Arthur J. Gallagher Beneish M-Score Historical Data
The historical data trend for Arthur J. Gallagher'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.
Arthur J. Gallagher Beneish M-Score Chart
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Arthur J. Gallagher Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.62 |
-1.92 |
-3.31 |
-2.34 |
-2.57 |
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Arthur J. Gallagher Quarterly Data
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Jun20 |
Sep20 |
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Mar21 |
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Mar25 |
| Beneish M-Score |
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-2.57 |
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Competitive Comparison of Arthur J. Gallagher's Beneish M-Score
For the Insurance Brokers subindustry, Arthur J. Gallagher'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.
Arthur J. Gallagher's Beneish M-Score Distribution in the Insurance Industry
For the Insurance industry and Financial Services sector, Arthur J. Gallagher's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arthur J. Gallagher's Beneish M-Score falls into.
Arthur J. Gallagher 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 Arthur J. Gallagher 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 * 0.8968 | + | 0.528 * 0.9984 | + | 0.404 * 0.8357 | + | 0.892 * 1.1472 | + | 0.115 * 0.8483 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.017029 | - | 0.327 * 0.8848 |
| = | -2.57 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $3,896 Mil.
Revenue was $11,555 Mil.
Gross Profit was $4,878 Mil.
Total Current Assets was $44,113 Mil.
Total Assets was $64,255 Mil.
Property, Plant and Equipment(Net PPE) was $1,028 Mil.
Depreciation, Depletion and Amortization(DDA) was $842 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $29,261 Mil.
Long-Term Debt & Capital Lease Obligation was $13,060 Mil.
Net Income was $1,463 Mil.
Gross Profit was $-26 Mil.
Cash Flow from Operations was $2,583 Mil.
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Total Receivables was $3,787 Mil.
Revenue was $10,072 Mil.
Gross Profit was $4,245 Mil.
Total Current Assets was $32,116 Mil.
Total Assets was $51,616 Mil.
Property, Plant and Equipment(Net PPE) was $1,127 Mil.
Depreciation, Depletion and Amortization(DDA) was $697 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $31,065 Mil.
Long-Term Debt & Capital Lease Obligation was $7,358 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) |
| = | (3895.9 / 11554.9) | / | (3786.6 / 10071.9) |
| = | 0.337164 | / | 0.375957 |
| | = | 0.8968 |
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) |
| = | (4245.3 / 10071.9) | / | (4878.3 / 11554.9) |
| = | 0.421499 | / | 0.422185 |
| | = | 0.9984 |
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 - (44113.3 + 1028.1) / 64255.2) | / | (1 - (32116.1 + 1126.7) / 51615.8) |
| = | 0.297467 | / | 0.355957 |
| | = | 0.8357 |
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 |
| = | 11554.9 | / | 10071.9 |
| | = | 1.1472 |
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)) |
| = | (696.5 / (696.5 + 1126.7)) | / | (842.3 / (842.3 + 1028.1)) |
| = | 0.382021 | / | 0.450331 |
| | = | 0.8483 |
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) |
| = | (0 / 11554.9) | / | (0 / 10071.9) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((13060 + 29260.8) / 64255.2) | / | ((7358.2 + 31064.7) / 51615.8) |
| = | 0.658636 | / | 0.744402 |
| | = | 0.8848 |
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 |
| = | (1462.7 - -26 | - | 2582.9) | / | 64255.2 |
| | = | -0.017029 |
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.
Arthur J. Gallagher has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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