Sykes Enterprises Beneish M-Score Historical Data
The historical data trend for Sykes Enterprises'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.
Sykes Enterprises Beneish M-Score Chart
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Sykes Enterprises Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.70 |
-2.78 |
-2.43 |
-2.59 |
-2.63 |
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Sykes Enterprises Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
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-2.55 |
-2.53 |
-2.63 |
-2.60 |
-2.47 |
Competitive Comparison of Sykes Enterprises's Beneish M-Score
For the Information Technology Services subindustry, Sykes Enterprises'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.
Sykes Enterprises's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Sykes Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sykes Enterprises's Beneish M-Score falls into.
Sykes Enterprises 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 Sykes Enterprises 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 * 1.006 | + | 0.528 * 1.0046 | + | 0.404 * 1.129 | + | 0.892 * 1.0837 | + | 0.115 * 0.869 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9841 | + | 4.679 * -0.034119 | - | 0.327 * 0.8605 |
| = | -2.47 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was $418 Mil.
Revenue was 448.885 + 457.886 + 450.535 + 431.727 = $1,789 Mil.
Gross Profit was 156.799 + 158.409 + 161.526 + 156.521 = $633 Mil.
Total Current Assets was $567 Mil.
Total Assets was $1,406 Mil.
Property, Plant and Equipment(Net PPE) was $249 Mil.
Depreciation, Depletion and Amortization(DDA) was $64 Mil.
Selling, General, & Admin. Expense(SGA) was $437 Mil.
Total Current Liabilities was $280 Mil.
Long-Term Debt & Capital Lease Obligation was $123 Mil.
Net Income was 23.18 + 24.978 + 25.375 + -5.091 = $68 Mil.
Non Operating Income was -0.294 + -1.472 + -3.188 + -33.618 = $-39 Mil.
Cash Flow from Operations was 25.661 + 40.239 + 32.82 + 56.28 = $155 Mil.
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Total Receivables was $384 Mil.
Revenue was 416.833 + 411.166 + 425.284 + 397.547 = $1,651 Mil.
Gross Profit was 148.4 + 144.221 + 150.553 + 143.878 = $587 Mil.
Total Current Assets was $552 Mil.
Total Assets was $1,370 Mil.
Property, Plant and Equipment(Net PPE) was $308 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $409 Mil.
Total Current Liabilities was $260 Mil.
Long-Term Debt & Capital Lease Obligation was $196 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) |
| = | (418.105 / 1789.033) | / | (383.512 / 1650.83) |
| = | 0.233704 | / | 0.232315 |
| | = | 1.006 |
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) |
| = | (587.052 / 1650.83) | / | (633.255 / 1789.033) |
| = | 0.35561 | / | 0.353965 |
| | = | 1.0046 |
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 - (566.806 + 248.829) / 1406.444) | / | (1 - (552.079 + 308.088) / 1369.833) |
| = | 0.420073 | / | 0.372064 |
| | = | 1.129 |
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 |
| = | 1789.033 | / | 1650.83 |
| | = | 1.0837 |
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)) |
| = | (66.727 / (66.727 + 308.088)) | / | (64.108 / (64.108 + 248.829)) |
| = | 0.178026 | / | 0.204859 |
| | = | 0.869 |
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) |
| = | (436.55 / 1789.033) | / | (409.356 / 1650.83) |
| = | 0.244015 | / | 0.24797 |
| | = | 0.9841 |
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) |
| = | ((123.342 + 279.824) / 1406.444) | / | ((196.312 + 260.007) / 1369.833) |
| = | 0.286656 | / | 0.33312 |
| | = | 0.8605 |
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 |
| = | (68.442 - -38.572 | - | 155) | / | 1406.444 |
| | = | -0.034119 |
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.
Sykes Enterprises has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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