Web.com Group Beneish M-Score Historical Data
The historical data trend for Web.com Group'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.
Web.com Group Beneish M-Score Chart
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Web.com Group Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.96 |
-2.93 |
-2.92 |
-2.42 |
-2.55 |
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Web.com Group Quarterly Data
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
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-2.83 |
-2.67 |
-2.55 |
-2.28 |
-2.48 |
Competitive Comparison of Web.com Group's Beneish M-Score
For the Internet Content & Information subindustry, Web.com Group'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.
Web.com Group's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Web.com Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Web.com Group's Beneish M-Score falls into.
Web.com Group 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 Web.com Group 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 * 1.2355 | + | 0.528 * 1.0238 | + | 0.404 * 0.9909 | + | 0.892 * 1.0015 | + | 0.115 * 1.0191 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.97 | + | 4.679 * -0.051242 | - | 0.327 * 0.9935 |
| = | -2.48 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $25.1 Mil.
Revenue was 186.69 + 186.741 + 188.845 + 188.567 = $750.8 Mil.
Gross Profit was 125.386 + 124.027 + 128.178 + 129.153 = $506.7 Mil.
Total Current Assets was $141.9 Mil.
Total Assets was $1,500.4 Mil.
Property, Plant and Equipment(Net PPE) was $53.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $70.7 Mil.
Selling, General, & Admin. Expense(SGA) was $280.4 Mil.
Total Current Liabilities was $298.7 Mil.
Long-Term Debt & Capital Lease Obligation was $638.1 Mil.
Net Income was 6.212 + 4.576 + 30.766 + 8.301 = $49.9 Mil.
Non Operating Income was -0.69 + -2.796 + -0.672 + -0.424 = $-4.6 Mil.
Cash Flow from Operations was 31.303 + 27.165 + 38.99 + 33.864 = $131.3 Mil.
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Total Receivables was $20.3 Mil.
Revenue was 186.731 + 185.118 + 187.202 + 190.686 = $749.7 Mil.
Gross Profit was 128.204 + 127.196 + 130.359 + 132.306 = $518.1 Mil.
Total Current Assets was $132.3 Mil.
Total Assets was $1,530.9 Mil.
Property, Plant and Equipment(Net PPE) was $55.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $75.7 Mil.
Selling, General, & Admin. Expense(SGA) was $288.6 Mil.
Total Current Liabilities was $321.9 Mil.
Long-Term Debt & Capital Lease Obligation was $640.2 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) |
| = | (25.1 / 750.843) | / | (20.285 / 749.737) |
| = | 0.033429 | / | 0.027056 |
| | = | 1.2355 |
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) |
| = | (518.065 / 749.737) | / | (506.744 / 750.843) |
| = | 0.690996 | / | 0.6749 |
| | = | 1.0238 |
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 - (141.899 + 53.941) / 1500.441) | / | (1 - (132.318 + 55.248) / 1530.943) |
| = | 0.869478 | / | 0.877483 |
| | = | 0.9909 |
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 |
| = | 750.843 | / | 749.737 |
| | = | 1.0015 |
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)) |
| = | (75.696 / (75.696 + 55.248)) | / | (70.699 / (70.699 + 53.941)) |
| = | 0.578079 | / | 0.567226 |
| | = | 1.0191 |
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) |
| = | (280.357 / 750.843) | / | (288.589 / 749.737) |
| = | 0.37339 | / | 0.38492 |
| | = | 0.97 |
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) |
| = | ((638.101 + 298.707) / 1500.441) | / | ((640.202 + 321.896) / 1530.943) |
| = | 0.624355 | / | 0.628435 |
| | = | 0.9935 |
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 |
| = | (49.855 - -4.582 | - | 131.322) | / | 1500.441 |
| | = | -0.051242 |
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.
Web.com Group has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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