ManpowerGroup Beneish M-Score Historical Data
The historical data trend for ManpowerGroup'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.
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ManpowerGroup Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.98 |
-2.42 |
-2.61 |
-2.64 |
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ManpowerGroup Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.67 |
-2.53 |
-2.55 |
-2.64 |
Competitive Comparison
For the Staffing & Employment Services subindustry, ManpowerGroup'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.
ManpowerGroup Beneish M-Score Distribution
For the Business Services industry and Industrials sector, ManpowerGroup's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ManpowerGroup's Beneish M-Score falls into.
ManpowerGroup 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 ManpowerGroup 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 * 0.9855 | + | 0.528 * 1.0149 | + | 0.404 * 1.0325 | + | 0.892 * 0.954 | + | 0.115 * 1.0737 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0862 | + | 4.679 * -0.022638 | - | 0.327 * 1.0298 |
| = | -2.64 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $4,830 Mil.
Revenue was 4630.5 + 4675.6 + 4856.1 + 4752.3 = $18,915 Mil.
Gross Profit was 810.7 + 821.9 + 862.3 + 863.1 = $3,358 Mil.
Total Current Assets was $5,572 Mil.
Total Assets was $8,830 Mil.
Property, Plant and Equipment(Net PPE) was $544 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $3,047 Mil.
Total Current Liabilities was $4,800 Mil.
Long-Term Debt & Capital Lease Obligation was $1,314 Mil.
Net Income was -84.5 + 30.3 + 65.2 + 77.8 = $89 Mil.
Non Operating Income was -60.3 + -2.1 + -0.2 + 3.1 = $-60 Mil.
Cash Flow from Operations was 113.7 + 265.7 + -155.8 + 124.6 = $348 Mil.
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Total Receivables was $5,137 Mil.
Revenue was 4809.2 + 4800.9 + 5074.1 + 5143.3 = $19,828 Mil.
Gross Profit was 875.6 + 878.5 + 921.2 + 897.1 = $3,572 Mil.
Total Current Assets was $5,934 Mil.
Total Assets was $9,130 Mil.
Property, Plant and Equipment(Net PPE) was $478 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General, & Admin. Expense(SGA) was $2,941 Mil.
Total Current Liabilities was $4,912 Mil.
Long-Term Debt & Capital Lease Obligation was $1,227 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) |
| = | (4830 / 18914.5) | / | (5137.4 / 19827.5) |
| = | 0.25536 | / | 0.259105 |
| | = | 0.9855 |
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) |
| = | (3572.4 / 19827.5) | / | (3358 / 18914.5) |
| = | 0.180174 | / | 0.177536 |
| | = | 1.0149 |
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 - (5572.1 + 543.9) / 8830.2) | / | (1 - (5934.4 + 477.9) / 9130.4) |
| = | 0.307377 | / | 0.297698 |
| | = | 1.0325 |
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 |
| = | 18914.5 | / | 19827.5 |
| | = | 0.954 |
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)) |
| = | (84.6 / (84.6 + 477.9)) | / | (88.6 / (88.6 + 543.9)) |
| = | 0.1504 | / | 0.140079 |
| | = | 1.0737 |
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) |
| = | (3047.1 / 18914.5) | / | (2940.7 / 19827.5) |
| = | 0.161099 | / | 0.148314 |
| | = | 1.0862 |
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) |
| = | ((1313.7 + 4799.7) / 8830.2) | / | ((1226.5 + 4911.7) / 9130.4) |
| = | 0.692329 | / | 0.672282 |
| | = | 1.0298 |
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 |
| = | (88.8 - -59.5 | - | 348.2) | / | 8830.2 |
| | = | -0.022638 |
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.
ManpowerGroup has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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