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Intuit Beneish M-Score

: -3.02 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

Intuit has a M-score of -3.02 suggests that the company is not a manipulator.

NAS:INTU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.91   Med: -2.81   Max: -1.75
Current: -3.02

-3.91
-1.75

During the past 13 years, the highest Beneish M-Score of Intuit was -1.75. The lowest was -3.91. And the median was -2.81.


Intuit Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Intuit Annual Data
Jul10 Jul11 Jul12 Jul13 Jul14 Jul15 Jul16 Jul17 Jul18 Jul19
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.80 -2.90 -3.16 -3.18 -3.15

Intuit Quarterly Data
Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20
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 -3.17 -3.15 -2.78 -2.90 -3.02

Competitive Comparison
* 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.


Intuit Beneish M-Score Distribution

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



Intuit 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 Intuit 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 * 0.8111+0.528 * 1.0341+0.404 * 0.9233+0.892 * 1.0305+0.115 * 1.1658
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.019+4.679 * -0.0851-0.327 * 0.986
=-3.02

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Apr20) TTM:Last Year (Apr19) TTM:
Accounts Receivable was USD 219 Mil.
Revenue was 3002 + 1696 + 1165 + 994 = USD 6,857 Mil.
Gross Profit was 2576 + 1356 + 875 + 713 = USD 5,520 Mil.
Total Current Assets was USD 4,862 Mil.
Total Assets was USD 7,764 Mil.
Property, Plant and Equipment(Net PPE) was USD 965 Mil.
Depreciation, Depletion and Amortization(DDA) was USD 227 Mil.
Selling, General, & Admin. Expense(SGA) was USD 2,641 Mil.
Total Current Liabilities was USD 2,713 Mil.
Long-Term Debt & Capital Lease Obligation was USD 263 Mil.
Net Income was 1084 + 240 + 57 + -44 = USD 1,337 Mil.
Non Operating Income was -13 + 4 + 2 + 0 = USD -7 Mil.
Cash Flow from Operations was 1937 + 317 + -127 + -122 = USD 2,005 Mil.
Accounts Receivable was USD 262 Mil.
Revenue was 3272 + 1502 + 1016 + 864 = USD 6,654 Mil.
Gross Profit was 2918 + 1217 + 769 + 635 = USD 5,539 Mil.
Total Current Assets was USD 4,249 Mil.
Total Assets was USD 6,917 Mil.
Property, Plant and Equipment(Net PPE) was USD 799 Mil.
(DDA) was USD 228 Mil.
Selling, General, & Admin. Expense(SGA) was USD 2,515 Mil.
Total Current Liabilities was USD 2,291 Mil.
Long-Term Debt & Capital Lease Obligation was USD 398 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)
=(219 / 6857) / (262 / 6654)
=0.03193817 / 0.03937481
=0.8111

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)
=(5539 / 6654) / (5520 / 6857)
=0.83243162 / 0.80501677
=1.0341

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 - (4862 + 965) / 7764) / (1 - (4249 + 799) / 6917)
=0.2494848 / 0.27020385
=0.9233

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
=6857 / 6654
=1.0305

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))
=(228 / (228 + 799)) / (227 / (227 + 965))
=0.22200584 / 0.19043624
=1.1658

6. SGAI = Sales, General and Administrative expenses Index

The ratio of c 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)
=(2641 / 6857) / (2515 / 6654)
=0.38515386 / 0.37796814
=1.019

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$sgai= in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((263 + 2713) / 7764) / ((398 + 2291) / 6917)
=0.38330757 / 0.38875235
=0.986

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
=(1337 - -7 - 2005) / 7764
=-0.0851

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Intuit has a M-score of -3.02 suggests that the company will not be a manipulator.


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