ScanSource Beneish M-Score Historical Data
The historical data trend for ScanSource'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.
ScanSource Beneish M-Score Chart
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ScanSource Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.44 |
-3.33 |
-2.38 |
-1.91 |
-2.16 |
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ScanSource 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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-1.87 |
-2.01 |
-2.16 |
-2.55 |
-2.84 |
Competitive Comparison of ScanSource's Beneish M-Score
For the Electronics & Computer Distribution subindustry, ScanSource'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.
ScanSource's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, ScanSource's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ScanSource's Beneish M-Score falls into.
ScanSource 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 ScanSource 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 * 0.8903 | + | 0.528 * 0.9961 | + | 0.404 * 1.0821 | + | 0.892 * 0.9549 | + | 0.115 * 1.0086 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0631 | + | 4.679 * -0.068068 | - | 0.327 * 0.7599 |
| = | -2.84 |
* 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 $663 Mil.
Revenue was 884.792 + 876.305 + 947.148 + 885.519 = $3,594 Mil.
Gross Profit was 100.748 + 106.508 + 108.658 + 111.762 = $428 Mil.
Total Current Assets was $1,405 Mil.
Total Assets was $1,781 Mil.
Property, Plant and Equipment(Net PPE) was $37 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $287 Mil.
Total Current Liabilities was $611 Mil.
Long-Term Debt & Capital Lease Obligation was $161 Mil.
Net Income was 32.726 + 15.432 + 18.812 + 21.221 = $88 Mil.
Non Operating Income was 14.46 + -0.677 + -0.35 + -0.361 = $13 Mil.
Cash Flow from Operations was 63.224 + 93.533 + -15.261 + 54.838 = $196 Mil.
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Total Receivables was $780 Mil.
Revenue was 1011.241 + 943.813 + 962.283 + 845.99 = $3,763 Mil.
Gross Profit was 115.334 + 113.485 + 110.792 + 106.508 = $446 Mil.
Total Current Assets was $1,719 Mil.
Total Assets was $2,131 Mil.
Property, Plant and Equipment(Net PPE) was $37 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $283 Mil.
Total Current Liabilities was $837 Mil.
Long-Term Debt & Capital Lease Obligation was $378 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) |
| = | (662.799 / 3593.764) | / | (779.562 / 3763.327) |
| = | 0.18443 | / | 0.207147 |
| | = | 0.8903 |
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) |
| = | (446.119 / 3763.327) | / | (427.676 / 3593.764) |
| = | 0.118544 | / | 0.119005 |
| | = | 0.9961 |
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 - (1405.195 + 36.546) / 1780.805) | / | (1 - (1719.062 + 36.593) / 2130.529) |
| = | 0.190399 | / | 0.175953 |
| | = | 1.0821 |
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 |
| = | 3593.764 | / | 3763.327 |
| | = | 0.9549 |
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)) |
| = | (29.29 / (29.29 + 36.593)) | / | (28.804 / (28.804 + 36.546)) |
| = | 0.444576 | / | 0.440765 |
| | = | 1.0086 |
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) |
| = | (287.384 / 3593.764) | / | (283.093 / 3763.327) |
| = | 0.079967 | / | 0.075224 |
| | = | 1.0631 |
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) |
| = | ((160.777 + 610.612) / 1780.805) | / | ((377.756 + 836.736) / 2130.529) |
| = | 0.433169 | / | 0.570042 |
| | = | 0.7599 |
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 |
| = | (88.191 - 13.072 | - | 196.334) | / | 1780.805 |
| | = | -0.068068 |
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.
ScanSource has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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