Freedom Holding Beneish M-Score Historical Data
The historical data trend for Freedom 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.
Freedom Holding Beneish M-Score Chart
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Freedom Holding Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.22 |
-2.15 |
-1.12 |
0.12 |
2.35 |
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Freedom Holding Quarterly Data
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Mar19 |
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Sep19 |
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Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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2.35 |
-0.84 |
0.37 |
0.23 |
Competitive Comparison of Freedom Holding's Beneish M-Score
For the Capital Markets subindustry, Freedom 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.
Freedom Holding's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Freedom Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Freedom Holding's Beneish M-Score falls into.
Freedom 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 Freedom 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 * 0.9908 | + | 0.528 * 0.7468 | + | 0.404 * 2.0376 | + | 0.892 * 2.2214 | + | 0.115 * 0.6085 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0845 | + | 4.679 * 0.296832 | - | 0.327 * 0.9694 |
| = | 0.23 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $2,320 Mil.
Revenue was 431.231 + 421.482 + 313.453 + 294.691 = $1,461 Mil.
Gross Profit was 302.341 + 315.882 + 231.625 + 236.789 = $1,087 Mil.
Total Current Assets was $7,150 Mil.
Total Assets was $7,449 Mil.
Property, Plant and Equipment(Net PPE) was $112 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $171 Mil.
Total Current Liabilities was $5,311 Mil.
Long-Term Debt & Capital Lease Obligation was $301 Mil.
Net Income was 96.368 + 115.847 + 68.102 + 54.949 = $335 Mil.
Non Operating Income was 1.845 + 4.386 + 2.757 + -25.592 = $-17 Mil.
Cash Flow from Operations was -21.666 + -437.555 + -914.134 + -485.892 = $-1,859 Mil.
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Total Receivables was $1,054 Mil.
Revenue was 141.291 + 174.089 + 172.542 + 169.721 = $658 Mil.
Gross Profit was 83.948 + 120.946 + 116.122 + 44.323 = $365 Mil.
Total Current Assets was $5,234 Mil.
Total Assets was $5,368 Mil.
Property, Plant and Equipment(Net PPE) was $68 Mil.
Depreciation, Depletion and Amortization(DDA) was $4 Mil.
Selling, General, & Admin. Expense(SGA) was $71 Mil.
Total Current Liabilities was $4,110 Mil.
Long-Term Debt & Capital Lease Obligation was $61 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) |
| = | (2320.125 / 1460.857) | / | (1054.188 / 657.643) |
| = | 1.588194 | / | 1.602979 |
| | = | 0.9908 |
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) |
| = | (365.339 / 657.643) | / | (1086.637 / 1460.857) |
| = | 0.555528 | / | 0.743835 |
| | = | 0.7468 |
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 - (7149.511 + 112.279) / 7449.043) | / | (1 - (5233.994 + 67.916) / 5368.134) |
| = | 0.025138 | / | 0.012337 |
| | = | 2.0376 |
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 |
| = | 1460.857 | / | 657.643 |
| | = | 2.2214 |
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)) |
| = | (4.485 / (4.485 + 67.916)) | / | (12.725 / (12.725 + 112.279)) |
| = | 0.061947 | / | 0.101797 |
| | = | 0.6085 |
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) |
| = | (171.326 / 1460.857) | / | (71.115 / 657.643) |
| = | 0.117278 | / | 0.108136 |
| | = | 1.0845 |
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) |
| = | ((300.924 + 5310.73) / 7449.043) | / | ((61.367 + 4110.26) / 5368.134) |
| = | 0.753339 | / | 0.777109 |
| | = | 0.9694 |
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 |
| = | (335.266 - -16.604 | - | -1859.247) | / | 7449.043 |
| | = | 0.296832 |
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.
Freedom Holding has a M-score of 0.23 signals that the company is likely to be a manipulator.
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