Jefferies Financial Group Beneish M-Score Historical Data
The historical data trend for Jefferies Financial Group'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.
Jefferies Financial Group Beneish M-Score Chart
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Jefferies Financial Group Annual Data
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Trend |
Dec13 |
Dec14 |
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Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-1.92 |
-2.29 |
-2.57 |
-2.89 |
-2.12 |
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Jefferies Financial Group Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
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Feb21 |
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Feb24 |
| Beneish M-Score |
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-3.03 |
-3.01 |
-2.77 |
-2.12 |
-2.12 |
Competitive Comparison of Jefferies Financial Group's Beneish M-Score
For the Capital Markets subindustry, Jefferies Financial Group'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.
Jefferies Financial Group's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Jefferies Financial Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jefferies Financial Group's Beneish M-Score falls into.
Jefferies Financial Group 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 Jefferies Financial Group 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 * 1.1268 | + | 0.528 * 0.8959 | + | 0.404 * 1.0075 | + | 0.892 * 1.1704 | + | 0.115 * 1.6085 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.941 | + | 4.679 * 0.032302 | - | 0.327 * 1.2547 |
| = | -2.12 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $6,748 Mil.
Revenue was 2551.942 + 1968.738 + 2040.915 + 1651.182 = $8,213 Mil.
Gross Profit was 1480.73 + 1234.754 + 1304.012 + 976.36 = $4,996 Mil.
Total Current Assets was $34,933 Mil.
Total Assets was $60,933 Mil.
Property, Plant and Equipment(Net PPE) was $1,103 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $890 Mil.
Total Current Liabilities was $12,724 Mil.
Long-Term Debt & Capital Lease Obligation was $16,880 Mil.
Net Income was 163.83 + 71.938 + 57.719 + 12.395 = $306 Mil.
Non Operating Income was -83.903 + -52.539 + -57.316 + -50.958 = $-245 Mil.
Cash Flow from Operations was -1302.903 + -43.651 + -488.305 + 417.178 = $-1,418 Mil.
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Total Receivables was $5,117 Mil.
Revenue was 1780.564 + 1807.901 + 1832.101 + 1596.446 = $7,017 Mil.
Gross Profit was 994.864 + 972.357 + 1064.386 + 792.403 = $3,824 Mil.
Total Current Assets was $30,027 Mil.
Total Assets was $52,033 Mil.
Property, Plant and Equipment(Net PPE) was $904 Mil.
Depreciation, Depletion and Amortization(DDA) was $176 Mil.
Selling, General, & Admin. Expense(SGA) was $808 Mil.
Total Current Liabilities was $9,449 Mil.
Long-Term Debt & Capital Lease Obligation was $10,700 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) |
| = | (6748.317 / 8212.777) | / | (5117.006 / 7017.012) |
| = | 0.821685 | / | 0.729229 |
| | = | 1.1268 |
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) |
| = | (3824.01 / 7017.012) | / | (4995.856 / 8212.777) |
| = | 0.544963 | / | 0.608303 |
| | = | 0.8959 |
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 - (34933.33 + 1103.49) / 60933) | / | (1 - (30027.436 + 904.064) / 52032.943) |
| = | 0.408583 | / | 0.40554 |
| | = | 1.0075 |
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 |
| = | 8212.777 | / | 7017.012 |
| | = | 1.1704 |
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)) |
| = | (175.528 / (175.528 + 904.064)) | / | (124.087 / (124.087 + 1103.49)) |
| = | 0.162587 | / | 0.101083 |
| | = | 1.6085 |
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) |
| = | (890.174 / 8212.777) | / | (808.287 / 7017.012) |
| = | 0.108389 | / | 0.11519 |
| | = | 0.941 |
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) |
| = | ((16880.139 + 12723.538) / 60933) | / | ((10699.738 + 9448.897) / 52032.943) |
| = | 0.48584 | / | 0.387228 |
| | = | 1.2547 |
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 |
| = | (305.882 - -244.716 | - | -1417.681) | / | 60933 |
| | = | 0.032302 |
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.
Jefferies Financial Group has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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