Pagaya Technologies Beneish M-Score Historical Data
The historical data trend for Pagaya Technologies'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.
Pagaya Technologies Beneish M-Score Chart
|
Pagaya Technologies Annual Data
|
|
Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
- |
- |
- |
-2.31 |
-2.31 |
|
Pagaya Technologies Quarterly Data
|
|
Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
-2.12 |
-2.41 |
-2.30 |
-2.31 |
-2.20 |
Competitive Comparison of Pagaya Technologies's Beneish M-Score
For the Software - Infrastructure subindustry, Pagaya Technologies'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.
Pagaya Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Pagaya Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pagaya Technologies's Beneish M-Score falls into.
Pagaya Technologies 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 Pagaya Technologies 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 * 1.0364 | + | 0.528 * 0.8941 | + | 0.404 * 1 | + | 0.892 * 1.2584 | + | 0.115 * 0.6248 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.833 | + | 4.679 * 0.040153 | - | 0.327 * 1.2988 |
| = | -2.20 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $123 Mil.
Revenue was 282.704 + 275.669 + 249.283 + 242.594 = $1,050 Mil.
Gross Profit was 115.621 + 117.465 + 100.318 + 96.992 = $430 Mil.
Total Current Assets was $356 Mil.
Total Assets was $1,278 Mil.
Property, Plant and Equipment(Net PPE) was $72 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $274 Mil.
Total Current Liabilities was $199 Mil.
Long-Term Debt & Capital Lease Obligation was $536 Mil.
Net Income was 7.893 + -237.922 + -67.476 + -74.785 = $-372 Mil.
Non Operating Income was -48.124 + -276.174 + -108.923 + -73.637 = $-507 Mil.
Cash Flow from Operations was 34.427 + 32.063 + -1.504 + 18.252 = $83 Mil.
|
Total Receivables was $94 Mil.
Revenue was 237.004 + 210.428 + 201.447 + 185.685 = $835 Mil.
Gross Profit was 92.123 + 75.946 + 72.655 + 65.072 = $306 Mil.
Total Current Assets was $399 Mil.
Total Assets was $1,483 Mil.
Property, Plant and Equipment(Net PPE) was $96 Mil.
Depreciation, Depletion and Amortization(DDA) was $22 Mil.
Selling, General, & Admin. Expense(SGA) was $261 Mil.
Total Current Liabilities was $169 Mil.
Long-Term Debt & Capital Lease Obligation was $487 Mil.
|
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) |
| = | (123.205 / 1050.25) | / | (94.46 / 834.564) |
| = | 0.11731 | / | 0.113185 |
| | = | 1.0364 |
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) |
| = | (305.796 / 834.564) | / | (430.396 / 1050.25) |
| = | 0.366414 | / | 0.409803 |
| | = | 0.8941 |
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 - (355.563 + 71.506) / 1278.365) | / | (1 - (399.094 + 96.388) / 1483.187) |
| = | 0.665926 | / | 0.665934 |
| | = | 1 |
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 |
| = | 1050.25 | / | 834.564 |
| | = | 1.2584 |
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)) |
| = | (21.928 / (21.928 + 96.388)) | / | (30.158 / (30.158 + 71.506)) |
| = | 0.185334 | / | 0.296644 |
| | = | 0.6248 |
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) |
| = | (273.637 / 1050.25) | / | (261.023 / 834.564) |
| = | 0.260545 | / | 0.312766 |
| | = | 0.833 |
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) |
| = | ((536.359 + 198.695) / 1278.365) | / | ((487.238 + 169.384) / 1483.187) |
| = | 0.574995 | / | 0.44271 |
| | = | 1.2988 |
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 |
| = | (-372.29 - -506.858 | - | 83.238) | / | 1278.365 |
| | = | 0.040153 |
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.
Pagaya Technologies has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
PGY has been successfully added to your