Mercury Systems Beneish M-Score Historical Data
The historical data trend for Mercury Systems'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.
Mercury Systems Beneish M-Score Chart
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Mercury Systems Annual Data
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Jun14 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.17 |
-2.57 |
-2.36 |
-2.03 |
-2.28 |
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Mercury Systems Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Mar21 |
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Mar23 |
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Dec23 |
| Beneish M-Score |
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-1.94 |
-2.05 |
-2.28 |
-2.50 |
-2.56 |
Competitive Comparison of Mercury Systems's Beneish M-Score
For the Aerospace & Defense subindustry, Mercury Systems'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.
Mercury Systems's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Mercury Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mercury Systems's Beneish M-Score falls into.
Mercury Systems 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 Mercury Systems 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 * 1.0108 | + | 0.528 * 1.413 | + | 0.404 * 0.966 | + | 0.892 * 0.8952 | + | 0.115 * 1.047 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0478 | + | 4.679 * -0.03249 | - | 0.327 * 1.1311 |
| = | -2.56 |
* 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 $433.7 Mil.
Revenue was 197.463 + 180.991 + 253.236 + 263.479 = $895.2 Mil.
Gross Profit was 31.52 + 50.527 + 67.384 + 90.289 = $239.7 Mil.
Total Current Assets was $983.8 Mil.
Total Assets was $2,436.3 Mil.
Property, Plant and Equipment(Net PPE) was $180.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $91.3 Mil.
Selling, General, & Admin. Expense(SGA) was $156.9 Mil.
Total Current Liabilities was $225.7 Mil.
Long-Term Debt & Capital Lease Obligation was $684.8 Mil.
Net Income was -45.581 + -36.708 + -8.236 + 5.156 = $-85.4 Mil.
Non Operating Income was -1.381 + -12.289 + -3.366 + -4.997 = $-22.0 Mil.
Cash Flow from Operations was 45.494 + -39.068 + 12.61 + -3.217 = $15.8 Mil.
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Total Receivables was $479.3 Mil.
Revenue was 229.588 + 227.579 + 289.729 + 253.075 = $1,000.0 Mil.
Gross Profit was 80.96 + 78.095 + 119.571 + 99.754 = $378.4 Mil.
Total Current Assets was $896.9 Mil.
Total Assets was $2,348.0 Mil.
Property, Plant and Equipment(Net PPE) was $181.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $98.8 Mil.
Selling, General, & Admin. Expense(SGA) was $167.3 Mil.
Total Current Liabilities was $200.6 Mil.
Long-Term Debt & Capital Lease Obligation was $575.2 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) |
| = | (433.74 / 895.169) | / | (479.346 / 999.971) |
| = | 0.484534 | / | 0.47936 |
| | = | 1.0108 |
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) |
| = | (378.38 / 999.971) | / | (239.72 / 895.169) |
| = | 0.378391 | / | 0.267793 |
| | = | 1.413 |
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 - (983.821 + 180.018) / 2436.252) | / | (1 - (896.881 + 181.66) / 2347.952) |
| = | 0.522283 | / | 0.540646 |
| | = | 0.966 |
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 |
| = | 895.169 | / | 999.971 |
| | = | 0.8952 |
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)) |
| = | (98.795 / (98.795 + 181.66)) | / | (91.28 / (91.28 + 180.018)) |
| = | 0.352267 | / | 0.336457 |
| | = | 1.047 |
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) |
| = | (156.901 / 895.169) | / | (167.278 / 999.971) |
| = | 0.175275 | / | 0.167283 |
| | = | 1.0478 |
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) |
| = | ((684.752 + 225.721) / 2436.252) | / | ((575.194 + 200.575) / 2347.952) |
| = | 0.373719 | / | 0.330402 |
| | = | 1.1311 |
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 |
| = | (-85.369 - -22.033 | - | 15.819) | / | 2436.252 |
| | = | -0.03249 |
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.
Mercury Systems has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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