080.032) |
| = | 0.849759 | / | 0.882661 |
| | = | 0.9627 |
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 |
| = | 535.426 | / | 429.416 |
| | = | 1.2469 |
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)) |
| = | (39.294 / (39.294 + 14.702)) | / | (39.738 / (39.738 + 12.192)) |
| = | 0.727721 | / | 0.765222 |
| | = | 0.951 |
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) |
| = | (128.33 / 535.426) | / | (142.941 / 429.416) |
| = | 0.239678 | / | 0.332873 |
| | = | 0.72 |
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) |
| = | ((1492.96 + 170.874) / 1963.028) | / | ((1818.801 + 137.796) / 2080.032) |
| = | 0.847585 | / | 0.940657 |
| | = | 0.9011 |
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 |
| = | (2.256 - 43.604 | - | 168.119) | / | 1963.028 |
| | = | -0.106706 |
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.
Zip Co has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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