Jack Henry & Associates Beneish M-Score Historical Data
The historical data trend for Jack Henry & Associates'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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Jack Henry & Associates Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.79 |
-2.89 |
-2.79 |
-2.73 |
-2.49 |
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Jack Henry & Associates 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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-2.77 |
-2.56 |
-2.49 |
-2.40 |
-2.49 |
Competitive Comparison
For the Information Technology Services subindustry, Jack Henry & Associates'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.
Jack Henry & Associates Beneish M-Score Distribution
For the Software industry and Technology sector, Jack Henry & Associates's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jack Henry & Associates's Beneish M-Score falls into.
Jack Henry & Associates 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 Jack Henry & Associates 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 * 1.0143 | + | 0.528 * 0.9904 | + | 0.404 * 0.98 | + | 0.892 * 1.0826 | + | 0.115 * 0.968 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1061 | + | 4.679 * -0.020535 | - | 0.327 * 0.9039 |
| = | -2.49 |
* 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 $271 Mil.
Revenue was 545.701 + 571.368 + 534.633 + 508.552 = $2,160 Mil.
Gross Profit was 224.722 + 248.366 + 225.766 + 201.207 = $900 Mil.
Total Current Assets was $554 Mil.
Total Assets was $2,754 Mil.
Property, Plant and Equipment(Net PPE) was $205 Mil.
Depreciation, Depletion and Amortization(DDA) was $196 Mil.
Selling, General, & Admin. Expense(SGA) was $270 Mil.
Total Current Liabilities was $404 Mil.
Long-Term Debt & Capital Lease Obligation was $255 Mil.
Net Income was 91.965 + 101.679 + 97.773 + 81.549 = $373 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 81.533 + 157.139 + 174.528 + 16.32 = $430 Mil.
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Total Receivables was $246 Mil.
Revenue was 505.314 + 529.202 + 482.672 + 478.26 = $1,995 Mil.
Gross Profit was 200.725 + 230.941 + 195.857 + 195.921 = $823 Mil.
Total Current Assets was $469 Mil.
Total Assets was $2,578 Mil.
Property, Plant and Equipment(Net PPE) was $203 Mil.
Depreciation, Depletion and Amortization(DDA) was $183 Mil.
Selling, General, & Admin. Expense(SGA) was $226 Mil.
Total Current Liabilities was $408 Mil.
Long-Term Debt & Capital Lease Obligation was $275 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) |
| = | (270.551 / 2160.254) | / | (246.378 / 1995.448) |
| = | 0.12524 | / | 0.12347 |
| | = | 1.0143 |
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) |
| = | (823.444 / 1995.448) | / | (900.061 / 2160.254) |
| = | 0.412661 | / | 0.416646 |
| | = | 0.9904 |
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 - (554.267 + 204.846) / 2753.976) | / | (1 - (469.228 + 203.36) / 2578.277) |
| = | 0.724357 | / | 0.739133 |
| | = | 0.98 |
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 |
| = | 2160.254 | / | 1995.448 |
| | = | 1.0826 |
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)) |
| = | (182.883 / (182.883 + 203.36)) | / | (196.145 / (196.145 + 204.846)) |
| = | 0.473492 | / | 0.489151 |
| | = | 0.968 |
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) |
| = | (270.312 / 2160.254) | / | (225.744 / 1995.448) |
| = | 0.12513 | / | 0.113129 |
| | = | 1.1061 |
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) |
| = | ((255 + 404.024) / 2753.976) | / | ((275 + 407.537) / 2578.277) |
| = | 0.239299 | / | 0.264726 |
| | = | 0.9039 |
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 |
| = | (372.966 - 0 | - | 429.52) | / | 2753.976 |
| | = | -0.020535 |
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.
Jack Henry & Associates has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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