Kforce Beneish M-Score Historical Data
The historical data trend for Kforce'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.
Kforce Beneish M-Score Chart
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Kforce Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.58 |
-2.94 |
-2.31 |
-2.40 |
-2.92 |
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Kforce 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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-2.72 |
-2.92 |
-2.86 |
-2.90 |
-2.85 |
Competitive Comparison of Kforce's Beneish M-Score
For the Staffing & Employment Services subindustry, Kforce'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.
Kforce's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Kforce's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kforce's Beneish M-Score falls into.
Kforce 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 Kforce 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 * 1.029 | + | 0.528 * 1.0233 | + | 0.404 * 1.2283 | + | 0.892 * 0.8974 | + | 0.115 * 0.8429 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9809 | + | 4.679 * -0.082474 | - | 0.327 * 1.0149 |
| = | -2.85 |
* 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 $229 Mil.
Revenue was 353.319 + 356.318 + 351.889 + 363.447 = $1,425 Mil.
Gross Profit was 98.567 + 98.973 + 95.25 + 99.363 = $392 Mil.
Total Current Assets was $240 Mil.
Total Assets was $370 Mil.
Property, Plant and Equipment(Net PPE) was $22 Mil.
Depreciation, Depletion and Amortization(DDA) was $6 Mil.
Selling, General, & Admin. Expense(SGA) was $311 Mil.
Total Current Liabilities was $117 Mil.
Long-Term Debt & Capital Lease Obligation was $39 Mil.
Net Income was 14.209 + 14.157 + 10.987 + 15.716 = $55 Mil.
Non Operating Income was -0.429 + -0.504 + -0.656 + -0.332 = $-2 Mil.
Cash Flow from Operations was 30.979 + 20.936 + 13.169 + 22.409 = $87 Mil.
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Total Receivables was $248 Mil.
Revenue was 373.122 + 389.19 + 405.997 + 419.662 = $1,588 Mil.
Gross Profit was 103.461 + 110.266 + 113.976 + 119.479 = $447 Mil.
Total Current Assets was $258 Mil.
Total Assets was $370 Mil.
Property, Plant and Equipment(Net PPE) was $24 Mil.
Depreciation, Depletion and Amortization(DDA) was $5 Mil.
Selling, General, & Admin. Expense(SGA) was $353 Mil.
Total Current Liabilities was $119 Mil.
Long-Term Debt & Capital Lease Obligation was $34 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) |
| = | (229.259 / 1424.973) | / | (248.291 / 1587.971) |
| = | 0.160887 | / | 0.156357 |
| | = | 1.029 |
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) |
| = | (447.182 / 1587.971) | / | (392.153 / 1424.973) |
| = | 0.281606 | / | 0.2752 |
| | = | 1.0233 |
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 - (239.939 + 22.498) / 369.85) | / | (1 - (257.911 + 24.426) / 369.762) |
| = | 0.290423 | / | 0.236436 |
| | = | 1.2283 |
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 |
| = | 1424.973 | / | 1587.971 |
| | = | 0.8974 |
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)) |
| = | (4.989 / (4.989 + 24.426)) | / | (5.667 / (5.667 + 22.498)) |
| = | 0.169607 | / | 0.201207 |
| | = | 0.8429 |
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) |
| = | (310.591 / 1424.973) | / | (352.871 / 1587.971) |
| = | 0.217963 | / | 0.222215 |
| | = | 0.9809 |
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) |
| = | ((39.026 + 116.523) / 369.85) | / | ((33.96 + 119.272) / 369.762) |
| = | 0.420573 | / | 0.414407 |
| | = | 1.0149 |
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 |
| = | (55.069 - -1.921 | - | 87.493) | / | 369.85 |
| | = | -0.082474 |
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.
Kforce has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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