Kelly Services Beneish M-Score Historical Data
The historical data trend for Kelly Services'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.
Kelly Services Beneish M-Score Chart
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Kelly Services Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.54 |
-2.75 |
-2.44 |
-2.36 |
-2.71 |
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Kelly Services Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.58 |
-2.71 |
-2.60 |
-2.50 |
-2.42 |
Competitive Comparison of Kelly Services's Beneish M-Score
For the Staffing & Employment Services subindustry, Kelly Services'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.
Kelly Services's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Kelly Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kelly Services's Beneish M-Score falls into.
Kelly Services 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 Kelly Services 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 * 0.995 | + | 0.528 * 1.0007 | + | 0.404 * 1.3625 | + | 0.892 * 0.904 | + | 0.115 * 0.98 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.979 | + | 4.679 * -0.000223 | - | 0.327 * 0.9873 |
| = | -2.42 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $1,249 Mil.
Revenue was 1038.1 + 1057.5 + 1045.1 + 1232.2 = $4,373 Mil.
Gross Profit was 221.7 + 213.7 + 205.7 + 238.2 = $879 Mil.
Total Current Assets was $1,358 Mil.
Total Assets was $2,689 Mil.
Property, Plant and Equipment(Net PPE) was $82 Mil.
Depreciation, Depletion and Amortization(DDA) was $49 Mil.
Selling, General, & Admin. Expense(SGA) was $832 Mil.
Total Current Liabilities was $841 Mil.
Long-Term Debt & Capital Lease Obligation was $280 Mil.
Net Income was 0.8 + 4.6 + 25.8 + 11.4 = $43 Mil.
Non Operating Income was -4.3 + -16.5 + 12.3 + -3.5 = $-12 Mil.
Cash Flow from Operations was -20.3 + 57.7 + -25.5 + 43.3 = $55 Mil.
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Total Receivables was $1,388 Mil.
Revenue was 1118 + 1217.2 + 1268.3 + 1233.8 = $4,837 Mil.
Gross Profit was 228.5 + 240.6 + 254.1 + 250.2 = $973 Mil.
Total Current Assets was $1,592 Mil.
Total Assets was $2,550 Mil.
Property, Plant and Equipment(Net PPE) was $89 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $940 Mil.
Total Current Liabilities was $1,025 Mil.
Long-Term Debt & Capital Lease Obligation was $52 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) |
| = | (1248.6 / 4372.9) | / | (1388.2 / 4837.3) |
| = | 0.285531 | / | 0.286978 |
| | = | 0.995 |
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) |
| = | (973.4 / 4837.3) | / | (879.3 / 4372.9) |
| = | 0.201228 | / | 0.201079 |
| | = | 1.0007 |
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 - (1357.5 + 81.7) / 2688.9) | / | (1 - (1591.5 + 88.7) / 2550) |
| = | 0.464763 | / | 0.341098 |
| | = | 1.3625 |
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 |
| = | 4372.9 | / | 4837.3 |
| | = | 0.904 |
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)) |
| = | (51 / (51 + 88.7)) | / | (48.5 / (48.5 + 81.7)) |
| = | 0.365068 | / | 0.372504 |
| | = | 0.98 |
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) |
| = | (831.9 / 4372.9) | / | (940 / 4837.3) |
| = | 0.19024 | / | 0.194323 |
| | = | 0.979 |
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) |
| = | ((280 + 841) / 2688.9) | / | ((51.5 + 1025.3) / 2550) |
| = | 0.416899 | / | 0.422275 |
| | = | 0.9873 |
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 |
| = | (42.6 - -12 | - | 55.2) | / | 2688.9 |
| | = | -0.000223 |
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.
Kelly Services has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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