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Huron Consulting Group Beneish M-Score

: -2.23 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Huron Consulting Group's Beneish M-Score or its related term are showing as below:

NAS:HURN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.67   Max: -0.47
Current: -2.23

-3.37
-0.47

During the past 13 years, the highest Beneish M-Score of Huron Consulting Group was -0.47. The lowest was -3.37. And the median was -2.67.


Huron Consulting Group Beneish M-Score Historical Data

The historical data trend for Huron Consulting Group'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.

* Premium members only.

Huron Consulting Group Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.64 -2.55 -2.70 -2.74 -3.06

Huron Consulting Group Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.03 -3.06 -2.83 -2.56 -2.23

Competitive Comparison

For the Consulting Services subindustry, Huron Consulting Group'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.

   

Huron Consulting Group Beneish M-Score Distribution

For the Business Services industry and Industrials sector, Huron Consulting Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Huron Consulting Group's Beneish M-Score falls into.



Huron Consulting Group 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 Huron Consulting Group 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 * 1.2599+0.528 * 1.0225+0.404 * 1.0431+0.892 * 0.9354+0.115 * 0.9497
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0317+4.679 * 0.0109-0.327 * 1.0076
=-2.23

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Accounts Receivable was $111.5 Mil.
Revenue was 227.697 + 233.378 + 205.147 + 200.101 = $866.3 Mil.
Gross Profit was 69.881 + 68.536 + 55.029 + 57.071 = $250.5 Mil.
Total Current Assets was $233.3 Mil.
Total Assets was $1,050.0 Mil.
Property, Plant and Equipment(Net PPE) was $68.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.0 Mil.
Selling, General, & Admin. Expense(SGA) was $172.3 Mil.
Total Current Liabilities was $156.4 Mil.
Long-Term Debt & Capital Lease Obligation was $319.2 Mil.
Net Income was 13.727 + 12.797 + 5.405 + -6.137 = $25.8 Mil.
Non Operating Income was -2.127 + 1.29 + -0.25 + -15.164 = $-16.3 Mil.
Cash Flow from Operations was 33.764 + 20.784 + -82.754 + 58.753 = $30.5 Mil.
Accounts Receivable was $94.6 Mil.
Revenue was 208.164 + 220.827 + 241.922 + 255.199 = $926.1 Mil.
Gross Profit was 59.865 + 68.447 + 66.285 + 79.24 = $273.8 Mil.
Total Current Assets was $259.8 Mil.
Total Assets was $1,090.7 Mil.
Property, Plant and Equipment(Net PPE) was $85.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.5 Mil.
Selling, General, & Admin. Expense(SGA) was $178.5 Mil.
Total Current Liabilities was $175.1 Mil.
Long-Term Debt & Capital Lease Obligation was $315.2 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(111.548 / 866.323) / (94.644 / 926.112)
=0.12876029 / 0.10219498
=1.2599

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)
=(273.837 / 926.112) / (250.517 / 866.323)
=0.29568454 / 0.28917275
=1.0225

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 - (233.343 + 68.021) / 1049.984) / (1 - (259.832 + 85.378) / 1090.681)
=0.71298229 / 0.68349132
=1.0431

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
=866.323 / 926.112
=0.9354

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))
=(31.506 / (31.506 + 85.378)) / (26.956 / (26.956 + 68.021))
=0.2695493 / 0.28381608
=0.9497

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)
=(172.298 / 866.323) / (178.526 / 926.112)
=0.19888425 / 0.19276934
=1.0317

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)
=((319.235 + 156.405) / 1049.984) / ((315.235 + 175.126) / 1090.681)
=0.45299738 / 0.44959159
=1.0076

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
=(25.792 - -16.251 - 30.547) / 1049.984
=0.0109

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.

Huron Consulting Group has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.


Huron Consulting Group Beneish M-Score Related Terms

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Huron Consulting Group Business Description

Huron Consulting Group logo
Industry
Industrials » Business Services NAICS : 541611 SIC : 8742
Traded in Other Exchanges
Address
550 West Van Buren Street, Chicago, IL, USA, 60607
Huron Consulting Group Inc is a professional services firm. The company provides expertise in strategy, technology, operations, advisory services, & analytics through three operating segments namely Healthcare, Education, and Business Advisory. Healthcare segment helps the firms to transform and innovate the delivery model to focus on patient wellness by improving quality outcomes, minimizing care variation and fundamentally improving patient and population health, Education segment provides management consulting and technology solutions, and Business Advisory segment provides services to large and middle-market organizations, not-for-profit organizations, and private equity firms. It generates a majority of its revenue from the Healthcare Segment.
Executives
Zumwalt Debra director 149 COMMONWEALTH DRIVE MENLO PARK CA 94025
Roth James H director, officer: CEO HURON CONSULTING GROUP 550 WEST VAN BUREN STREET CHICAGO IL 60607
Hussey C. Mark officer: President and COO 550 WEST VAN BUREN STREET CHICAGO IL 60607
Mccartney John director US ROBOTICS INC 8100 MCCORMICK BLVD SKOKIE IL 60076
Featherstone Kyle officer: Controller 550 W. VAN BUREN 17TH FLOOR CHICAGO IL 60607
Lockhart H Eugene director OAK HILL FARM, P.O. BOX 489 4125 LOUISA ROAD KESWICK VA 22947
Sawyer Hugh E Iii director 1806 BALLY BUNION DRIVE DECATUR GA 30097
Singh-bushell Ekta director 9197 S. PEORIA ST. ENGLEWOOD CO 80112
Torain Ernest W. Jr. officer: EVP, Gen. Counsel & Corp.Sec. 550 W. VAN BUREN 17TH FLOOR CHICAGO IL 60607
Massaro George director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: MASSARO GEORGE a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Kelly John D. officer: EVP, CFO and Treasurer 555 WEST VAN BUREN STREET CHICAGO IL 60607
Wong Ellen officer: Chief Accounting Officer 550 WEST VAN BUREN STREET CHICAGO IL 60607
Ratekin Diane E. officer: EVP, Gen. Counsel, & Corp.Sec. 550 WEST VAN BUREN STREET CHICAGO IL 60607
Moody John S director MARSH MCLENNAN REALTY ADVISORS 1166 AVENUE OF THE AMERICAS NEW YORK NY 10036
Edwards James D director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: EDWARDS JAMES D a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}

Huron Consulting Group Headlines

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