Pegasystems Beneish M-Score Historical Data
The historical data trend for Pegasystems'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.
Pegasystems Beneish M-Score Chart
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Pegasystems Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.68 |
-2.71 |
-3.58 |
-2.82 |
-3.10 |
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Pegasystems Quarterly Data
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
| Beneish M-Score |
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-2.95 |
-3.01 |
-3.10 |
-2.77 |
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Competitive Comparison of Pegasystems's Beneish M-Score
For the Software - Application subindustry, Pegasystems'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.
Pegasystems's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Pegasystems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pegasystems's Beneish M-Score falls into.
Pegasystems 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 Pegasystems 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 * 0.9395 | + | 0.528 * 0.9907 | + | 0.404 * 1.2347 | + | 0.892 * 1.1247 | + | 0.115 * 1.1768 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9594 | + | 4.679 * -0.145684 | - | 0.327 * 0.7097 |
| = | -2.89 |
* 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 (Jun25) TTM: | Last Year (Jun24) TTM: |
Total Receivables was $385 Mil.
Revenue was 384.512 + 475.633 + 490.83 + 325.05 = $1,676 Mil.
Gross Profit was 274.938 + 373.183 + 388.475 + 228.344 = $1,265 Mil.
Total Current Assets was $846 Mil.
Total Assets was $1,324 Mil.
Property, Plant and Equipment(Net PPE) was $102 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General, & Admin. Expense(SGA) was $682 Mil.
Total Current Liabilities was $600 Mil.
Long-Term Debt & Capital Lease Obligation was $65 Mil.
Net Income was 30.077 + 85.422 + 119.09 + -14.39 = $220 Mil.
Non Operating Income was 4.765 + -4.998 + 4.778 + -7.579 = $-3 Mil.
Cash Flow from Operations was 86.268 + 204.228 + 95.229 + 30.454 = $416 Mil.
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Total Receivables was $364 Mil.
Revenue was 351.153 + 330.147 + 474.233 + 334.643 = $1,490 Mil.
Gross Profit was 254.207 + 235.489 + 383.587 + 240.88 = $1,114 Mil.
Total Current Assets was $1,072 Mil.
Total Assets was $1,537 Mil.
Property, Plant and Equipment(Net PPE) was $110 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General, & Admin. Expense(SGA) was $632 Mil.
Total Current Liabilities was $1,017 Mil.
Long-Term Debt & Capital Lease Obligation was $70 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) |
| = | (385.055 / 1676.025) | / | (364.392 / 1490.176) |
| = | 0.229743 | / | 0.24453 |
| | = | 0.9395 |
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) |
| = | (1114.163 / 1490.176) | / | (1264.94 / 1676.025) |
| = | 0.747672 | / | 0.754726 |
| | = | 0.9907 |
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 - (845.624 + 101.642) / 1324.417) | / | (1 - (1071.655 + 110.483) / 1536.532) |
| = | 0.284768 | / | 0.230645 |
| | = | 1.2347 |
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 |
| = | 1676.025 | / | 1490.176 |
| | = | 1.1247 |
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)) |
| = | (41.761 / (41.761 + 110.483)) | / | (30.893 / (30.893 + 101.642)) |
| = | 0.274303 | / | 0.233093 |
| | = | 1.1768 |
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) |
| = | (682.041 / 1676.025) | / | (632.096 / 1490.176) |
| = | 0.40694 | / | 0.424175 |
| | = | 0.9594 |
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) |
| = | ((65.191 + 599.618) / 1324.417) | / | ((70.202 + 1016.566) / 1536.532) |
| = | 0.501964 | / | 0.707286 |
| | = | 0.7097 |
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 |
| = | (220.199 - -3.034 | - | 416.179) | / | 1324.417 |
| | = | -0.145684 |
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.
Pegasystems has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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