StepStone Group Beneish M-Score Historical Data
The historical data trend for StepStone Group'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.
StepStone Group Beneish M-Score Chart
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StepStone Group Annual Data
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
-1.95 |
-0.51 |
- |
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StepStone Group Quarterly Data
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Mar19 |
Jun19 |
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Dec23 |
| Beneish M-Score |
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0.82 |
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-0.92 |
-2.54 |
0.37 |
Competitive Comparison of StepStone Group's Beneish M-Score
For the Asset Management subindustry, StepStone Group'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.
StepStone Group's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, StepStone Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where StepStone Group's Beneish M-Score falls into.
StepStone Group 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 StepStone Group 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 * 0.2604 | + | 0.528 * 2.3183 | + | 0.404 * 0.9205 | + | 0.892 * 4.2263 | + | 0.115 * 0.9345 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2606 | + | 4.679 * -0.033068 | - | 0.327 * 0.9297 |
| = | 0.37 |
* 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 $1,326.0 Mil.
Revenue was -14.612 + 191.422 + 178.011 + 172.374 = $527.2 Mil.
Gross Profit was 28.268 + 98.742 + 98.564 + 117.077 = $342.7 Mil.
Total Current Assets was $1,500.3 Mil.
Total Assets was $3,468.2 Mil.
Property, Plant and Equipment(Net PPE) was $97.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $48.3 Mil.
Selling, General, & Admin. Expense(SGA) was $186.4 Mil.
Total Current Liabilities was $1,426.9 Mil.
Long-Term Debt & Capital Lease Obligation was $242.1 Mil.
Net Income was -20.226 + 26.225 + 21.269 + 28.801 = $56.1 Mil.
Non Operating Income was 11.358 + 7.014 + 2.809 + -3.804 = $17.4 Mil.
Cash Flow from Operations was 25.176 + 71.13 + 57.587 + -0.516 = $153.4 Mil.
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Total Receivables was $1,204.9 Mil.
Revenue was -4.235 + -158.495 + -77.218 + 364.69 = $124.7 Mil.
Gross Profit was 42.207 + -16.828 + 29.146 + 133.436 = $188.0 Mil.
Total Current Assets was $1,345.9 Mil.
Total Assets was $3,503.1 Mil.
Property, Plant and Equipment(Net PPE) was $104.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.0 Mil.
Selling, General, & Admin. Expense(SGA) was $169.2 Mil.
Total Current Liabilities was $1,689.1 Mil.
Long-Term Debt & Capital Lease Obligation was $124.3 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) |
| = | (1325.994 / 527.195) | / | (1204.904 / 124.742) |
| = | 2.515187 | / | 9.659169 |
| | = | 0.2604 |
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) |
| = | (187.961 / 124.742) | / | (342.651 / 527.195) |
| = | 1.506798 | / | 0.649951 |
| | = | 2.3183 |
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 - (1500.304 + 97.404) / 3468.181) | / | (1 - (1345.935 + 104.767) / 3503.142) |
| = | 0.539324 | / | 0.585885 |
| | = | 0.9205 |
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 |
| = | 527.195 | / | 124.742 |
| | = | 4.2263 |
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)) |
| = | (46.996 / (46.996 + 104.767)) | / | (48.273 / (48.273 + 97.404)) |
| = | 0.309667 | / | 0.33137 |
| | = | 0.9345 |
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) |
| = | (186.374 / 527.195) | / | (169.204 / 124.742) |
| = | 0.35352 | / | 1.356432 |
| | = | 0.2606 |
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) |
| = | ((242.147 + 1426.888) / 3468.181) | / | ((124.318 + 1689.069) / 3503.142) |
| = | 0.481242 | / | 0.517646 |
| | = | 0.9297 |
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 |
| = | (56.069 - 17.377 | - | 153.377) | / | 3468.181 |
| | = | -0.033068 |
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.
StepStone Group has a M-score of 0.37 signals that the company is likely to be a manipulator.
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