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.
ICF International Beneish M-Score Chart
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ICF International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.93 |
-2.52 |
-2.64 |
-2.62 |
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ICF International Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.64 |
-2.68 |
-2.83 |
-2.62 |
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 * 0.8992 | + | 0.528 * 1.0197 | + | 0.404 * 1.0137 | + | 0.892 * 1.103 | + | 0.115 * 0.7788 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9407 | + | 4.679 * -0.036624 | - | 0.327 * 0.9172 |
| = | -2.62 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $410 Mil.
Revenue was 478.352 + 501.519 + 500.085 + 483.282 = $1,963 Mil.
Gross Profit was 174.807 + 178.015 + 174.681 + 170.717 = $698 Mil.
Total Current Assets was $447 Mil.
Total Assets was $2,012 Mil.
Property, Plant and Equipment(Net PPE) was $209 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $505 Mil.
Total Current Liabilities was $418 Mil.
Long-Term Debt & Capital Lease Obligation was $594 Mil.
Net Income was 22.162 + 23.74 + 20.312 + 16.398 = $83 Mil.
Non Operating Income was 2.407 + 2.736 + -0.677 + -0.558 = $4 Mil.
Cash Flow from Operations was 106.831 + 25.673 + 36.71 + -16.831 = $152 Mil.
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Total Receivables was $413 Mil.
Revenue was 475.609 + 467.777 + 423.11 + 413.468 = $1,780 Mil.
Gross Profit was 175.545 + 160.482 + 154.205 + 155.31 = $646 Mil.
Total Current Assets was $467 Mil.
Total Assets was $2,092 Mil.
Property, Plant and Equipment(Net PPE) was $234 Mil.
Depreciation, Depletion and Amortization(DDA) was $50 Mil.
Selling, General, & Admin. Expense(SGA) was $487 Mil.
Total Current Liabilities was $416 Mil.
Long-Term Debt & Capital Lease Obligation was $731 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) |
| = | (409.653 / 1963.238) | / | (413.041 / 1779.964) |
| = | 0.208662 | / | 0.23205 |
| | = | 0.8992 |
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) |
| = | (645.542 / 1779.964) | / | (698.22 / 1963.238) |
| = | 0.362671 | / | 0.355647 |
| | = | 1.0197 |
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 - (447.157 + 208.755) / 2011.772) | / | (1 - (466.718 + 234.468) / 2092.258) |
| = | 0.673963 | / | 0.664866 |
| | = | 1.0137 |
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 |
| = | 1963.238 | / | 1779.964 |
| | = | 1.103 |
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)) |
| = | (49.917 / (49.917 + 234.468)) | / | (60.738 / (60.738 + 208.755)) |
| = | 0.175526 | / | 0.225379 |
| | = | 0.7788 |
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) |
| = | (505.162 / 1963.238) | / | (486.863 / 1779.964) |
| = | 0.257311 | / | 0.273524 |
| | = | 0.9407 |
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) |
| = | ((593.741 + 418.226) / 2011.772) | / | ((731.451 + 415.992) / 2092.258) |
| = | 0.503023 | / | 0.548423 |
| | = | 0.9172 |
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 |
| = | (82.612 - 3.908 | - | 152.383) | / | 2011.772 |
| | = | -0.036624 |
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 -2.62 suggests that the company is unlikely to be a manipulator.
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