ICF International Beneish M-Score Historical Data
The historical data trend for ICF International'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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ICF International Annual Data
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|
Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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|
|
|
|
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-2.49 |
-3.06 |
-2.18 |
-2.32 |
-2.97 |
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ICF International Quarterly Data
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Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
| Beneish M-Score |
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|
|
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|
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-2.93 |
-2.97 |
-2.94 |
-2.71 |
-2.73 |
Competitive Comparison
For the Consulting Services subindustry, ICF International'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.
ICF International Beneish M-Score Distribution
For the Business Services industry and Industrials sector, ICF International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ICF International's Beneish M-Score falls into.
ICF International 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 ICF International 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 * 0.8589 | + | 0.528 * 1.0056 | + | 0.404 * 1.0064 | + | 0.892 * 1.0886 | + | 0.115 * 0.7987 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9754 | + | 4.679 * -0.0434 | - | 0.327 * 0.9347 |
| = | -2.73 |
* 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 $215 Mil.
Revenue was 394.06 + 392.525 + 378.478 + 434.335 = $1,599 Mil.
Gross Profit was 139.885 + 145.879 + 146.396 + 139.24 = $571 Mil.
Total Current Assets was $449 Mil.
Total Assets was $1,606 Mil.
Property, Plant and Equipment(Net PPE) was $156 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $425 Mil.
Total Current Liabilities was $382 Mil.
Long-Term Debt & Capital Lease Obligation was $357 Mil.
Net Income was 20.39 + 20.312 + 18.351 + 12.82 = $72 Mil.
Non Operating Income was 0.081 + -0.046 + -0.417 + -0.86 = $-1 Mil.
Cash Flow from Operations was 58.422 + 1.38 + 4.961 + 77.974 = $143 Mil.
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Accounts Receivable was $230 Mil.
Revenue was 360.315 + 353.987 + 358.238 + 396.636 = $1,469 Mil.
Gross Profit was 137.027 + 130.58 + 127.622 + 132.609 = $528 Mil.
Total Current Assets was $411 Mil.
Total Assets was $1,607 Mil.
Property, Plant and Equipment(Net PPE) was $201 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $400 Mil.
Total Current Liabilities was $306 Mil.
Long-Term Debt & Capital Lease Obligation was $486 Mil.
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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) |
| = | (215.323 / 1599.398) | / | (230.277 / 1469.176) |
| = | 0.13462753 | / | 0.15673888 |
| | = | 0.8589 |
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) |
| = | (527.838 / 1469.176) | / | (571.4 / 1599.398) |
| = | 0.35927486 | / | 0.35725942 |
| | = | 1.0056 |
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 - (448.537 + 155.525) / 1605.613) | / | (1 - (410.579 + 200.602) / 1607.471) |
| = | 0.62378107 | / | 0.61978723 |
| | = | 1.0064 |
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 |
| = | 1599.398 | / | 1469.176 |
| | = | 1.0886 |
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)) |
| = | (31.876 / (31.876 + 200.602)) | / | (32.231 / (32.231 + 155.525)) |
| = | 0.13711405 | / | 0.17166429 |
| | = | 0.7987 |
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) |
| = | (425.063 / 1599.398) | / | (400.313 / 1469.176) |
| = | 0.26576437 | / | 0.2724745 |
| | = | 0.9754 |
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) |
| = | ((357.264 + 382.177) / 1605.613) | / | ((486.254 + 305.747) / 1607.471) |
| = | 0.46053501 | / | 0.49270002 |
| | = | 0.9347 |
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 |
| = | (71.873 - -1.242 | - | 142.737) | / | 1605.613 |
| | = | -0.0434 |
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.
ICF International has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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