Talend Beneish M-Score Historical Data
The historical data trend for Talend'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.
Talend Beneish M-Score Chart
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Talend Annual Data
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Dec13 |
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Dec15 |
Dec16 |
Dec17 |
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Dec19 |
Dec20 |
| Beneish M-Score |
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-3.02 |
-2.63 |
-1.77 |
-2.88 |
-3.10 |
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Talend Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
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Mar21 |
Jun21 |
| Beneish M-Score |
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-3.16 |
-3.13 |
-3.10 |
-3.21 |
-3.11 |
Competitive Comparison of Talend's Beneish M-Score
For the Software - Infrastructure subindustry, Talend'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.
Talend's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Talend's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Talend's Beneish M-Score falls into.
Talend 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 Talend 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 * 1.0962 | + | 0.528 * 1.0009 | + | 0.404 * 0.9522 | + | 0.892 * 1.1757 | + | 0.115 * 1.2436 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0252 | + | 4.679 * -0.16715 | - | 0.327 * 1.0868 |
| = | -3.04 |
* 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.
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) |
| = | (68.418 / 312.433) | / | (53.09 / 265.747) |
| = | 0.218985 | / | 0.199776 |
| | = | 1.0962 |
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) |
| = | (205.855 / 265.747) | / | (241.791 / 312.433) |
| = | 0.774628 | / | 0.773897 |
| | = | 1.0009 |
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 - (258.061 + 41.273) / 389.775) | / | (1 - (240.889 + 32.267) / 361.163) |
| = | 0.232034 | / | 0.243677 |
| | = | 0.9522 |
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 |
| = | 312.433 | / | 265.747 |
| | = | 1.1757 |
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)) |
| = | (8.295 / (8.295 + 32.267)) | / | (8.123 / (8.123 + 41.273)) |
| = | 0.204502 | / | 0.164447 |
| | = | 1.2436 |
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) |
| = | (240.699 / 312.433) | / | (199.708 / 265.747) |
| = | 0.770402 | / | 0.751497 |
| | = | 1.0252 |
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) |
| = | ((176.054 + 203.48) / 389.775) | / | ((154.885 + 168.711) / 361.163) |
| = | 0.973726 | / | 0.895983 |
| | = | 1.0868 |
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 |
| = | (-85.265 - -0.321 | - | -19.793) | / | 389.775 |
| | = | -0.16715 |
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.
Talend has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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