Virtu Financial Beneish M-Score Historical Data
The historical data trend for Virtu Financial'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.
Virtu Financial Beneish M-Score Chart
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Virtu Financial Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.02 |
-3.09 |
-2.61 |
-2.87 |
-2.17 |
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Virtu Financial Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.87 |
-2.47 |
-2.90 |
-2.80 |
-2.17 |
Competitive Comparison of Virtu Financial's Beneish M-Score
For the Capital Markets subindustry, Virtu Financial'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.
Virtu Financial's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Virtu Financial's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Virtu Financial's Beneish M-Score falls into.
Virtu Financial 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 Virtu Financial 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 * 1.1813 | + | 0.528 * 0.9871 | + | 0.404 * 0.9787 | + | 0.892 * 1.2545 | + | 0.115 * 0.9163 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8168 | + | 4.679 * -0.019922 | - | 0.327 * 1.0015 |
| = | -2.17 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $1,251 Mil.
Revenue was 834.285 + 706.84 + 692.985 + 642.839 = $2,877 Mil.
Gross Profit was 506.552 + 422.449 + 436.482 + 402.217 = $1,768 Mil.
Total Current Assets was $2,169 Mil.
Total Assets was $15,362 Mil.
Property, Plant and Equipment(Net PPE) was $266 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $236 Mil.
Total Current Liabilities was $1,759 Mil.
Long-Term Debt & Capital Lease Obligation was $5,674 Mil.
Net Income was 94.06 + 59.952 + 66.586 + 55.817 = $276 Mil.
Non Operating Income was -16.223 + -0.086 + -0.076 + -0.152 = $-17 Mil.
Cash Flow from Operations was 391.482 + 112.101 + 490.822 + -395.414 = $599 Mil.
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Total Receivables was $844 Mil.
Revenue was 535.977 + 630.164 + 506.854 + 620.38 = $2,293 Mil.
Gross Profit was 321.032 + 409.698 + 288.826 + 371.42 = $1,391 Mil.
Total Current Assets was $1,699 Mil.
Total Assets was $14,466 Mil.
Property, Plant and Equipment(Net PPE) was $330 Mil.
Depreciation, Depletion and Amortization(DDA) was $127 Mil.
Selling, General, & Admin. Expense(SGA) was $231 Mil.
Total Current Liabilities was $1,859 Mil.
Long-Term Debt & Capital Lease Obligation was $5,131 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) |
| = | (1250.654 / 2876.949) | / | (843.969 / 2293.375) |
| = | 0.434715 | / | 0.368003 |
| | = | 1.1813 |
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) |
| = | (1390.976 / 2293.375) | / | (1767.7 / 2876.949) |
| = | 0.606519 | / | 0.614436 |
| | = | 0.9871 |
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 - (2169.26 + 266.461) / 15361.743) | / | (1 - (1699.429 + 329.864) / 14466.384) |
| = | 0.841442 | / | 0.859724 |
| | = | 0.9787 |
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 |
| = | 2876.949 | / | 2293.375 |
| | = | 1.2545 |
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)) |
| = | (127.266 / (127.266 + 329.864)) | / | (116.287 / (116.287 + 266.461)) |
| = | 0.278402 | / | 0.303821 |
| | = | 0.9163 |
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) |
| = | (236.446 / 2876.949) | / | (230.76 / 2293.375) |
| = | 0.082186 | / | 0.10062 |
| | = | 0.8168 |
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) |
| = | ((5673.958 + 1759.437) / 15361.743) | / | ((5130.962 + 1858.714) / 14466.384) |
| = | 0.48389 | / | 0.483167 |
| | = | 1.0015 |
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 |
| = | (276.415 - -16.537 | - | 598.991) | / | 15361.743 |
| | = | -0.019922 |
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.
Virtu Financial has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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