Sabre Beneish M-Score Historical Data
The historical data trend for Sabre'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.
Sabre Beneish M-Score Chart
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Sabre Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-4.38 |
1.44 |
-3.03 |
-3.12 |
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Sabre 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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-3.03 |
-2.85 |
-2.88 |
-3.08 |
-3.12 |
Competitive Comparison of Sabre's Beneish M-Score
For the Software - Infrastructure subindustry, Sabre'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.
Sabre's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Sabre's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sabre's Beneish M-Score falls into.
Sabre 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 Sabre 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 * 0.8562 | + | 0.528 * 0.6728 | + | 0.404 * 1.0374 | + | 0.892 * 1.1461 | + | 0.115 * 1.1248 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8372 | + | 4.679 * -0.105012 | - | 0.327 * 1.1001 |
| = | -3.12 |
* 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 $373 Mil.
Revenue was 687.053 + 740.461 + 737.529 + 742.695 = $2,908 Mil.
Gross Profit was 177.504 + 202.937 + 136.88 + 164.215 = $682 Mil.
Total Current Assets was $1,159 Mil.
Total Assets was $4,672 Mil.
Property, Plant and Equipment(Net PPE) was $304 Mil.
Depreciation, Depletion and Amortization(DDA) was $149 Mil.
Selling, General, & Admin. Expense(SGA) was $634 Mil.
Total Current Liabilities was $915 Mil.
Long-Term Debt & Capital Lease Obligation was $4,886 Mil.
Net Income was -96.459 + -208.284 + -123.931 + -98.934 = $-528 Mil.
Non Operating Income was 6.315 + -132.156 + 30.227 + 2.83 = $-93 Mil.
Cash Flow from Operations was 95.743 + 59.179 + -26.751 + -72.357 = $56 Mil.
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Total Receivables was $381 Mil.
Revenue was 631.179 + 663.394 + 657.532 + 584.91 = $2,537 Mil.
Gross Profit was 90.014 + 115.824 + 106.115 + 88.146 = $400 Mil.
Total Current Assets was $1,361 Mil.
Total Assets was $4,963 Mil.
Property, Plant and Equipment(Net PPE) was $315 Mil.
Depreciation, Depletion and Amortization(DDA) was $185 Mil.
Selling, General, & Admin. Expense(SGA) was $661 Mil.
Total Current Liabilities was $816 Mil.
Long-Term Debt & Capital Lease Obligation was $4,785 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) |
| = | (373.441 / 2907.738) | / | (380.54 / 2537.015) |
| = | 0.12843 | / | 0.149995 |
| | = | 0.8562 |
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) |
| = | (400.099 / 2537.015) | / | (681.536 / 2907.738) |
| = | 0.157705 | / | 0.234387 |
| | = | 0.6728 |
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 - (1158.591 + 303.572) / 4672.194) | / | (1 - (1361.489 + 314.657) / 4962.875) |
| = | 0.68705 | / | 0.662263 |
| | = | 1.0374 |
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 |
| = | 2907.738 | / | 2537.015 |
| | = | 1.1461 |
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)) |
| = | (184.633 / (184.633 + 314.657)) | / | (148.676 / (148.676 + 303.572)) |
| = | 0.369791 | / | 0.328749 |
| | = | 1.1248 |
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) |
| = | (634.393 / 2907.738) | / | (661.159 / 2537.015) |
| = | 0.218174 | / | 0.260605 |
| | = | 0.8372 |
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) |
| = | ((4885.738 + 914.713) / 4672.194) | / | ((4785.159 + 815.571) / 4962.875) |
| = | 1.241483 | / | 1.128525 |
| | = | 1.1001 |
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 |
| = | (-527.608 - -92.784 | - | 55.814) | / | 4672.194 |
| | = | -0.105012 |
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.
Sabre has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
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