Harte-Hanks Beneish M-Score Historical Data
The historical data trend for Harte-Hanks'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.
Harte-Hanks Beneish M-Score Chart
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Harte-Hanks Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.92 |
-1.67 |
-1.45 |
0.62 |
-2.76 |
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Harte-Hanks Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Mar24 |
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Sep24 |
| Beneish M-Score |
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2.65 |
-2.76 |
-2.35 |
-1.91 |
-1.59 |
Competitive Comparison of Harte-Hanks's Beneish M-Score
For the Conglomerates subindustry, Harte-Hanks'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.
Harte-Hanks's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Harte-Hanks's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Harte-Hanks's Beneish M-Score falls into.
Harte-Hanks 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 Harte-Hanks 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 * 1.0254 | + | 0.528 * 0.9884 | + | 0.404 * 1.0023 | + | 0.892 * 0.9534 | + | 0.115 * 1.1362 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0044 | + | 4.679 * 0.202447 | - | 0.327 * 1.1453 |
| = | -1.59 |
* 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.
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) |
| = | (44.293 / 187.604) | / | (45.307 / 196.779) |
| = | 0.236098 | / | 0.230243 |
| | = | 1.0254 |
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) |
| = | (134.091 / 196.779) | / | (129.344 / 187.604) |
| = | 0.681429 | / | 0.689452 |
| | = | 0.9884 |
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 - (53.823 + 32.236) / 108.127) | / | (1 - (62.195 + 26.052) / 110.812) |
| = | 0.204093 | / | 0.203633 |
| | = | 1.0023 |
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 |
| = | 187.604 | / | 196.779 |
| | = | 0.9534 |
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)) |
| = | (4.015 / (4.015 + 26.052)) | / | (4.293 / (4.293 + 32.236)) |
| = | 0.133535 | / | 0.117523 |
| | = | 1.1362 |
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) |
| = | (115.88 / 187.604) | / | (121.01 / 196.779) |
| = | 0.617684 | / | 0.614954 |
| | = | 1.0044 |
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) |
| = | ((21.469 + 36.943) / 108.127) | / | ((13.553 + 38.715) / 110.812) |
| = | 0.540217 | / | 0.471682 |
| | = | 1.1453 |
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 |
| = | (-29.84 - -49.065 | - | -2.665) | / | 108.127 |
| | = | 0.202447 |
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.
Harte-Hanks has a M-score of -1.59 signals that the company is likely to be a manipulator.
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