Alphabet(Google) Beneish M-Score Historical Data
The historical data trend for Alphabet(Google)'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.
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Alphabet(Google) Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.73 |
-2.79 |
-2.50 |
-2.72 |
-2.58 |
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Alphabet(Google) 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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|
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|
|
|
|
|
|
|
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|
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-2.72 |
-2.74 |
-2.79 |
-2.76 |
-2.58 |
Competitive Comparison
For the Internet Content & Information subindustry, Alphabet(Google)'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.
Alphabet(Google) Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, Alphabet(Google)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alphabet(Google)'s Beneish M-Score falls into.
Alphabet(Google) 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 Alphabet(Google) 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 * 1.0962 | + | 0.528 * 0.978 | + | 0.404 * 1.0191 | + | 0.892 * 1.0868 | + | 0.115 * 1.2874 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9647 | + | 4.679 * -0.064161 | - | 0.327 * 1.0114 |
| = | -2.58 |
* 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 $47,964 Mil.
Revenue was 86310 + 76693 + 74604 + 69787 = $307,394 Mil.
Gross Profit was 48735 + 43464 + 42688 + 39175 = $174,062 Mil.
Total Current Assets was $171,530 Mil.
Total Assets was $402,392 Mil.
Property, Plant and Equipment(Net PPE) was $148,436 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,946 Mil.
Selling, General, & Admin. Expense(SGA) was $44,342 Mil.
Total Current Liabilities was $81,814 Mil.
Long-Term Debt & Capital Lease Obligation was $25,713 Mil.
Net Income was 20687 + 19689 + 18368 + 15051 = $73,795 Mil.
Non Operating Income was -326 + -1096 + -784 + 73 = $-2,133 Mil.
Cash Flow from Operations was 18915 + 30656 + 28666 + 23509 = $101,746 Mil.
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Total Receivables was $40,258 Mil.
Revenue was 76048 + 69092 + 69685 + 68011 = $282,836 Mil.
Gross Profit was 40706 + 37934 + 39581 + 38412 = $156,633 Mil.
Total Current Assets was $164,795 Mil.
Total Assets was $365,264 Mil.
Property, Plant and Equipment(Net PPE) was $127,049 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,475 Mil.
Selling, General, & Admin. Expense(SGA) was $42,291 Mil.
Total Current Liabilities was $69,300 Mil.
Long-Term Debt & Capital Lease Obligation was $27,202 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) |
| = | (47964 / 307394) | / | (40258 / 282836) |
| = | 0.156034 | / | 0.142337 |
| | = | 1.0962 |
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) |
| = | (156633 / 282836) | / | (174062 / 307394) |
| = | 0.553794 | / | 0.56625 |
| | = | 0.978 |
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 - (171530 + 148436) / 402392) | / | (1 - (164795 + 127049) / 365264) |
| = | 0.20484 | / | 0.201005 |
| | = | 1.0191 |
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 |
| = | 307394 | / | 282836 |
| | = | 1.0868 |
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)) |
| = | (13475 / (13475 + 127049)) | / | (11946 / (11946 + 148436)) |
| = | 0.095891 | / | 0.074485 |
| | = | 1.2874 |
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) |
| = | (44342 / 307394) | / | (42291 / 282836) |
| = | 0.144251 | / | 0.149525 |
| | = | 0.9647 |
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) |
| = | ((25713 + 81814) / 402392) | / | ((27202 + 69300) / 365264) |
| = | 0.26722 | / | 0.264198 |
| | = | 1.0114 |
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 |
| = | (73795 - -2133 | - | 101746) | / | 402392 |
| | = | -0.064161 |
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.
Alphabet(Google) has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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