PTC Beneish M-Score Historical Data
The historical data trend for PTC'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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PTC Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.16 |
-2.48 |
-2.16 |
-2.38 |
-2.54 |
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PTC 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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-2.41 |
-2.47 |
-2.45 |
-2.54 |
-2.60 |
Competitive Comparison
For the Software - Application subindustry, PTC'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.
PTC Beneish M-Score Distribution
For the Software industry and Technology sector, PTC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PTC's Beneish M-Score falls into.
PTC 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 PTC 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 * 1.0737 | + | 0.528 * 1.0121 | + | 0.404 * 1.0962 | + | 0.892 * 1.1235 | + | 0.115 * 0.8561 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.037 | + | 4.679 * -0.061192 | - | 0.327 * 1.1116 |
| = | -2.60 |
* 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 $678 Mil.
Revenue was 550.214 + 546.62 + 542.342 + 542.181 = $2,181 Mil.
Gross Profit was 440.194 + 430.764 + 426.488 + 428.675 = $1,726 Mil.
Total Current Assets was $1,134 Mil.
Total Assets was $6,271 Mil.
Property, Plant and Equipment(Net PPE) was $227 Mil.
Depreciation, Depletion and Amortization(DDA) was $143 Mil.
Selling, General, & Admin. Expense(SGA) was $800 Mil.
Total Current Liabilities was $950 Mil.
Long-Term Debt & Capital Lease Obligation was $2,415 Mil.
Net Income was 66.387 + 45.603 + 61.398 + 63.504 = $237 Mil.
Non Operating Income was 3.015 + -2.214 + 2.501 + 0.054 = $3 Mil.
Cash Flow from Operations was 187.341 + 49.769 + 169.223 + 210.948 = $617 Mil.
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Total Receivables was $562 Mil.
Revenue was 465.91 + 507.925 + 462.474 + 505.227 = $1,942 Mil.
Gross Profit was 370.12 + 412.395 + 360.479 + 411.89 = $1,555 Mil.
Total Current Assets was $1,127 Mil.
Total Assets was $4,796 Mil.
Property, Plant and Equipment(Net PPE) was $244 Mil.
Depreciation, Depletion and Amortization(DDA) was $120 Mil.
Selling, General, & Admin. Expense(SGA) was $687 Mil.
Total Current Liabilities was $787 Mil.
Long-Term Debt & Capital Lease Obligation was $1,528 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) |
| = | (678 / 2181.357) | / | (562.036 / 1941.536) |
| = | 0.310816 | / | 0.28948 |
| | = | 1.0737 |
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) |
| = | (1554.884 / 1941.536) | / | (1726.121 / 2181.357) |
| = | 0.800853 | / | 0.791306 |
| | = | 1.0121 |
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 - (1134.409 + 226.729) / 6271.157) | / | (1 - (1126.794 + 243.779) / 4795.769) |
| = | 0.782953 | / | 0.714212 |
| | = | 1.0962 |
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 |
| = | 2181.357 | / | 1941.536 |
| | = | 1.1235 |
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)) |
| = | (120.474 / (120.474 + 243.779)) | / | (142.726 / (142.726 + 226.729)) |
| = | 0.330743 | / | 0.386315 |
| | = | 0.8561 |
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) |
| = | (800.417 / 2181.357) | / | (687.017 / 1941.536) |
| = | 0.366935 | / | 0.353852 |
| | = | 1.037 |
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) |
| = | ((2414.813 + 950.333) / 6271.157) | / | ((1528.28 + 786.742) / 4795.769) |
| = | 0.536607 | / | 0.482722 |
| | = | 1.1116 |
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 |
| = | (236.892 - 3.356 | - | 617.281) | / | 6271.157 |
| | = | -0.061192 |
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.
PTC has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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