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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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
| Beneish M-Score |
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-2.79 |
-2.87 |
-2.73 |
-2.64 |
-2.73 |
HSII vs MAN, NSP, BBSI: Beneish M-Score Comparison
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 Beneish M-Score vs 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 * 0.9728 | + | 0.528 * 1.1122 | + | 0.404 * 0.8507 | + | 0.892 * 1.1153 | + | 0.115 * 0.9136 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.861 | + | 4.679 * -0.061568 | - | 0.327 * 1.1745 |
| = | -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 (Sep25) TTM: | Last Year (Sep24) TTM: |
Total Receivables was $258 Mil.
Revenue was 327.896 + 321.908 + 287.442 + 280.886 = $1,218 Mil.
Gross Profit was 72.416 + 78.111 + 67.908 + 69.796 = $288 Mil.
Total Current Assets was $824 Mil.
Total Assets was $1,264 Mil.
Property, Plant and Equipment(Net PPE) was $135 Mil.
Depreciation, Depletion and Amortization(DDA) was $20 Mil.
Selling, General, & Admin. Expense(SGA) was $165 Mil.
Total Current Liabilities was $539 Mil.
Long-Term Debt & Capital Lease Obligation was $83 Mil.
Net Income was 17.646 + 21.073 + 13.306 + -14.976 = $37 Mil.
Non Operating Income was 3.884 + 3.276 + -2.566 + -37.565 = $-33 Mil.
Cash Flow from Operations was 134.679 + 68.61 + -232.224 + 176.793 = $148 Mil.
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Total Receivables was $238 Mil.
Revenue was 282.815 + 282.877 + 269.098 + 257.39 = $1,092 Mil.
Gross Profit was 68.76 + 75.289 + 67.253 + 76.133 = $287 Mil.
Total Current Assets was $683 Mil.
Total Assets was $1,146 Mil.
Property, Plant and Equipment(Net PPE) was $137 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $172 Mil.
Total Current Liabilities was $395 Mil.
Long-Term Debt & Capital Lease Obligation was $85 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) |
| = | (258.37 / 1218.132) | / | (238.138 / 1092.18) |
| = | 0.212103 | / | 0.218039 |
| | = | 0.9728 |
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) |
| = | (287.435 / 1092.18) | / | (288.231 / 1218.132) |
| = | 0.263175 | / | 0.236617 |
| | = | 1.1122 |
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 - (823.636 + 134.702) / 1264.262) | / | (1 - (683.084 + 136.77) / 1145.78) |
| = | 0.241978 | / | 0.284458 |
| | = | 0.8507 |
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 |
| = | 1218.132 | / | 1092.18 |
| | = | 1.1153 |
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)) |
| = | (18.726 / (18.726 + 136.77)) | / | (20.452 / (20.452 + 134.702)) |
| = | 0.120428 | / | 0.131817 |
| | = | 0.9136 |
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) |
| = | (164.825 / 1218.132) | / | (171.645 / 1092.18) |
| = | 0.13531 | / | 0.157158 |
| | = | 0.861 |
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) |
| = | ((83.1 + 538.975) / 1264.262) | / | ((84.623 + 395.391) / 1145.78) |
| = | 0.492046 | / | 0.418941 |
| | = | 1.1745 |
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 |
| = | (37.049 - -32.971 | - | 147.858) | / | 1264.262 |
| | = | -0.061568 |
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 -2.73 suggests that the company is unlikely to be a manipulator.
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