Dassault Systemes SE Beneish M-Score Historical Data
The historical data trend for Dassault Systemes SE'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.
Dassault Systemes SE Beneish M-Score Chart
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Dassault Systemes SE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.34 |
-2.83 |
-2.66 |
-2.45 |
-2.64 |
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Dassault Systemes SE 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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-2.57 |
-2.64 |
-2.41 |
-2.51 |
-2.62 |
Competitive Comparison of Dassault Systemes SE's Beneish M-Score
For the Software - Application subindustry, Dassault Systemes SE'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.
Dassault Systemes SE's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Dassault Systemes SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dassault Systemes SE's Beneish M-Score falls into.
Dassault Systemes SE 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 Dassault Systemes SE 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 * 1.0036 | + | 0.528 * 1.0018 | + | 0.404 * 0.9293 | + | 0.892 * 1.0358 | + | 0.115 * 1.0928 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9932 | + | 4.679 * -0.037216 | - | 0.327 * 0.944 |
| = | -2.62 |
* 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 €1,405 Mil.
Revenue was 1463.9 + 1495.9 + 1499.6 + 1643.4 = €6,103 Mil.
Gross Profit was 1211 + 1243 + 1255.9 + 1387.5 = €5,097 Mil.
Total Current Assets was €5,558 Mil.
Total Assets was €14,058 Mil.
Property, Plant and Equipment(Net PPE) was €946 Mil.
Depreciation, Depletion and Amortization(DDA) was €568 Mil.
Selling, General, & Admin. Expense(SGA) was €2,136 Mil.
Total Current Liabilities was €2,875 Mil.
Long-Term Debt & Capital Lease Obligation was €2,043 Mil.
Net Income was 239.7 + 262.7 + 285.7 + 330 = €1,118 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 217.6 + 459.3 + 670.9 + 293.5 = €1,641 Mil.
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Total Receivables was €1,352 Mil.
Revenue was 1424.7 + 1449.1 + 1434.2 + 1583.8 = €5,892 Mil.
Gross Profit was 1186.4 + 1210.2 + 1196.3 + 1336.9 = €4,930 Mil.
Total Current Assets was €5,241 Mil.
Total Assets was €14,456 Mil.
Property, Plant and Equipment(Net PPE) was €856 Mil.
Depreciation, Depletion and Amortization(DDA) was €595 Mil.
Selling, General, & Admin. Expense(SGA) was €2,076 Mil.
Total Current Liabilities was €3,317 Mil.
Long-Term Debt & Capital Lease Obligation was €2,040 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) |
| = | (1404.9 / 6102.8) | / | (1351.5 / 5891.8) |
| = | 0.230206 | / | 0.229387 |
| | = | 1.0036 |
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) |
| = | (4929.8 / 5891.8) | / | (5097.4 / 6102.8) |
| = | 0.836722 | / | 0.835256 |
| | = | 1.0018 |
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 - (5557.7 + 946.2) / 14058.4) | / | (1 - (5241 + 855.8) / 14455.7) |
| = | 0.537366 | / | 0.578242 |
| | = | 0.9293 |
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 |
| = | 6102.8 | / | 5891.8 |
| | = | 1.0358 |
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)) |
| = | (594.6 / (594.6 + 855.8)) | / | (568.1 / (568.1 + 946.2)) |
| = | 0.409956 | / | 0.375157 |
| | = | 1.0928 |
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) |
| = | (2136 / 6102.8) | / | (2076.3 / 5891.8) |
| = | 0.350003 | / | 0.352405 |
| | = | 0.9932 |
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) |
| = | ((2042.8 + 2875.4) / 14058.4) | / | ((2039.9 + 3317.2) / 14455.7) |
| = | 0.349841 | / | 0.370587 |
| | = | 0.944 |
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 |
| = | (1118.1 - 0 | - | 1641.3) | / | 14058.4 |
| | = | -0.037216 |
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.
Dassault Systemes SE has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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