Cimpress Beneish M-Score Historical Data
The historical data trend for Cimpress'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.
Cimpress Beneish M-Score Chart
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Cimpress Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.96 |
-3.44 |
-2.71 |
-2.97 |
-3.16 |
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Cimpress 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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-3.30 |
-3.44 |
-3.16 |
-3.31 |
-3.13 |
Competitive Comparison of Cimpress's Beneish M-Score
For the Advertising Agencies subindustry, Cimpress'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.
Cimpress's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Cimpress's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cimpress's Beneish M-Score falls into.
Cimpress 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 Cimpress 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 * 0.8191 | + | 0.528 * 0.972 | + | 0.404 * 0.9515 | + | 0.892 * 1.0959 | + | 0.115 * 1.0295 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8718 | + | 4.679 * -0.121156 | - | 0.327 * 0.9797 |
| = | -3.13 |
* 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 $63 Mil.
Revenue was 921.363 + 757.294 + 788.846 + 742.164 = $3,210 Mil.
Gross Profit was 457.94 + 358.511 + 376.257 + 347.256 = $1,540 Mil.
Total Current Assets was $578 Mil.
Total Assets was $1,948 Mil.
Property, Plant and Equipment(Net PPE) was $346 Mil.
Depreciation, Depletion and Amortization(DDA) was $160 Mil.
Selling, General, & Admin. Expense(SGA) was $974 Mil.
Total Current Liabilities was $708 Mil.
Long-Term Debt & Capital Lease Obligation was $1,684 Mil.
Net Income was 58.105 + 4.554 + 28.789 + -49.326 = $42 Mil.
Non Operating Income was -0.525 + 8.125 + 7.656 + -28.738 = $-13 Mil.
Cash Flow from Operations was 174.946 + 42.254 + 61.815 + 12.599 = $292 Mil.
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Total Receivables was $70 Mil.
Revenue was 845.202 + 703.415 + 722.828 + 657.412 = $2,929 Mil.
Gross Profit was 389.809 + 325.68 + 340.48 + 309.96 = $1,366 Mil.
Total Current Assets was $525 Mil.
Total Assets was $1,952 Mil.
Property, Plant and Equipment(Net PPE) was $348 Mil.
Depreciation, Depletion and Amortization(DDA) was $168 Mil.
Selling, General, & Admin. Expense(SGA) was $1,020 Mil.
Total Current Liabilities was $697 Mil.
Long-Term Debt & Capital Lease Obligation was $1,749 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) |
| = | (63.222 / 3209.667) | / | (70.433 / 2928.857) |
| = | 0.019697 | / | 0.024048 |
| | = | 0.8191 |
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) |
| = | (1365.929 / 2928.857) | / | (1539.964 / 3209.667) |
| = | 0.466369 | / | 0.479789 |
| | = | 0.972 |
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 - (578.034 + 346.129) / 1947.989) | / | (1 - (525.314 + 348.489) / 1952.106) |
| = | 0.525581 | / | 0.552379 |
| | = | 0.9515 |
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 |
| = | 3209.667 | / | 2928.857 |
| | = | 1.0959 |
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)) |
| = | (167.751 / (167.751 + 348.489)) | / | (159.643 / (159.643 + 346.129)) |
| = | 0.324948 | / | 0.315642 |
| | = | 1.0295 |
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) |
| = | (974.44 / 3209.667) | / | (1019.94 / 2928.857) |
| = | 0.303595 | / | 0.348238 |
| | = | 0.8718 |
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) |
| = | ((1683.611 + 707.706) / 1947.989) | / | ((1749.212 + 696.735) / 1952.106) |
| = | 1.227582 | / | 1.252979 |
| | = | 0.9797 |
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 |
| = | (42.122 - -13.482 | - | 291.614) | / | 1947.989 |
| | = | -0.121156 |
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.
Cimpress has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.
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