Confluent Beneish M-Score Historical Data
The historical data trend for Confluent'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.
Confluent Beneish M-Score Chart
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Confluent Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-3.00 |
-2.69 |
-2.75 |
-2.73 |
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Confluent 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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-3.07 |
-2.99 |
-2.56 |
-2.73 |
-2.56 |
Competitive Comparison of Confluent's Beneish M-Score
For the Software - Infrastructure subindustry, Confluent'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.
Confluent's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Confluent's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Confluent's Beneish M-Score falls into.
Confluent 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 Confluent 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 * 1.201 | + | 0.528 * 0.9688 | + | 0.404 * 1.6864 | + | 0.892 * 1.2411 | + | 0.115 * 0.8218 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8958 | + | 4.679 * -0.161701 | - | 0.327 * 0.9556 |
| = | -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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $298 Mil.
Revenue was 271.12 + 261.22 + 250.199 + 234.986 = $1,018 Mil.
Gross Profit was 202.002 + 193.655 + 186.496 + 170.005 = $752 Mil.
Total Current Assets was $2,343 Mil.
Total Assets was $2,699 Mil.
Property, Plant and Equipment(Net PPE) was $90 Mil.
Depreciation, Depletion and Amortization(DDA) was $24 Mil.
Selling, General, & Admin. Expense(SGA) was $721 Mil.
Total Current Liabilities was $530 Mil.
Long-Term Debt & Capital Lease Obligation was $1,100 Mil.
Net Income was -67.574 + -88.054 + -74.144 + -89.9 = $-320 Mil.
Non Operating Income was 20.41 + 19.288 + 22.495 + 21.853 = $84 Mil.
Cash Flow from Operations was -26.754 + 35.211 + 15.613 + 8.59 = $33 Mil.
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Total Receivables was $200 Mil.
Revenue was 217.237 + 213.184 + 200.181 + 189.285 = $820 Mil.
Gross Profit was 156.016 + 156.127 + 143.632 + 131.365 = $587 Mil.
Total Current Assets was $2,226 Mil.
Total Assets was $2,440 Mil.
Property, Plant and Equipment(Net PPE) was $71 Mil.
Depreciation, Depletion and Amortization(DDA) was $15 Mil.
Selling, General, & Admin. Expense(SGA) was $648 Mil.
Total Current Liabilities was $439 Mil.
Long-Term Debt & Capital Lease Obligation was $1,103 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) |
| = | (297.862 / 1017.525) | / | (199.842 / 819.887) |
| = | 0.292732 | / | 0.243743 |
| | = | 1.201 |
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) |
| = | (587.14 / 819.887) | / | (752.158 / 1017.525) |
| = | 0.716123 | / | 0.739203 |
| | = | 0.9688 |
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 - (2342.838 + 89.62) / 2698.674) | / | (1 - (2226.117 + 70.803) / 2439.629) |
| = | 0.098647 | / | 0.058496 |
| | = | 1.6864 |
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 |
| = | 1017.525 | / | 819.887 |
| | = | 1.2411 |
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)) |
| = | (15.099 / (15.099 + 70.803)) | / | (24.383 / (24.383 + 89.62)) |
| = | 0.17577 | / | 0.21388 |
| | = | 0.8218 |
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) |
| = | (720.665 / 1017.525) | / | (648.266 / 819.887) |
| = | 0.708253 | / | 0.790677 |
| | = | 0.8958 |
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) |
| = | ((1099.829 + 529.868) / 2698.674) | / | ((1102.55 + 439.198) / 2439.629) |
| = | 0.603888 | / | 0.63196 |
| | = | 0.9556 |
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 |
| = | (-319.672 - 84.046 | - | 32.66) | / | 2698.674 |
| | = | -0.161701 |
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.
Confluent has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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