Criteo Beneish M-Score Historical Data
The historical data trend for Criteo'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.
Criteo Beneish M-Score Chart
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Criteo Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-2.68 |
-2.59 |
-2.80 |
-2.71 |
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Criteo 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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-2.80 |
-2.85 |
-2.49 |
-2.74 |
-2.71 |
Competitive Comparison of Criteo's Beneish M-Score
For the Advertising Agencies subindustry, Criteo'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.
Criteo's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Criteo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Criteo's Beneish M-Score falls into.
Criteo 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 Criteo 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 * 1.1316 | + | 0.528 * 0.8905 | + | 0.404 * 0.9499 | + | 0.892 * 0.9665 | + | 0.115 * 1.6856 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9641 | + | 4.679 * -0.067204 | - | 0.327 * 1.0543 |
| = | -2.71 |
* 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 $894 Mil.
Revenue was 566.302 + 469.193 + 468.934 + 445.016 = $1,949 Mil.
Gross Profit was 276.626 + 205.127 + 199.782 + 181.509 = $863 Mil.
Total Current Assets was $1,353 Mil.
Total Assets was $2,432 Mil.
Property, Plant and Equipment(Net PPE) was $239 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $544 Mil.
Total Current Liabilities was $1,180 Mil.
Long-Term Debt & Capital Lease Obligation was $83 Mil.
Net Income was 61.017 + 6.927 + -2.876 + -11.809 = $53 Mil.
Non Operating Income was -2.87 + -1.731 + -1.003 + -1.949 = $-8 Mil.
Cash Flow from Operations was 161.34 + 19.614 + 1.328 + 41.964 = $224 Mil.
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Total Receivables was $818 Mil.
Revenue was 564.425 + 446.921 + 495.09 + 510.567 = $2,017 Mil.
Gross Profit was 246.594 + 179.607 + 184.975 + 184.024 = $795 Mil.
Total Current Assets was $1,261 Mil.
Total Assets was $2,349 Mil.
Property, Plant and Equipment(Net PPE) was $233 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General, & Admin. Expense(SGA) was $583 Mil.
Total Current Liabilities was $1,080 Mil.
Long-Term Debt & Capital Lease Obligation was $78 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) |
| = | (894.239 / 1949.445) | / | (817.6 / 2017.003) |
| = | 0.458715 | / | 0.405354 |
| | = | 1.1316 |
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) |
| = | (795.2 / 2017.003) | / | (863.044 / 1949.445) |
| = | 0.394248 | / | 0.442713 |
| | = | 0.8905 |
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 - (1352.562 + 238.981) / 2431.919) | / | (1 - (1260.996 + 233.383) / 2348.894) |
| = | 0.345561 | / | 0.363795 |
| | = | 0.9499 |
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 |
| = | 1949.445 | / | 2017.003 |
| | = | 0.9665 |
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)) |
| = | (150.261 / (150.261 + 233.383)) | / | (72.336 / (72.336 + 238.981)) |
| = | 0.391668 | / | 0.232355 |
| | = | 1.6856 |
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) |
| = | (543.537 / 1949.445) | / | (583.326 / 2017.003) |
| = | 0.278816 | / | 0.289204 |
| | = | 0.9641 |
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) |
| = | ((83.051 + 1180.487) / 2431.919) | / | ((77.536 + 1079.993) / 2348.894) |
| = | 0.519564 | / | 0.492797 |
| | = | 1.0543 |
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 |
| = | (53.259 - -7.553 | - | 224.246) | / | 2431.919 |
| | = | -0.067204 |
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.
Criteo has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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