Virtus Investment Partners Beneish M-Score Historical Data
The historical data trend for Virtus Investment Partners'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.
Virtus Investment Partners Beneish M-Score Chart
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Virtus Investment Partners Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.23 |
-1.92 |
-2.65 |
-2.54 |
-2.40 |
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Virtus Investment Partners 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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-2.54 |
-2.61 |
-2.45 |
-2.44 |
-2.40 |
Competitive Comparison of Virtus Investment Partners's Beneish M-Score
For the Asset Management subindustry, Virtus Investment Partners'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.
Virtus Investment Partners's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Virtus Investment Partners's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Virtus Investment Partners's Beneish M-Score falls into.
Virtus Investment Partners 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 Virtus Investment Partners 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 * 1.1513 | + | 0.528 * 1.1155 | + | 0.404 * 1.0603 | + | 0.892 * 0.9544 | + | 0.115 * 1.0657 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9007 | + | 4.679 * -0.031235 | - | 0.327 * 0.9531 |
| = | -2.40 |
* 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 $109.1 Mil.
Revenue was 213.873 + 218.271 + 212.351 + 196.99 = $841.5 Mil.
Gross Profit was 114.026 + 116.684 + 107.657 + 98.376 = $436.7 Mil.
Total Current Assets was $450.1 Mil.
Total Assets was $3,678.6 Mil.
Property, Plant and Equipment(Net PPE) was $26.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $68.4 Mil.
Selling, General, & Admin. Expense(SGA) was $96.8 Mil.
Total Current Liabilities was $146.6 Mil.
Long-Term Debt & Capital Lease Obligation was $2,175.7 Mil.
Net Income was 30.834 + 30.906 + 30.257 + 38.624 = $130.6 Mil.
Non Operating Income was 3.704 + -3.494 + 3.234 + 4.923 = $8.4 Mil.
Cash Flow from Operations was 7.317 + 127.752 + 145.047 + -42.959 = $237.2 Mil.
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Total Receivables was $99.3 Mil.
Revenue was 197.227 + 209.159 + 224.165 + 251.168 = $881.7 Mil.
Gross Profit was 109.551 + 120.929 + 134.805 + 145.175 = $510.5 Mil.
Total Current Assets was $688.5 Mil.
Total Assets was $3,952.9 Mil.
Property, Plant and Equipment(Net PPE) was $19.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $64.2 Mil.
Selling, General, & Admin. Expense(SGA) was $112.6 Mil.
Total Current Liabilities was $279.9 Mil.
Long-Term Debt & Capital Lease Obligation was $2,338.3 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) |
| = | (109.076 / 841.485) | / | (99.274 / 881.719) |
| = | 0.129623 | / | 0.112591 |
| | = | 1.1513 |
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) |
| = | (510.46 / 881.719) | / | (436.743 / 841.485) |
| = | 0.578937 | / | 0.519015 |
| | = | 1.1155 |
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 - (450.09 + 26.216) / 3678.629) | / | (1 - (688.453 + 19.123) / 3952.934) |
| = | 0.870521 | / | 0.821 |
| | = | 1.0603 |
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 |
| = | 841.485 | / | 881.719 |
| | = | 0.9544 |
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)) |
| = | (64.215 / (64.215 + 19.123)) | / | (68.437 / (68.437 + 26.216)) |
| = | 0.770537 | / | 0.72303 |
| | = | 1.0657 |
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) |
| = | (96.802 / 841.485) | / | (112.612 / 881.719) |
| = | 0.115037 | / | 0.127719 |
| | = | 0.9007 |
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) |
| = | ((2175.655 + 146.57) / 3678.629) | / | ((2338.339 + 279.909) / 3952.934) |
| = | 0.631275 | / | 0.662356 |
| | = | 0.9531 |
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 |
| = | (130.621 - 8.367 | - | 237.157) | / | 3678.629 |
| | = | -0.031235 |
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.
Virtus Investment Partners has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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