BlackRock (NEOE:BLK) Beneish M-Score : -2.50 (As of Apr. 04, 2025)

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What is BlackRock Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BlackRock's Beneish M-Score or its related term are showing as below:

NEOE:BLK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.45 Max: -2.19
Current: -2.5

During the past 13 years, the highest Beneish M-Score of BlackRock was -2.19. The lowest was -2.92. And the median was -2.45.

BlackRock Beneish M-Score Historical Data

The historical data trend for BlackRock'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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BlackRock Beneish M-Score Chart

BlackRock Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.46

-2.44

-2.57

-2.35

-2.50

BlackRock Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.35	-2.33	-2.43	-2.44	-2.50

Competitive Comparison of BlackRock's Beneish M-Score

For the Asset Management subindustry, BlackRock'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.

BlackRock's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, BlackRock's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BlackRock's Beneish M-Score falls into.

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BlackRock 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 BlackRock for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9815

0.528 * 0.9722

0.404 * 0.9723

0.892 * 1.1681

0.115 * 0.8838

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9414

4.679 * 0.005716

0.327 * 1.2801

-2.44

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was C$6,338 Mil.
Revenue was 8088.022 + 7039.856 + 6585.252 + 6399.821 = C$28,113 Mil.
Gross Profit was 3983.461 + 3599.172 + 3252.196 + 3059.136 = C$13,894 Mil.
Total Current Assets was C$35,882 Mil.
Total Assets was C$197,485 Mil.
Property, Plant and Equipment(Net PPE) was C$3,736 Mil.
Depreciation, Depletion and Amortization(DDA) was C$732 Mil.
Selling, General, & Admin. Expense(SGA) was C$3,109 Mil.
Total Current Liabilities was C$2,188 Mil.
Long-Term Debt & Capital Lease Obligation was C$20,262 Mil.
Net Income was 2379.249 + 2209.353 + 2048.897 + 2129.213 = C$8,767 Mil.
Non Operating Income was 24.22 + 238.41 + 217.909 + 238.234 = C$719 Mil.
Cash Flow from Operations was 3729.865 + 1870.703 + 1870.732 + -552.269 = C$6,919 Mil.

Total Receivables was C$5,529 Mil.
Revenue was 6212.95 + 6118.718 + 5929.542 + 5805.697 = C$24,067 Mil.
Gross Profit was 3049.457 + 2968.701 + 2849.847 + 2695.551 = C$11,564 Mil.
Total Current Assets was C$25,998 Mil.
Total Assets was C$165,300 Mil.
Property, Plant and Equipment(Net PPE) was C$3,398 Mil.
Depreciation, Depletion and Amortization(DDA) was C$576 Mil.
Selling, General, & Admin. Expense(SGA) was C$2,828 Mil.
Total Current Liabilities was C$1,664 Mil.
Long-Term Debt & Capital Lease Obligation was C$13,016 Mil.

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)
	=	(6338.49 / 28112.951)	/	(5528.734 / 24066.907)
	=	0.225465	/	0.229723
	=	0.9815

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)
	=	(11563.556 / 24066.907)	/	(13893.965 / 28112.951)
	=	0.480475	/	0.494219
	=	0.9722

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 - (35882.494 + 3735.563) / 197484.791)	/	(1 - (25997.525 + 3398.273) / 165299.878)
	=	0.799387	/	0.822167
	=	0.9723

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
	=	28112.951	/	24066.907
	=	1.1681

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))
	=	(575.61 / (575.61 + 3398.273))	/	(732.21 / (732.21 + 3735.563))
	=	0.144848	/	0.163887
	=	0.8838

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)
	=	(3109.474 / 28112.951)	/	(2827.542 / 24066.907)
	=	0.110606	/	0.117487
	=	0.9414

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)
	=	((20262.083 + 2188.339) / 197484.791)	/	((13016.203 + 1663.584) / 165299.878)
	=	0.113682	/	0.088807
	=	1.2801

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
	=	(8766.712 - 718.773	-	6919.031)	/	197484.791
	=	0.005716

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.

BlackRock has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

BlackRock Beneish M-Score Related Terms

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BlackRock Business Description

Industry

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Traded in Other Exchanges

BLK:USA BLK:Mexico 1BLK:Italy 0QZZ:UK BLQ:Germany UU2:Germany UU2:Germany UU2:Germany UU2:Germany BLAK34:Brazil

Address

50 Hudson Yards, New York, NY, USA, 10001

Website

https://www.blackrock.com

BlackRock is the largest asset manager in the world, with $11.475 trillion in assets under management at the end of September 2024. Its product mix is fairly diverse, with 55% of managed assets in equity strategies, 26% in fixed income, 9% in multi-asset classes, 7% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.