S&P Global Beneish M-Score Historical Data
The historical data trend for S&P Global'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.
S&P Global Beneish M-Score Chart
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S&P Global Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.89 |
-2.69 |
-1.51 |
-2.44 |
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S&P Global 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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-2.44 |
-2.44 |
-2.41 |
-2.55 |
-2.59 |
Competitive Comparison of S&P Global's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, S&P Global'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.
S&P Global's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, S&P Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where S&P Global's Beneish M-Score falls into.
S&P Global 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 S&P Global 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 * 0.923 | + | 0.528 * 0.9677 | + | 0.404 * 0.9925 | + | 0.892 * 1.1209 | + | 0.115 * 0.9869 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8998 | + | 4.679 * -0.029386 | - | 0.327 * 1.018 |
| = | -2.59 |
* 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 $2,635 Mil.
Revenue was 3575 + 3549 + 3491 + 3152 = $13,767 Mil.
Gross Profit was 2503 + 2464 + 2371 + 2120 = $9,458 Mil.
Total Current Assets was $5,202 Mil.
Total Assets was $60,368 Mil.
Property, Plant and Equipment(Net PPE) was $642 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,163 Mil.
Selling, General, & Admin. Expense(SGA) was $3,189 Mil.
Total Current Liabilities was $5,505 Mil.
Long-Term Debt & Capital Lease Obligation was $11,925 Mil.
Net Income was 971 + 1011 + 991 + 579 = $3,552 Mil.
Non Operating Income was 30 + 16 + 15 + -18 = $43 Mil.
Cash Flow from Operations was 1445 + 1556 + 948 + 1334 = $5,283 Mil.
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Total Receivables was $2,547 Mil.
Revenue was 3084 + 3101 + 3160 + 2937 = $12,282 Mil.
Gross Profit was 2089 + 2075 + 2072 + 1929 = $8,165 Mil.
Total Current Assets was $4,804 Mil.
Total Assets was $60,561 Mil.
Property, Plant and Equipment(Net PPE) was $646 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,128 Mil.
Selling, General, & Admin. Expense(SGA) was $3,162 Mil.
Total Current Liabilities was $5,218 Mil.
Long-Term Debt & Capital Lease Obligation was $11,958 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) |
| = | (2635 / 13767) | / | (2547 / 12282) |
| = | 0.1914 | / | 0.207377 |
| | = | 0.923 |
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) |
| = | (8165 / 12282) | / | (9458 / 13767) |
| = | 0.664794 | / | 0.687005 |
| | = | 0.9677 |
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 - (5202 + 642) / 60368) | / | (1 - (4804 + 646) / 60561) |
| = | 0.903194 | / | 0.910008 |
| | = | 0.9925 |
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 |
| = | 13767 | / | 12282 |
| | = | 1.1209 |
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)) |
| = | (1128 / (1128 + 646)) | / | (1163 / (1163 + 642)) |
| = | 0.635851 | / | 0.644321 |
| | = | 0.9869 |
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) |
| = | (3189 / 13767) | / | (3162 / 12282) |
| = | 0.231641 | / | 0.25745 |
| | = | 0.8998 |
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) |
| = | ((11925 + 5505) / 60368) | / | ((11958 + 5218) / 60561) |
| = | 0.288729 | / | 0.283615 |
| | = | 1.018 |
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 |
| = | (3552 - 43 | - | 5283) | / | 60368 |
| | = | -0.029386 |
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.
S&P Global has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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