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 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-4.38 |
1.44 |
-3.03 |
-3.12 |
-2.91 |
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Sabre Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.04 |
-3.16 |
-2.93 |
-2.91 |
-2.81 |
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 * 0.9412 | + | 0.528 * 0.8473 | + | 0.404 * 0.9926 | + | 0.892 * 1.0256 | + | 0.115 * 1.112 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9961 | + | 4.679 * -0.046811 | - | 0.327 * 1.0342 |
| = | -2.81 |
* 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 $397 Mil.
Revenue was 776.617 + 714.724 + 764.714 + 767.241 = $3,023 Mil.
Gross Profit was 246.68 + 211.662 + 231.173 + 226.492 = $916 Mil.
Total Current Assets was $1,224 Mil.
Total Assets was $4,678 Mil.
Property, Plant and Equipment(Net PPE) was $251 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $625 Mil.
Total Current Liabilities was $1,117 Mil.
Long-Term Debt & Capital Lease Obligation was $4,885 Mil.
Net Income was 35.335 + -74.698 + -62.818 + -69.76 = $-172 Mil.
Non Operating Income was 4.441 + -20.493 + 1.309 + 3.72 = $-11 Mil.
Cash Flow from Operations was -80.603 + 82.744 + 27.809 + 28.131 = $58 Mil.
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Total Receivables was $411 Mil.
Revenue was 782.886 + 687.053 + 740.461 + 737.529 = $2,948 Mil.
Gross Profit was 239.501 + 177.504 + 202.937 + 136.88 = $757 Mil.
Total Current Assets was $1,227 Mil.
Total Assets was $4,738 Mil.
Property, Plant and Equipment(Net PPE) was $243 Mil.
Depreciation, Depletion and Amortization(DDA) was $143 Mil.
Selling, General, & Admin. Expense(SGA) was $611 Mil.
Total Current Liabilities was $893 Mil.
Long-Term Debt & Capital Lease Obligation was $4,985 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) |
| = | (397.078 / 3023.296) | / | (411.364 / 2947.929) |
| = | 0.131339 | / | 0.139543 |
| | = | 0.9412 |
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) |
| = | (756.822 / 2947.929) | / | (916.007 / 3023.296) |
| = | 0.25673 | / | 0.302983 |
| | = | 0.8473 |
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 - (1224.011 + 251.089) / 4678.325) | / | (1 - (1226.808 + 242.856) / 4737.809) |
| = | 0.684695 | / | 0.689801 |
| | = | 0.9926 |
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 |
| = | 3023.296 | / | 2947.929 |
| | = | 1.0256 |
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)) |
| = | (142.516 / (142.516 + 242.856)) | / | (125.111 / (125.111 + 251.089)) |
| = | 0.369814 | / | 0.332565 |
| | = | 1.112 |
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) |
| = | (624.536 / 3023.296) | / | (611.381 / 2947.929) |
| = | 0.206575 | / | 0.207393 |
| | = | 0.9961 |
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) |
| = | ((4884.699 + 1117.156) / 4678.325) | / | ((4984.627 + 892.74) / 4737.809) |
| = | 1.282907 | / | 1.240524 |
| | = | 1.0342 |
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 |
| = | (-171.941 - -11.023 | - | 58.081) | / | 4678.325 |
| | = | -0.046811 |
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 -2.81 suggests that the company is unlikely to be a manipulator.
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