VeriSign Beneish M-Score Historical Data
The historical data trend for VeriSign'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.
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VeriSign Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-3.49 |
-2.51 |
-2.31 |
-2.78 |
-1.83 |
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VeriSign Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-1.89 |
-2.58 |
-1.83 |
-2.29 |
-2.22 |
Competitive Comparison
For the Software - Infrastructure subindustry, VeriSign'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.
VeriSign Beneish M-Score Distribution
For the Software industry and Technology sector, VeriSign's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VeriSign's Beneish M-Score falls into.
VeriSign 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 VeriSign 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 * 1.0185 | + | 0.528 * 0.9998 | + | 0.404 * 1.5158 | + | 0.892 * 1.0637 | + | 0.115 * 0.9524 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9233 | + | 4.679 * -0.005 | - | 0.327 * 1.0126 |
| = | -2.22 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $11 Mil.
Revenue was 351.9 + 346.9 + 340.308 + 334.242 = $1,373 Mil.
Gross Profit was 302.4 + 296.2 + 290.94 + 286.441 = $1,176 Mil.
Total Current Assets was $1,062 Mil.
Total Assets was $1,763 Mil.
Property, Plant and Equipment(Net PPE) was $249 Mil.
Depreciation, Depletion and Amortization(DDA) was $48 Mil.
Selling, General, & Admin. Expense(SGA) was $188 Mil.
Total Current Liabilities was $1,067 Mil.
Long-Term Debt & Capital Lease Obligation was $1,789 Mil.
Net Income was 167.3 + 157.5 + 330.082 + 156.622 = $812 Mil.
Non Operating Income was 1.6 + 0.3 + -0.04 + 0.053 = $2 Mil.
Cash Flow from Operations was 144.9 + 207.1 + 206.243 + 260.109 = $818 Mil.
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Total Receivables was $10 Mil.
Revenue was 329.4 + 323.6 + 320.284 + 317.879 = $1,291 Mil.
Gross Profit was 281.6 + 276.6 + 274.312 + 272.855 = $1,105 Mil.
Total Current Assets was $1,189 Mil.
Total Assets was $1,741 Mil.
Property, Plant and Equipment(Net PPE) was $258 Mil.
Depreciation, Depletion and Amortization(DDA) was $47 Mil.
Selling, General, & Admin. Expense(SGA) was $192 Mil.
Total Current Liabilities was $998 Mil.
Long-Term Debt & Capital Lease Obligation was $1,789 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) |
| = | (10.6 / 1373.35) | / | (9.785 / 1291.163) |
| = | 0.00771835 | / | 0.00757844 |
| | = | 1.0185 |
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) |
| = | (1105.367 / 1291.163) | / | (1175.981 / 1373.35) |
| = | 0.85610182 | / | 0.85628645 |
| | = | 0.9998 |
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 - (1062.2 + 248.8) / 1762.5) | / | (1 - (1189.067 + 258.012) / 1741.38) |
| = | 0.25617021 | / | 0.16900447 |
| | = | 1.5158 |
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 |
| = | 1373.35 | / | 1291.163 |
| | = | 1.0637 |
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)) |
| = | (47.111 / (47.111 + 258.012)) | / | (48.14 / (48.14 + 248.8)) |
| = | 0.15440003 | / | 0.16212029 |
| | = | 0.9524 |
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) |
| = | (188.154 / 1373.35) | / | (191.599 / 1291.163) |
| = | 0.13700368 | / | 0.14839257 |
| | = | 0.9233 |
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) |
| = | ((1789 + 1067.2) / 1762.5) | / | ((1788.523 + 998.334) / 1741.38) |
| = | 1.62053901 | / | 1.60037269 |
| | = | 1.0126 |
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 |
| = | (811.504 - 1.913 | - | 818.352) | / | 1762.5 |
| | = | -0.005 |
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.
VeriSign has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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