Salesforce Beneish M-Score Historical Data
The historical data trend for Salesforce'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.
Salesforce Beneish M-Score Chart
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Salesforce Annual Data
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Jan24 |
| Beneish M-Score |
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-2.53 |
-2.47 |
-2.47 |
-2.67 |
-2.66 |
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Salesforce Quarterly Data
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Apr20 |
Jul20 |
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Oct24 |
| Beneish M-Score |
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-2.62 |
-2.66 |
-2.85 |
-2.79 |
-2.82 |
Competitive Comparison of Salesforce's Beneish M-Score
For the Software - Application subindustry, Salesforce'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.
Salesforce's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Salesforce's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Salesforce's Beneish M-Score falls into.
Salesforce 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 Salesforce 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 * 0.9714 | + | 0.528 * 0.9741 | + | 0.404 * 0.9943 | + | 0.892 * 1.1165 | + | 0.115 * 1.0604 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.948 | + | 4.679 * -0.059146 | - | 0.327 * 0.9843 |
| = | -2.67 |
* 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 MXN94,969 Mil.
Revenue was 189176.541 + 173421.688 + 155847.338 + 159515.37 = MXN677,961 Mil.
Gross Profit was 147010.444 + 133269.685 + 118954.538 + 122620.892 = MXN521,856 Mil.
Total Current Assets was MXN429,173 Mil.
Total Assets was MXN1,830,770 Mil.
Property, Plant and Equipment(Net PPE) was MXN111,835 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN64,542 Mil.
Selling, General, & Admin. Expense(SGA) was MXN290,189 Mil.
Total Current Liabilities was MXN388,108 Mil.
Long-Term Debt & Capital Lease Obligation was MXN217,381 Mil.
Net Income was 30587.948 + 26575.828 + 26159.419 + 24836.785 = MXN108,160 Mil.
Non Operating Income was -4066.374 + -836.888 + 2559.63 + -2576.43 = MXN-4,920 Mil.
Cash Flow from Operations was 39722.266 + 16588.97 + 106600.057 + 58450.609 = MXN221,362 Mil.
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Total Receivables was MXN87,557 Mil.
Revenue was 157422.16 + 143827.535 + 148342.913 + 157602.432 = MXN607,195 Mil.
Gross Profit was 118517.945 + 108501.767 + 110119.475 + 118126.632 = MXN455,266 Mil.
Total Current Assets was MXN364,707 Mil.
Total Assets was MXN1,643,220 Mil.
Property, Plant and Equipment(Net PPE) was MXN114,185 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN72,397 Mil.
Selling, General, & Admin. Expense(SGA) was MXN274,157 Mil.
Total Current Liabilities was MXN350,120 Mil.
Long-Term Debt & Capital Lease Obligation was MXN202,013 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) |
| = | (94968.867 / 677960.937) | / | (87557.05 / 607195.04) |
| = | 0.14008 | / | 0.144199 |
| | = | 0.9714 |
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) |
| = | (455265.819 / 607195.04) | / | (521855.559 / 677960.937) |
| = | 0.749785 | / | 0.769743 |
| | = | 0.9741 |
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 - (429172.745 + 111835.306) / 1830769.801) | / | (1 - (364706.706 + 114185.225) / 1643220.167) |
| = | 0.704491 | / | 0.708565 |
| | = | 0.9943 |
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 |
| = | 677960.937 | / | 607195.04 |
| | = | 1.1165 |
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)) |
| = | (72396.834 / (72396.834 + 114185.225)) | / | (64541.844 / (64541.844 + 111835.306)) |
| = | 0.388016 | / | 0.365931 |
| | = | 1.0604 |
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) |
| = | (290189.27 / 677960.937) | / | (274157.156 / 607195.04) |
| = | 0.428032 | / | 0.451514 |
| | = | 0.948 |
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) |
| = | ((217380.753 + 388108.375) / 1830769.801) | / | ((202013.07 + 350119.882) / 1643220.167) |
| = | 0.330729 | / | 0.336007 |
| | = | 0.9843 |
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 |
| = | (108159.98 - -4920.062 | - | 221361.902) | / | 1830769.801 |
| | = | -0.059146 |
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.
Salesforce has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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