Freedom Holding Beneish M-Score Historical Data
The historical data trend for Freedom Holding'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.
Freedom Holding Beneish M-Score Chart
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Freedom Holding Annual Data
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Trend |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
Mar25 |
| Beneish M-Score |
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-1.12 |
0.11 |
2.32 |
-0.33 |
-2.39 |
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Freedom Holding 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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-0.33 |
-1.96 |
-2.11 |
-2.07 |
-2.39 |
Competitive Comparison of Freedom Holding's Beneish M-Score
For the Financial Conglomerates subindustry, Freedom Holding'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.
Freedom Holding's Beneish M-Score Distribution in the Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, Freedom Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Freedom Holding's Beneish M-Score falls into.
Freedom Holding 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 Freedom Holding 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 * 1.3774 | + | 0.528 * 1.3839 | + | 0.404 * 1.4156 | + | 0.892 * 1.1734 | + | 0.115 * 1.5765 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4808 | + | 4.679 * -0.162747 | - | 0.327 * 1.0227 |
| = | -2.39 |
* 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 $4,966 Mil.
Revenue was 445.781 + 576.443 + 506.906 + 439.382 = $1,969 Mil.
Gross Profit was 166.701 + 300.61 + 283.175 + 254.402 = $1,005 Mil.
Total Current Assets was $9,502 Mil.
Total Assets was $9,914 Mil.
Property, Plant and Equipment(Net PPE) was $231 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $376 Mil.
Total Current Liabilities was $7,215 Mil.
Long-Term Debt & Capital Lease Obligation was $535 Mil.
Net Income was -142.689 + 78.281 + 114.658 + 34.4 = $85 Mil.
Non Operating Income was -6.534 + 4.196 + 8.077 + 11.333 = $17 Mil.
Cash Flow from Operations was 1337.747 + -72.761 + -437.994 + 854.066 = $1,681 Mil.
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Total Receivables was $3,073 Mil.
Revenue was 511.441 + 431.231 + 421.482 + 313.453 = $1,678 Mil.
Gross Profit was 335.286 + 302.341 + 315.882 + 231.625 = $1,185 Mil.
Total Current Assets was $8,075 Mil.
Total Assets was $8,302 Mil.
Property, Plant and Equipment(Net PPE) was $119 Mil.
Depreciation, Depletion and Amortization(DDA) was $15 Mil.
Selling, General, & Admin. Expense(SGA) was $216 Mil.
Total Current Liabilities was $6,034 Mil.
Long-Term Debt & Capital Lease Obligation was $313 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) |
| = | (4966.359 / 1968.512) | / | (3072.839 / 1677.607) |
| = | 2.5229 | / | 1.83168 |
| | = | 1.3774 |
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) |
| = | (1185.134 / 1677.607) | / | (1004.888 / 1968.512) |
| = | 0.706443 | / | 0.510481 |
| | = | 1.3839 |
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 - (9501.884 + 230.931) / 9914.017) | / | (1 - (8075.415 + 119.326) / 8301.93) |
| = | 0.018277 | / | 0.012911 |
| | = | 1.4156 |
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 |
| = | 1968.512 | / | 1677.607 |
| | = | 1.1734 |
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)) |
| = | (14.603 / (14.603 + 119.326)) | / | (17.158 / (17.158 + 230.931)) |
| = | 0.109035 | / | 0.069161 |
| | = | 1.5765 |
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) |
| = | (375.617 / 1968.512) | / | (216.172 / 1677.607) |
| = | 0.190813 | / | 0.128857 |
| | = | 1.4808 |
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) |
| = | ((534.936 + 7215.32) / 9914.017) | / | ((312.514 + 6033.692) / 8301.93) |
| = | 0.781747 | / | 0.764425 |
| | = | 1.0227 |
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 |
| = | (84.65 - 17.072 | - | 1681.058) | / | 9914.017 |
| | = | -0.162747 |
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.
Freedom Holding has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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