CyberArk Software Beneish M-Score Historical Data
The historical data trend for CyberArk Software'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.
CyberArk Software Beneish M-Score Chart
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CyberArk Software Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.27 |
-2.69 |
-2.87 |
-2.33 |
-1.92 |
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CyberArk Software 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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-2.33 |
-2.37 |
-2.66 |
-2.66 |
-1.92 |
Competitive Comparison of CyberArk Software's Beneish M-Score
For the Software - Infrastructure subindustry, CyberArk Software'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.
CyberArk Software's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, CyberArk Software's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CyberArk Software's Beneish M-Score falls into.
CyberArk Software 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 CyberArk Software 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 * 1.4802 | + | 0.528 * 1.0019 | + | 0.404 * 1.6236 | + | 0.892 * 1.4622 | + | 0.115 * 0.8084 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9331 | + | 4.679 * -0.090515 | - | 0.327 * 0.4336 |
| = | -1.62 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was MXN6,850 Mil.
Revenue was 6556.698 + 4727.68 + 4116.637 + 3676.9 = MXN19,078 Mil.
Gross Profit was 5018.257 + 3798.594 + 3291.903 + 2973.086 = MXN15,082 Mil.
Total Current Assets was MXN24,892 Mil.
Total Assets was MXN69,833 Mil.
Property, Plant and Equipment(Net PPE) was MXN408 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN844 Mil.
Selling, General, & Admin. Expense(SGA) was MXN11,872 Mil.
Total Current Liabilities was MXN16,840 Mil.
Long-Term Debt & Capital Lease Obligation was MXN0 Mil.
Net Income was -2025.464 + 218.759 + -236.751 + 90.782 = MXN-1,953 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 1350.115 + 1066.683 + 812.368 + 1139.084 = MXN4,368 Mil.
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Total Receivables was MXN3,165 Mil.
Revenue was 3787.023 + 3331.12 + 3014.635 + 2914.733 = MXN13,048 Mil.
Gross Profit was 3113.943 + 2604.073 + 2350.017 + 2266.337 = MXN10,334 Mil.
Total Current Assets was MXN20,563 Mil.
Total Assets was MXN34,325 Mil.
Property, Plant and Equipment(Net PPE) was MXN280 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN335 Mil.
Selling, General, & Admin. Expense(SGA) was MXN8,702 Mil.
Total Current Liabilities was MXN19,090 Mil.
Long-Term Debt & Capital Lease Obligation was MXN0 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) |
| = | (6850.367 / 19077.915) | / | (3165.222 / 13047.511) |
| = | 0.359073 | / | 0.242592 |
| | = | 1.4802 |
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) |
| = | (10334.37 / 13047.511) | / | (15081.84 / 19077.915) |
| = | 0.792057 | / | 0.790539 |
| | = | 1.0019 |
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 - (24891.966 + 408.375) / 69833.122) | / | (1 - (20563.334 + 279.973) / 34325.46) |
| = | 0.637703 | / | 0.392774 |
| | = | 1.6236 |
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 |
| = | 19077.915 | / | 13047.511 |
| | = | 1.4622 |
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)) |
| = | (334.968 / (334.968 + 279.973)) | / | (843.664 / (843.664 + 408.375)) |
| = | 0.544716 | / | 0.673832 |
| | = | 0.8084 |
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) |
| = | (11872.351 / 19077.915) | / | (8701.939 / 13047.511) |
| = | 0.622309 | / | 0.666942 |
| | = | 0.9331 |
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) |
| = | ((0 + 16839.539) / 69833.122) | / | ((0 + 19089.749) / 34325.46) |
| = | 0.24114 | / | 0.55614 |
| | = | 0.4336 |
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 |
| = | (-1952.674 - 0 | - | 4368.25) | / | 69833.122 |
| | = | -0.090515 |
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.
CyberArk Software has a M-score of -1.62 signals that the company is likely to be a manipulator.
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