Jamf Holding Beneish M-Score Historical Data
The historical data trend for Jamf 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.
Jamf Holding Beneish M-Score Chart
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Jamf Holding Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.32 |
-3.17 |
-3.11 |
-2.75 |
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Jamf Holding 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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-3.11 |
-3.09 |
-2.97 |
-2.93 |
-2.75 |
Competitive Comparison of Jamf Holding's Beneish M-Score
For the Software - Application subindustry, Jamf 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.
Jamf Holding's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Jamf Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jamf Holding's Beneish M-Score falls into.
Jamf 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 Jamf 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 * 1.0486 | + | 0.528 * 0.9688 | + | 0.404 * 0.9728 | + | 0.892 * 1.1708 | + | 0.115 * 0.9614 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9395 | + | 4.679 * -0.092103 | - | 0.327 * 1.0466 |
| = | -2.75 |
* 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 $108.2 Mil.
Revenue was 150.645 + 142.625 + 135.089 + 132.212 = $560.6 Mil.
Gross Profit was 117.455 + 110.386 + 104.206 + 102.465 = $434.5 Mil.
Total Current Assets was $402.6 Mil.
Total Assets was $1,589.7 Mil.
Property, Plant and Equipment(Net PPE) was $15.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.3 Mil.
Selling, General, & Admin. Expense(SGA) was $383.9 Mil.
Total Current Liabilities was $422.2 Mil.
Long-Term Debt & Capital Lease Obligation was $367.0 Mil.
Net Income was -17.41 + -32.277 + -36.199 + -24.2 = $-110.1 Mil.
Non Operating Income was 1.911 + -2.647 + 0.494 + 0.604 = $0.4 Mil.
Cash Flow from Operations was 15.919 + 33.276 + 11.569 + -24.8 = $36.0 Mil.
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Total Receivables was $88.2 Mil.
Revenue was 130.323 + 124.557 + 115.638 + 108.258 = $478.8 Mil.
Gross Profit was 99.91 + 93.362 + 86.246 + 80.031 = $359.5 Mil.
Total Current Assets was $351.0 Mil.
Total Assets was $1,529.5 Mil.
Property, Plant and Equipment(Net PPE) was $19.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.8 Mil.
Selling, General, & Admin. Expense(SGA) was $349.0 Mil.
Total Current Liabilities was $361.0 Mil.
Long-Term Debt & Capital Lease Obligation was $364.5 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) |
| = | (108.24 / 560.571) | / | (88.163 / 478.776) |
| = | 0.193089 | / | 0.184142 |
| | = | 1.0486 |
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) |
| = | (359.549 / 478.776) | / | (434.512 / 560.571) |
| = | 0.750975 | / | 0.775124 |
| | = | 0.9688 |
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 - (402.634 + 15.184) / 1589.652) | / | (1 - (351.046 + 19.421) / 1529.542) |
| = | 0.737164 | / | 0.757792 |
| | = | 0.9728 |
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 |
| = | 560.571 | / | 478.776 |
| | = | 1.1708 |
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)) |
| = | (54.83 / (54.83 + 19.421)) | / | (50.298 / (50.298 + 15.184)) |
| = | 0.738441 | / | 0.768119 |
| | = | 0.9614 |
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) |
| = | (383.933 / 560.571) | / | (349.029 / 478.776) |
| = | 0.684896 | / | 0.729003 |
| | = | 0.9395 |
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) |
| = | ((366.999 + 422.15) / 1589.652) | / | ((364.505 + 360.968) / 1529.542) |
| = | 0.496429 | / | 0.474307 |
| | = | 1.0466 |
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 |
| = | (-110.086 - 0.362 | - | 35.964) | / | 1589.652 |
| | = | -0.092103 |
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.
Jamf Holding has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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