Cornerstone OnDemand Beneish M-Score Historical Data
The historical data trend for Cornerstone OnDemand'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.
Cornerstone OnDemand Beneish M-Score Chart
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Cornerstone OnDemand Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-3.11 |
-3.02 |
-3.09 |
-2.92 |
-1.37 |
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Cornerstone OnDemand Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
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-1.08 |
-1.51 |
-1.37 |
-1.51 |
-2.99 |
Competitive Comparison of Cornerstone OnDemand's Beneish M-Score
For the Software - Application subindustry, Cornerstone OnDemand'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.
Cornerstone OnDemand's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Cornerstone OnDemand's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cornerstone OnDemand's Beneish M-Score falls into.
Cornerstone OnDemand 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 Cornerstone OnDemand 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 * 0.6401 | + | 0.528 * 1.0295 | + | 0.404 * 1.0086 | + | 0.892 * 1.3195 | + | 0.115 * 0.5635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9428 | + | 4.679 * -0.096166 | - | 0.327 * 0.9655 |
| = | -2.99 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was $140.8 Mil.
Revenue was 214.343 + 209.273 + 206.924 + 199.498 = $830.0 Mil.
Gross Profit was 153.568 + 148.737 + 144.337 + 134.995 = $581.6 Mil.
Total Current Assets was $370.3 Mil.
Total Assets was $1,989.0 Mil.
Property, Plant and Equipment(Net PPE) was $90.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $144.9 Mil.
Selling, General, & Admin. Expense(SGA) was $406.2 Mil.
Total Current Liabilities was $545.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,120.1 Mil.
Net Income was -0.371 + -12.452 + 1.561 + -15.781 = $-27.0 Mil.
Non Operating Income was -8.825 + -12.523 + -5.62 + -0.397 = $-27.4 Mil.
Cash Flow from Operations was 45.316 + 78.111 + 35.025 + 33.147 = $191.6 Mil.
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Total Receivables was $166.6 Mil.
Revenue was 184.358 + 150.136 + 149.594 + 144.952 = $629.0 Mil.
Gross Profit was 126.358 + 108.212 + 111.428 + 107.785 = $453.8 Mil.
Total Current Assets was $375.9 Mil.
Total Assets was $2,089.3 Mil.
Property, Plant and Equipment(Net PPE) was $122.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $64.7 Mil.
Selling, General, & Admin. Expense(SGA) was $326.5 Mil.
Total Current Liabilities was $515.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,297.1 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) |
| = | (140.751 / 830.038) | / | (166.644 / 629.04) |
| = | 0.169572 | / | 0.264918 |
| | = | 0.6401 |
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) |
| = | (453.783 / 629.04) | / | (581.637 / 830.038) |
| = | 0.72139 | / | 0.700735 |
| | = | 1.0295 |
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 - (370.261 + 90.776) / 1989.032) | / | (1 - (375.899 + 122.089) / 2089.294) |
| = | 0.76821 | / | 0.761648 |
| | = | 1.0086 |
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 |
| = | 830.038 | / | 629.04 |
| | = | 1.3195 |
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)) |
| = | (64.724 / (64.724 + 122.089)) | / | (144.936 / (144.936 + 90.776)) |
| = | 0.346464 | / | 0.614886 |
| | = | 0.5635 |
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) |
| = | (406.151 / 830.038) | / | (326.466 / 629.04) |
| = | 0.489316 | / | 0.518991 |
| | = | 0.9428 |
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) |
| = | ((1120.129 + 545.489) / 1989.032) | / | ((1297.084 + 514.986) / 2089.294) |
| = | 0.837401 | / | 0.867312 |
| | = | 0.9655 |
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 |
| = | (-27.043 - -27.365 | - | 191.599) | / | 1989.032 |
| | = | -0.096166 |
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.
Cornerstone OnDemand has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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