BlackLine Beneish M-Score Historical Data
The historical data trend for BlackLine'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.
BlackLine Beneish M-Score Chart
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BlackLine Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.64 |
-3.08 |
-2.38 |
-2.49 |
-2.56 |
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BlackLine Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.57 |
-2.64 |
-2.68 |
-2.56 |
-2.43 |
Competitive Comparison of BlackLine's Beneish M-Score
For the Software - Application subindustry, BlackLine'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.
BlackLine's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, BlackLine's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BlackLine's Beneish M-Score falls into.
BlackLine 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 BlackLine 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 * 1.0715 | + | 0.528 * 0.9994 | + | 0.404 * 1.2513 | + | 0.892 * 1.0893 | + | 0.115 * 1.122 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0797 | + | 4.679 * -0.050131 | - | 0.327 * 0.8756 |
| = | -2.43 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $146.6 Mil.
Revenue was 166.931 + 169.46 + 165.909 + 160.506 = $662.8 Mil.
Gross Profit was 126.007 + 128.046 + 124.803 + 120.158 = $499.0 Mil.
Total Current Assets was $1,043.4 Mil.
Total Assets was $1,781.1 Mil.
Property, Plant and Equipment(Net PPE) was $41.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.2 Mil.
Selling, General, & Admin. Expense(SGA) was $370.4 Mil.
Total Current Liabilities was $630.3 Mil.
Long-Term Debt & Capital Lease Obligation was $688.8 Mil.
Net Income was 6.055 + 56.417 + 17.238 + 76.69 = $156.4 Mil.
Non Operating Income was -5.299 + 0.008 + -0.356 + 64.184 = $58.5 Mil.
Cash Flow from Operations was 46.742 + 43.794 + 55.919 + 40.698 = $187.2 Mil.
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Total Receivables was $125.6 Mil.
Revenue was 157.461 + 155.73 + 150.708 + 144.574 = $608.5 Mil.
Gross Profit was 118.364 + 118.118 + 113.914 + 107.458 = $457.9 Mil.
Total Current Assets was $1,403.7 Mil.
Total Assets was $2,088.9 Mil.
Property, Plant and Equipment(Net PPE) was $32.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.7 Mil.
Selling, General, & Admin. Expense(SGA) was $314.9 Mil.
Total Current Liabilities was $609.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,157.0 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) |
| = | (146.609 / 662.806) | / | (125.613 / 608.473) |
| = | 0.221194 | / | 0.20644 |
| | = | 1.0715 |
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) |
| = | (457.854 / 608.473) | / | (499.014 / 662.806) |
| = | 0.752464 | / | 0.752881 |
| | = | 0.9994 |
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 - (1043.353 + 41.091) / 1781.148) | / | (1 - (1403.656 + 32.261) / 2088.885) |
| = | 0.391154 | / | 0.312592 |
| | = | 1.2513 |
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 |
| = | 662.806 | / | 608.473 |
| | = | 1.0893 |
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)) |
| = | (50.743 / (50.743 + 32.261)) | / | (49.195 / (49.195 + 41.091)) |
| = | 0.611332 | / | 0.54488 |
| | = | 1.122 |
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) |
| = | (370.393 / 662.806) | / | (314.934 / 608.473) |
| = | 0.558826 | / | 0.517581 |
| | = | 1.0797 |
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) |
| = | ((688.824 + 630.292) / 1781.148) | / | ((1157.026 + 609.862) / 2088.885) |
| = | 0.740599 | / | 0.845852 |
| | = | 0.8756 |
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 |
| = | (156.4 - 58.537 | - | 187.153) | / | 1781.148 |
| | = | -0.050131 |
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.
BlackLine has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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