UiPath Beneish M-Score Historical Data
The historical data trend for UiPath'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.
UiPath Beneish M-Score Chart
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UiPath Annual Data
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Trend |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
Jan25 |
| Beneish M-Score |
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- |
-2.66 |
-2.65 |
-3.04 |
-2.92 |
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UiPath Quarterly Data
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Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
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Oct23 |
Jan24 |
Apr24 |
Jul24 |
Oct24 |
Jan25 |
| Beneish M-Score |
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-3.04 |
-3.13 |
-3.14 |
-3.13 |
-2.92 |
Competitive Comparison of UiPath's Beneish M-Score
For the Software - Infrastructure subindustry, UiPath'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.
UiPath's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, UiPath's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UiPath's Beneish M-Score falls into.
UiPath 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 UiPath 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 * 1.0375 | + | 0.528 * 1.0274 | + | 0.404 * 1.4979 | + | 0.892 * 1.2007 | + | 0.115 * 1.6242 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9261 | + | 4.679 * -0.136132 | - | 0.327 * 1.1688 |
| = | -2.66 |
* 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 (Jan25) TTM: | Last Year (Jan24) TTM: |
Total Receivables was MXN11,137 Mil.
Revenue was 8739.393 + 7104.196 + 5881.515 + 5718.418 = MXN27,444 Mil.
Gross Profit was 7408.121 + 5826.934 + 4703.921 + 4774.341 = MXN22,713 Mil.
Total Current Assets was MXN48,242 Mil.
Total Assets was MXN59,108 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,047 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN326 Mil.
Selling, General, & Admin. Expense(SGA) was MXN18,365 Mil.
Total Current Liabilities was MXN16,481 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,531 Mil.
Net Income was 1068.458 + -213.435 + -1601.189 + -490.357 = MXN-1,237 Mil.
Non Operating Income was 182.525 + 156.445 + 143.387 + 182.229 = MXN665 Mil.
Cash Flow from Operations was 3013.526 + 562.281 + 862.478 + 1707.051 = MXN6,145 Mil.
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Total Receivables was MXN8,940 Mil.
Revenue was 6960.707 + 5883.852 + 4803.335 + 5208.964 = MXN22,857 Mil.
Gross Profit was 6044.356 + 4982.646 + 3984.355 + 4423.504 = MXN19,435 Mil.
Total Current Assets was MXN44,322 Mil.
Total Assets was MXN50,752 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,375 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN395 Mil.
Selling, General, & Admin. Expense(SGA) was MXN16,515 Mil.
Total Current Liabilities was MXN12,224 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,008 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) |
| = | (11136.896 / 27443.522) | / | (8940.092 / 22856.858) |
| = | 0.405811 | / | 0.391134 |
| | = | 1.0375 |
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) |
| = | (19434.861 / 22856.858) | / | (22713.317 / 27443.522) |
| = | 0.850286 | / | 0.827639 |
| | = | 1.0274 |
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 - (48242.134 + 2047.222) / 59107.655) | / | (1 - (44321.673 + 1375.024) / 50751.514) |
| = | 0.14919 | / | 0.099599 |
| | = | 1.4979 |
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 |
| = | 27443.522 | / | 22856.858 |
| | = | 1.2007 |
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)) |
| = | (394.879 / (394.879 + 1375.024)) | / | (325.988 / (325.988 + 2047.222)) |
| = | 0.223108 | / | 0.137362 |
| | = | 1.6242 |
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) |
| = | (18364.742 / 27443.522) | / | (16515.392 / 22856.858) |
| = | 0.669183 | / | 0.722557 |
| | = | 0.9261 |
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) |
| = | ((1531.291 + 16480.921) / 59107.655) | / | ((1008.466 + 12224.147) / 50751.514) |
| = | 0.304736 | / | 0.260733 |
| | = | 1.1688 |
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 |
| = | (-1236.523 - 664.586 | - | 6145.336) | / | 59107.655 |
| | = | -0.136132 |
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.
UiPath has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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