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Manhattan Associates Beneish M-Score

: -2.83 (As of Today)
View and export this data going back to 1998. Start your Free Trial

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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MANH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78   Med: -2.76   Max: 0.27
Current: -2.83

During the past 13 years, the highest Beneish M-Score of Manhattan Associates was 0.27. The lowest was -3.78. And the median was -2.76.


Manhattan Associates Beneish M-Score Historical Data

The historical data trend for Manhattan 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.

* Premium members only.

Manhattan Associates Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.22 -2.94 -3.09 -2.98 -3.06

Manhattan Associates Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
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 -3.39 -3.14 -3.12 -3.06 -2.83

Competitive Comparison

For the Software - Application subindustry, Manhattan 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.

   

Manhattan Associates Beneish M-Score Distribution

For the Software industry and Technology sector, Manhattan Associates's Beneish M-Score distribution charts can be found below:

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



Manhattan 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 Manhattan 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 * 1.0677+0.528 * 0.9842+0.404 * 1.0408+0.892 * 1.1636+0.115 * 0.9803
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9861+4.679 * -0.116-0.327 * 1.0708
=-2.83

* 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 (Mar22) TTM:Last Year (Mar21) TTM:
Accounts Receivable was $132.0 Mil.
Revenue was 178.956 + 171.494 + 169.185 + 166.114 = $685.7 Mil.
Gross Profit was 95.529 + 89.863 + 97.682 + 95.486 = $378.6 Mil.
Total Current Assets was $377.3 Mil.
Total Assets was $511.8 Mil.
Property, Plant and Equipment(Net PPE) was $38.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.5 Mil.
Selling, General, & Admin. Expense(SGA) was $127.3 Mil.
Total Current Liabilities was $257.0 Mil.
Long-Term Debt & Capital Lease Obligation was $21.2 Mil.
Net Income was 30.592 + 20.582 + 36.654 + 30.593 = $118.4 Mil.
Non Operating Income was 0.738 + -0.3 + -0.042 + 0.306 = $0.7 Mil.
Cash Flow from Operations was 31.792 + 40.103 + 59.685 + 45.51 = $177.1 Mil.
Accounts Receivable was $106.3 Mil.
Revenue was 156.85 + 147.082 + 149.757 + 135.63 = $589.3 Mil.
Gross Profit was 82.785 + 80.25 + 84.558 + 72.605 = $320.2 Mil.
Total Current Assets was $330.1 Mil.
Total Assets was $458.5 Mil.
Property, Plant and Equipment(Net PPE) was $46.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.7 Mil.
Selling, General, & Admin. Expense(SGA) was $111.0 Mil.
Total Current Liabilities was $206.7 Mil.
Long-Term Debt & Capital Lease Obligation was $26.1 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)
=(132.038 / 685.749) / (106.274 / 589.319)
=0.19254567 / 0.18033357
=1.0677

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)
=(320.198 / 589.319) / (378.56 / 685.749)
=0.54333561 / 0.55203872
=0.9842

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 - (377.27 + 38.757) / 511.754) / (1 - (330.051 + 46.065) / 458.528)
=0.18705667 / 0.17973166
=1.0408

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
=685.749 / 589.319
=1.1636

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))
=(8.735 / (8.735 + 46.065)) / (7.526 / (7.526 + 38.757))
=0.15939781 / 0.1626083
=0.9803

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)
=(127.331 / 685.749) / (110.965 / 589.319)
=0.18568164 / 0.18829361
=0.9861

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)
=((21.247 + 257.048) / 511.754) / ((26.132 + 206.738) / 458.528)
=0.5438062 / 0.5078643
=1.0708

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
=(118.421 - 0.702 - 177.09) / 511.754
=-0.116

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.

Manhattan Associates has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.


Manhattan Associates Beneish M-Score Related Terms

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Manhattan Associates Business Description

Manhattan Associates logo
Industry
Technology » Software NAICS : 511210 SIC : 7372
Traded in Other Exchanges
Address
2300 Windy Ridge Parkway, Tenth Floor, Atlanta, GA, USA, 30339
Manhattan Associates provides software that helps users manage their supply chains, inventory, and omnichannel operations. Customers are generally retailers, wholesalers, manufacturers, and logistics providers. The company was founded in 1990 and serves more than 1,200 customers around the world.
Executives
Eger Edmond director 135 CHEROKEE WAY PORTOLA VALLEY CA 94028
Richards Bruce officer: Sr. V.P. & Chief Legal Officer 190 NORTHLAND RIDGE TRAIL ATLANTA GA 30342
Howell Robert G officer: Sr VP, Americas Sales 2300 WINDY RIDGE PARKWAY 10TH FLOOR ATLANTA GA 30339
Huntz John J Jr director 1201 W PEACHTREE STREET NW STE 5000 ATLANTA GA 30309
Noonan Thomas E director C/O INTERNET SECURITY SYSTEM INC 6303 BARFIELD RD ATLANTA GA 30328
Hollembaek Linda T. director 2300 WINDY RIDGE PARKWAY TENTH FLOOR ATLANTA GA 30339
Raghavan Deepak director 2300 WINDY RIDGE PARKWAY SUITE 700 ATLANTA GA 30339
Moran Charles E director 2300 WINDY RIDGE PARKWAY 10TH FLOOR ATLANTA GA 30339
Story Dennis B officer: EVP, CFO & Treasurer PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: STORY DENNIS B 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;}
Capel Eddie director, officer: President & CEO 2300 WINDY RIDGE PARKWAY, SUITE 1000 ATLANTA GA 30339
Pinne Linda C. officer: Sr VP, Global Corp Controller 2300 WINDY RIDGE PARKWAY TENTH FLOOR ATLANTA GA 30339
Heyman John H director 3925 BROOKSIDE PARKWAY ALPHARETTA GA 30022
Cassidy Brian J director MEENTSESTREAST 81 NL 6987 GLESBEEK NETHERLANDS P7 0000
Lautenbach Dan J director 106 COSTA BELLA COVE AUSTIN TX 78734
Sinisgalli Peter F director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SINISGALLI PETER F 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;}

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