Cisco Systems Beneish M-Score Historical Data
The historical data trend for Cisco Systems'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.
Cisco Systems Beneish M-Score Chart
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Cisco Systems Annual Data
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| Beneish M-Score |
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-2.60 |
-2.65 |
-2.52 |
-2.90 |
-2.43 |
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Cisco Systems Quarterly Data
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| Beneish M-Score |
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-2.74 |
-2.56 |
-2.54 |
-2.43 |
-2.72 |
Competitive Comparison of Cisco Systems's Beneish M-Score
For the Communication Equipment subindustry, Cisco Systems'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.
Cisco Systems's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Cisco Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cisco Systems's Beneish M-Score falls into.
Cisco Systems 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 Cisco Systems 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 * 1.0027 | + | 0.528 * 0.9811 | + | 0.404 * 1.1989 | + | 0.892 * 0.9103 | + | 0.115 * 0.7907 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1796 | + | 4.679 * -0.010306 | - | 0.327 * 1.4301 |
| = | -2.73 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was HK$58,902 Mil.
Revenue was 107554.259 + 106537.199 + 99463.011 + 99979.572 = HK$413,534 Mil.
Gross Profit was 70876.555 + 68575.219 + 64781.727 + 64227.359 = HK$268,461 Mil.
Total Current Assets was HK$277,818 Mil.
Total Assets was HK$958,384 Mil.
Property, Plant and Equipment(Net PPE) was HK$16,179 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$22,599 Mil.
Selling, General, & Admin. Expense(SGA) was HK$105,740 Mil.
Total Current Liabilities was HK$315,040 Mil.
Long-Term Debt & Capital Lease Obligation was HK$152,484 Mil.
Net Income was 21066.368 + 16884.139 + 14768.323 + 20588.398 = HK$73,307 Mil.
Non Operating Income was -4848.917 + -1452.567 + -4322.436 + -1180.276 = HK$-11,804 Mil.
Cash Flow from Operations was 28448.533 + 29129.435 + 31094.916 + 6315.651 = HK$94,989 Mil.
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Total Receivables was HK$64,529 Mil.
Revenue was 114771.233 + 118820.567 + 114376.522 + 106294.877 = HK$454,263 Mil.
Gross Profit was 74779.702 + 76186.469 + 72467.507 + 65902.511 = HK$289,336 Mil.
Total Current Assets was HK$310,316 Mil.
Total Assets was HK$772,930 Mil.
Property, Plant and Equipment(Net PPE) was HK$15,680 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$13,401 Mil.
Selling, General, & Admin. Expense(SGA) was HK$98,471 Mil.
Total Current Liabilities was HK$211,538 Mil.
Long-Term Debt & Capital Lease Obligation was HK$52,112 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) |
| = | (58901.906 / 413534.041) | / | (64529.476 / 454263.199) |
| = | 0.142435 | / | 0.142053 |
| | = | 1.0027 |
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) |
| = | (289336.189 / 454263.199) | / | (268460.86 / 413534.041) |
| = | 0.636935 | / | 0.649187 |
| | = | 0.9811 |
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 - (277818.066 + 16178.597) / 958383.743) | / | (1 - (310315.811 + 15680.498) / 772929.637) |
| = | 0.693237 | / | 0.578233 |
| | = | 1.1989 |
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 |
| = | 413534.041 | / | 454263.199 |
| | = | 0.9103 |
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)) |
| = | (13401.353 / (13401.353 + 15680.498)) | / | (22598.882 / (22598.882 + 16178.597)) |
| = | 0.460815 | / | 0.582784 |
| | = | 0.7907 |
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) |
| = | (105740.449 / 413534.041) | / | (98470.764 / 454263.199) |
| = | 0.2557 | / | 0.21677 |
| | = | 1.1796 |
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) |
| = | ((152484.446 + 315039.719) / 958383.743) | / | ((52111.836 + 211538.061) / 772929.637) |
| = | 0.487826 | / | 0.341105 |
| | = | 1.4301 |
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 |
| = | (73307.228 - -11804.196 | - | 94988.535) | / | 958383.743 |
| | = | -0.010306 |
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.
Cisco Systems has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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