Virtu Financial Beneish M-Score Historical Data
The historical data trend for Virtu Financial'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.
Virtu Financial Beneish M-Score Chart
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Virtu Financial Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.10 |
-2.02 |
-3.09 |
-2.61 |
-2.87 |
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Virtu Financial 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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-2.61 |
-2.97 |
-2.61 |
-2.49 |
-2.87 |
Competitive Comparison of Virtu Financial's Beneish M-Score
For the Capital Markets subindustry, Virtu Financial'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.
Virtu Financial's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Virtu Financial's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Virtu Financial's Beneish M-Score falls into.
Virtu Financial 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 Virtu Financial 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 * 0.7276 | + | 0.528 * 0.9445 | + | 0.404 * 1.1266 | + | 0.892 * 0.9698 | + | 0.115 * 1.167 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.084 | + | 4.679 * -0.024122 | - | 0.327 * 1.08 |
| = | -2.87 |
* 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 $844 Mil.
Revenue was 535.977 + 630.164 + 506.854 + 620.38 = $2,293 Mil.
Gross Profit was 321.032 + 409.698 + 288.826 + 371.42 = $1,391 Mil.
Total Current Assets was $1,699 Mil.
Total Assets was $14,466 Mil.
Property, Plant and Equipment(Net PPE) was $330 Mil.
Depreciation, Depletion and Amortization(DDA) was $127 Mil.
Selling, General, & Admin. Expense(SGA) was $231 Mil.
Total Current Liabilities was $3,655 Mil.
Long-Term Debt & Capital Lease Obligation was $3,335 Mil.
Net Income was 5.538 + 61.915 + 16.702 + 57.881 = $142 Mil.
Non Operating Income was -0.455 + -0.364 + 0.146 + -0.111 = $-1 Mil.
Cash Flow from Operations was 348.086 + 170.075 + 121.998 + -148.382 = $492 Mil.
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Total Receivables was $1,196 Mil.
Revenue was 497.768 + 561.044 + 604.738 + 701.262 = $2,365 Mil.
Gross Profit was 269.226 + 288.921 + 349.148 + 447.402 = $1,355 Mil.
Total Current Assets was $2,234 Mil.
Total Assets was $10,583 Mil.
Property, Plant and Equipment(Net PPE) was $273 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General, & Admin. Expense(SGA) was $220 Mil.
Total Current Liabilities was $1,639 Mil.
Long-Term Debt & Capital Lease Obligation was $3,096 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) |
| = | (843.969 / 2293.375) | / | (1196.015 / 2364.812) |
| = | 0.368003 | / | 0.505755 |
| | = | 0.7276 |
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) |
| = | (1354.697 / 2364.812) | / | (1390.976 / 2293.375) |
| = | 0.572856 | / | 0.606519 |
| | = | 0.9445 |
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 - (1699.429 + 329.864) / 14466.384) | / | (1 - (2234.257 + 272.636) / 10583.241) |
| = | 0.859724 | / | 0.763126 |
| | = | 1.1266 |
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 |
| = | 2293.375 | / | 2364.812 |
| | = | 0.9698 |
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)) |
| = | (131.214 / (131.214 + 272.636)) | / | (127.266 / (127.266 + 329.864)) |
| = | 0.324908 | / | 0.278402 |
| | = | 1.167 |
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) |
| = | (230.76 / 2293.375) | / | (219.505 / 2364.812) |
| = | 0.10062 | / | 0.092821 |
| | = | 1.084 |
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) |
| = | ((3334.968 + 3654.708) / 14466.384) | / | ((3095.586 + 1639.254) / 10583.241) |
| = | 0.483167 | / | 0.44739 |
| | = | 1.08 |
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 |
| = | (142.036 - -0.784 | - | 491.777) | / | 14466.384 |
| | = | -0.024122 |
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.
Virtu Financial has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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