Digital Turbine Beneish M-Score Historical Data
The historical data trend for Digital Turbine'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.
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Digital Turbine Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.12 |
-2.13 |
-1.39 |
-0.82 |
-3.12 |
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Digital Turbine Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.97 |
-3.12 |
-2.98 |
-3.21 |
-3.00 |
Competitive Comparison
For the Software - Application subindustry, Digital Turbine'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.
Digital Turbine Beneish M-Score Distribution
For the Software industry and Technology sector, Digital Turbine's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Digital Turbine's Beneish M-Score falls into.
Digital Turbine 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 Digital Turbine 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 * 1.1664 | + | 0.528 * 1.1035 | + | 0.404 * 0.9753 | + | 0.892 * 0.8062 | + | 0.115 * 0.9912 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3334 | + | 4.679 * -0.096359 | - | 0.327 * 1.1038 |
| = | -3.00 |
* 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 $217.2 Mil.
Revenue was 142.634 + 143.259 + 146.366 + 140.118 = $572.4 Mil.
Gross Profit was 63.656 + 65.523 + 67.161 + 59.482 = $255.8 Mil.
Total Current Assets was $287.3 Mil.
Total Assets was $1,106.6 Mil.
Property, Plant and Equipment(Net PPE) was $53.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $83.9 Mil.
Selling, General, & Admin. Expense(SGA) was $228.1 Mil.
Total Current Liabilities was $268.7 Mil.
Long-Term Debt & Capital Lease Obligation was $374.0 Mil.
Net Income was -14.061 + -161.482 + -8.179 + -13.932 = $-197.7 Mil.
Non Operating Income was 0.027 + -148.915 + 2.167 + -0.594 = $-147.3 Mil.
Cash Flow from Operations was 11.661 + 27.454 + 1.318 + 15.862 = $56.3 Mil.
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Total Receivables was $231.0 Mil.
Revenue was 162.31 + 174.859 + 188.633 + 184.135 = $709.9 Mil.
Gross Profit was 79.616 + 88.779 + 92.351 + 89.403 = $350.1 Mil.
Total Current Assets was $342.8 Mil.
Total Assets was $1,352.7 Mil.
Property, Plant and Equipment(Net PPE) was $49.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $76.7 Mil.
Selling, General, & Admin. Expense(SGA) was $212.2 Mil.
Total Current Liabilities was $289.4 Mil.
Long-Term Debt & Capital Lease Obligation was $422.3 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) |
| = | (217.239 / 572.377) | / | (231.001 / 709.937) |
| = | 0.379538 | / | 0.325382 |
| | = | 1.1664 |
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) |
| = | (350.149 / 709.937) | / | (255.822 / 572.377) |
| = | 0.493211 | / | 0.446947 |
| | = | 1.1035 |
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 - (287.29 + 53.192) / 1106.635) | / | (1 - (342.774 + 49.732) / 1352.675) |
| = | 0.692327 | / | 0.70983 |
| | = | 0.9753 |
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 |
| = | 572.377 | / | 709.937 |
| | = | 0.8062 |
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)) |
| = | (76.653 / (76.653 + 49.732)) | / | (83.86 / (83.86 + 53.192)) |
| = | 0.606504 | / | 0.611885 |
| | = | 0.9912 |
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) |
| = | (228.117 / 572.377) | / | (212.194 / 709.937) |
| = | 0.398543 | / | 0.298891 |
| | = | 1.3334 |
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) |
| = | ((374.034 + 268.656) / 1106.635) | / | ((422.31 + 289.366) / 1352.675) |
| = | 0.580761 | / | 0.526125 |
| | = | 1.1038 |
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 |
| = | (-197.654 - -147.315 | - | 56.295) | / | 1106.635 |
| | = | -0.096359 |
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.
Digital Turbine has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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