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ICF International (ICF International) Beneish M-Score : -2.61 (As of Jun. 19, 2024)


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What is ICF International Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ICF International's Beneish M-Score or its related term are showing as below:

ICFI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93   Med: -2.61   Max: -2.04
Current: -2.61

During the past 13 years, the highest Beneish M-Score of ICF International was -2.04. The lowest was -2.93. And the median was -2.61.


ICF International Beneish M-Score Historical Data

The historical data trend for ICF 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.

* Premium members only.

ICF International Beneish M-Score Chart

ICF International Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.32 -2.93 -2.52 -2.64 -2.62

ICF International Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.64 -2.68 -2.83 -2.62 -2.61

Competitive Comparison of ICF International's Beneish M-Score

For the Consulting Services subindustry, ICF 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.


ICF International's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, ICF International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ICF International's Beneish M-Score falls into.



ICF 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 ICF 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 * 0.9707+0.528 * 0.9917+0.404 * 1.0032+0.892 * 1.0674+0.115 * 0.8412
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9699+4.679 * -0.035574-0.327 * 0.933
=-2.61

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was $433 Mil.
Revenue was 494.436 + 478.352 + 501.519 + 500.085 = $1,974 Mil.
Gross Profit was 183.903 + 174.807 + 178.015 + 174.681 = $711 Mil.
Total Current Assets was $466 Mil.
Total Assets was $2,018 Mil.
Property, Plant and Equipment(Net PPE) was $203 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General, & Admin. Expense(SGA) was $511 Mil.
Total Current Liabilities was $393 Mil.
Long-Term Debt & Capital Lease Obligation was $633 Mil.
Net Income was 27.317 + 22.162 + 23.74 + 20.312 = $94 Mil.
Non Operating Income was 1.63 + 2.407 + 2.736 + -0.677 = $6 Mil.
Cash Flow from Operations was -10.001 + 106.831 + 25.673 + 36.71 = $159 Mil.
Total Receivables was $418 Mil.
Revenue was 483.282 + 475.609 + 467.777 + 423.11 = $1,850 Mil.
Gross Profit was 170.717 + 175.545 + 160.482 + 154.205 = $661 Mil.
Total Current Assets was $455 Mil.
Total Assets was $2,072 Mil.
Property, Plant and Equipment(Net PPE) was $236 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $493 Mil.
Total Current Liabilities was $352 Mil.
Long-Term Debt & Capital Lease Obligation was $777 Mil.




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)
=(432.658 / 1974.392) / (417.579 / 1849.778)
=0.219135 / 0.225745
=0.9707

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)
=(660.949 / 1849.778) / (711.406 / 1974.392)
=0.357313 / 0.360316
=0.9917

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 - (465.658 + 202.652) / 2017.694) / (1 - (454.856 + 235.956) / 2072.43)
=0.668775 / 0.666666
=1.0032

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
=1974.392 / 1849.778
=1.0674

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))
=(55.296 / (55.296 + 235.956)) / (59.07 / (59.07 + 202.652))
=0.189856 / 0.225697
=0.8412

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)
=(510.523 / 1974.392) / (493.144 / 1849.778)
=0.258572 / 0.266596
=0.9699

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)
=((632.55 + 392.667) / 2017.694) / ((776.818 + 351.775) / 2072.43)
=0.508113 / 0.544575
=0.933

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
=(93.531 - 6.096 - 159.213) / 2017.694
=-0.035574

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.

ICF International has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.


ICF International Beneish M-Score Related Terms

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ICF International (ICF International) Business Description

Traded in Other Exchanges
Address
1902 Reston Metro Plaza, Reston, VA, USA, 20190
ICF International Inc provides professional services and technology-based solutions to government and commercial clients, including management, marketing, technology, and policy consulting and implementation services. Its services primarily support clients that operate in four key markets that include Energy, Environment, and Infrastructure, Health, Education, and Social Programs, Safety and Security and Consumer and Financial. The Company's major clients are United States federal government departments and agencies.
Executives
John Wasson officer: EVP & COO ICF INTERNATIONAL, INC., 1902 RESTON METRO PLAZA, RESTON VA 20190
Srikant Datar director ICF INTERNATIONAL, INC., 9300 LEE HIGHWAY, FAIRFAX VA 22031
Lee Rodney Mark Jr. officer: Executive Vice President 1902 RESTON METRO PLAZA, RESTON VA 20190
Van Handel Michael J director MANPOWERGROUP INC., 100 MANPOWER PLACE, MILWAUKEE WI 53212
Morgan James C M officer: Chief Financial Officer 1902 RESTON METRO PLAZA, RESTON VA 20190
Ranjit S Chadha officer: VP & Principal Accounting Off. C/O DENTSPLY SIRONA INC, 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277
Anne F Choate officer: Executive Vice President 1902 RESTON METRO PLAZA, RESTON VA 20190
Barry M Broadus officer: Chief Financial Officer 1902 RESTON METRO PLAZA, RESTON VA 20190
Michelle A Williams director 1902 RESTON METRO PLAZA, RESTON VA 20190
Scott B Salmirs director 551 FIFTH AVE, SUITE 300, NEW YORK NY 10176
Sergio J Ostria officer: Executive Vice President 9300 LEE HIGHWAY, FAIRFAX VA 22031
Sudhakar Kesavan director, officer: Chairman, President and CEO ICF INTERNATIONAL, INC., 9300 LEE HIGHWAY, FAIRFAX VA 22031
Donald J Terreri officer: VP & Principal Acct. Officer 9300 LEE HIGHWAY, FAIRFAX VA 22031
Marilyn C Crouther director 1902 RESTON METRO PLAZA, RESTON VA 20190
Peter M Schulte director, 10 percent owner 900 THIRD AVENUE 33RD FLOOR, NEW YORK NY 10022-4775