Heidrick & Struggles International Beneish M-Score Historical Data
The historical data trend for Heidrick & Struggles International'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.
Heidrick & Struggles International Beneish M-Score Chart
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Heidrick & Struggles International Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.55 |
-2.71 |
-2.80 |
-1.97 |
-2.87 |
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Heidrick & Struggles International Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.97 |
-2.76 |
-2.88 |
-2.73 |
-2.87 |
Competitive Comparison of Heidrick & Struggles International's Beneish M-Score
For the Staffing & Employment Services subindustry, Heidrick & Struggles International'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.
Heidrick & Struggles International's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Heidrick & Struggles International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Heidrick & Struggles International's Beneish M-Score falls into.
Heidrick & Struggles International 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 Heidrick & Struggles International 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 * 0.9154 | + | 0.528 * 1.0525 | + | 0.404 * 0.8372 | + | 0.892 * 1.0715 | + | 0.115 * 1.0776 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9959 | + | 4.679 * -0.070331 | - | 0.327 * 1.0471 |
| = | -2.87 |
* 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 $141 Mil.
Revenue was 280.886 + 282.815 + 282.877 + 269.098 = $1,116 Mil.
Gross Profit was 69.796 + 68.76 + 75.289 + 67.253 = $281 Mil.
Total Current Assets was $773 Mil.
Total Assets was $1,194 Mil.
Property, Plant and Equipment(Net PPE) was $135 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $167 Mil.
Total Current Liabilities was $483 Mil.
Long-Term Debt & Capital Lease Obligation was $83 Mil.
Net Income was -14.976 + 14.829 + -5.157 + 14.032 = $9 Mil.
Non Operating Income was -37.565 + -0.555 + -22.166 + 2.571 = $-58 Mil.
Cash Flow from Operations was 190.188 + 101.145 + 62.522 + -203.424 = $150 Mil.
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Total Receivables was $144 Mil.
Revenue was 257.39 + 267.896 + 273.777 + 242.119 = $1,041 Mil.
Gross Profit was 76.133 + 69.997 + 69.555 + 60.428 = $276 Mil.
Total Current Assets was $693 Mil.
Total Assets was $1,142 Mil.
Property, Plant and Equipment(Net PPE) was $122 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $439 Mil.
Long-Term Debt & Capital Lease Obligation was $78 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) |
| = | (140.801 / 1115.676) | / | (143.538 / 1041.182) |
| = | 0.126202 | / | 0.137861 |
| | = | 0.9154 |
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) |
| = | (276.113 / 1041.182) | / | (281.098 / 1115.676) |
| = | 0.265192 | / | 0.251953 |
| | = | 1.0525 |
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 - (772.977 + 135.203) / 1194.188) | / | (1 - (693.214 + 121.815) / 1141.591) |
| = | 0.2395 | / | 0.286059 |
| | = | 0.8372 |
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 |
| = | 1115.676 | / | 1041.182 |
| | = | 1.0715 |
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)) |
| = | (18.508 / (18.508 + 121.815)) | / | (18.857 / (18.857 + 135.203)) |
| = | 0.131896 | / | 0.1224 |
| | = | 1.0776 |
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) |
| = | (166.995 / 1115.676) | / | (156.494 / 1041.182) |
| = | 0.149681 | / | 0.150304 |
| | = | 0.9959 |
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) |
| = | ((83.152 + 483.013) / 1194.188) | / | ((78.204 + 438.691) / 1141.591) |
| = | 0.4741 | / | 0.452785 |
| | = | 1.0471 |
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 |
| = | (8.728 - -57.715 | - | 150.431) | / | 1194.188 |
| | = | -0.070331 |
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.
Heidrick & Struggles International has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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