Jabil Beneish M-Score Historical Data
The historical data trend for Jabil'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.
Jabil Beneish M-Score Chart
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Jabil Annual Data
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Aug14 |
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Aug19 |
Aug20 |
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Aug23 |
| Beneish M-Score |
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-1.83 |
-2.73 |
-2.73 |
-2.43 |
-2.84 |
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Jabil Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
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Feb21 |
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Feb23 |
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Nov23 |
Feb24 |
| Beneish M-Score |
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-2.61 |
-2.61 |
-2.84 |
-2.97 |
-3.03 |
Competitive Comparison of Jabil's Beneish M-Score
For the Electronic Components subindustry, Jabil'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.
Jabil's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Jabil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jabil's Beneish M-Score falls into.
Jabil 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 Jabil 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 * 0.8359 | + | 0.528 * 0.8765 | + | 0.404 * 1.0294 | + | 0.892 * 0.9135 | + | 0.115 * 0.9374 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1453 | + | 4.679 * -0.052853 | - | 0.327 * 0.9725 |
| = | -3.03 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $3,734 Mil.
Revenue was 6767 + 8387 + 8458 + 8475 = $32,087 Mil.
Gross Profit was 630 + 775 + 766 + 697 = $2,868 Mil.
Total Current Assets was $12,470 Mil.
Total Assets was $17,123 Mil.
Property, Plant and Equipment(Net PPE) was $3,408 Mil.
Depreciation, Depletion and Amortization(DDA) was $766 Mil.
Selling, General, & Admin. Expense(SGA) was $1,224 Mil.
Total Current Liabilities was $10,691 Mil.
Long-Term Debt & Capital Lease Obligation was $3,150 Mil.
Net Income was 927 + 194 + 155 + 233 = $1,509 Mil.
Non Operating Income was 806 + -163 + -31 + -18 = $594 Mil.
Cash Flow from Operations was 218 + 448 + 686 + 468 = $1,820 Mil.
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Total Receivables was $4,890 Mil.
Revenue was 8134 + 9635 + 9030 + 8328 = $35,127 Mil.
Gross Profit was 661 + 743 + 729 + 619 = $2,752 Mil.
Total Current Assets was $13,781 Mil.
Total Assets was $19,567 Mil.
Property, Plant and Equipment(Net PPE) was $4,404 Mil.
Depreciation, Depletion and Amortization(DDA) was $915 Mil.
Selling, General, & Admin. Expense(SGA) was $1,170 Mil.
Total Current Liabilities was $13,282 Mil.
Long-Term Debt & Capital Lease Obligation was $2,982 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) |
| = | (3734 / 32087) | / | (4890 / 35127) |
| = | 0.116371 | / | 0.139209 |
| | = | 0.8359 |
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) |
| = | (2752 / 35127) | / | (2868 / 32087) |
| = | 0.078344 | / | 0.089382 |
| | = | 0.8765 |
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 - (12470 + 3408) / 17123) | / | (1 - (13781 + 4404) / 19567) |
| = | 0.072709 | / | 0.070629 |
| | = | 1.0294 |
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 |
| = | 32087 | / | 35127 |
| | = | 0.9135 |
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)) |
| = | (915 / (915 + 4404)) | / | (766 / (766 + 3408)) |
| = | 0.172025 | / | 0.183517 |
| | = | 0.9374 |
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) |
| = | (1224 / 32087) | / | (1170 / 35127) |
| = | 0.038146 | / | 0.033308 |
| | = | 1.1453 |
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) |
| = | ((3150 + 10691) / 17123) | / | ((2982 + 13282) / 19567) |
| = | 0.808328 | / | 0.831195 |
| | = | 0.9725 |
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 |
| = | (1509 - 594 | - | 1820) | / | 17123 |
| | = | -0.052853 |
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.
Jabil has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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