Korn Ferry Beneish M-Score Historical Data
The historical data trend for Korn Ferry'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.
Korn Ferry Beneish M-Score Chart
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Korn Ferry Annual Data
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| Beneish M-Score |
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-2.61 |
-2.61 |
-2.42 |
-2.50 |
-2.63 |
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Korn Ferry Quarterly Data
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Oct24 |
| Beneish M-Score |
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-2.65 |
-2.57 |
-2.63 |
-2.66 |
-2.65 |
Competitive Comparison of Korn Ferry's Beneish M-Score
For the Staffing & Employment Services subindustry, Korn Ferry'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.
Korn Ferry's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Korn Ferry's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Korn Ferry's Beneish M-Score falls into.
Korn Ferry 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 Korn Ferry 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 * 1.0002 | + | 0.528 * 0.9988 | + | 0.404 * 0.9934 | + | 0.892 * 0.9641 | + | 0.115 * 1.0384 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9783 | + | 4.679 * -0.033645 | - | 0.327 * 0.9504 |
| = | -2.65 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was $635 Mil.
Revenue was 681.96 + 682.761 + 699.923 + 676.873 = $2,742 Mil.
Gross Profit was 609.708 + 607.402 + 622.301 + 592.865 = $2,432 Mil.
Total Current Assets was $1,482 Mil.
Total Assets was $3,527 Mil.
Property, Plant and Equipment(Net PPE) was $323 Mil.
Depreciation, Depletion and Amortization(DDA) was $79 Mil.
Selling, General, & Admin. Expense(SGA) was $2,052 Mil.
Total Current Liabilities was $718 Mil.
Long-Term Debt & Capital Lease Obligation was $540 Mil.
Net Income was 60.8 + 62.604 + 65.189 + 59.071 = $248 Mil.
Non Operating Income was 4.815 + 14.505 + 7.122 + 19.205 = $46 Mil.
Cash Flow from Operations was 121.998 + -227.185 + 261.856 + 164.001 = $321 Mil.
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Total Receivables was $658 Mil.
Revenue was 712.447 + 706.262 + 738.124 + 686.845 = $2,844 Mil.
Gross Profit was 625.491 + 621.999 + 649.527 + 622.879 = $2,520 Mil.
Total Current Assets was $1,422 Mil.
Total Assets was $3,361 Mil.
Property, Plant and Equipment(Net PPE) was $288 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $2,175 Mil.
Total Current Liabilities was $764 Mil.
Long-Term Debt & Capital Lease Obligation was $497 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) |
| = | (634.729 / 2741.517) | / | (658.281 / 2843.678) |
| = | 0.231525 | / | 0.231489 |
| | = | 1.0002 |
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) |
| = | (2519.896 / 2843.678) | / | (2432.276 / 2741.517) |
| = | 0.88614 | / | 0.887201 |
| | = | 0.9988 |
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 - (1482.447 + 323.246) / 3526.653) | / | (1 - (1421.54 + 288.436) / 3360.961) |
| = | 0.487987 | / | 0.491224 |
| | = | 0.9934 |
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 |
| = | 2741.517 | / | 2843.678 |
| | = | 0.9641 |
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)) |
| = | (73.579 / (73.579 + 288.436)) | / | (78.666 / (78.666 + 323.246)) |
| = | 0.203248 | / | 0.195729 |
| | = | 1.0384 |
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) |
| = | (2051.551 / 2741.517) | / | (2175.12 / 2843.678) |
| = | 0.748327 | / | 0.764897 |
| | = | 0.9783 |
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) |
| = | ((539.751 + 717.783) / 3526.653) | / | ((496.886 + 764.119) / 3360.961) |
| = | 0.35658 | / | 0.375192 |
| | = | 0.9504 |
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 |
| = | (247.664 - 45.647 | - | 320.67) | / | 3526.653 |
| | = | -0.033645 |
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.
Korn Ferry has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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