Alight Beneish M-Score Historical Data
The historical data trend for Alight'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.
Alight Beneish M-Score Chart
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Alight Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.18 |
-2.48 |
-2.73 |
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Alight Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.56 |
-2.60 |
-2.64 |
-2.73 |
Competitive Comparison of Alight's Beneish M-Score
For the Software - Application subindustry, Alight'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.
Alight's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Alight's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alight's Beneish M-Score falls into.
Alight 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 Alight 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 * 0.894 | + | 0.528 * 0.9512 | + | 0.404 * 0.984 | + | 0.892 * 1.0888 | + | 0.115 * 1.0074 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0321 | + | 4.679 * -0.041643 | - | 0.327 * 0.9971 |
| = | -2.73 |
* 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 $805 Mil.
Revenue was 960 + 813 + 806 + 831 = $3,410 Mil.
Gross Profit was 369 + 257 + 257 + 257 = $1,140 Mil.
Total Current Assets was $2,776 Mil.
Total Assets was $10,782 Mil.
Property, Plant and Equipment(Net PPE) was $439 Mil.
Depreciation, Depletion and Amortization(DDA) was $421 Mil.
Selling, General, & Admin. Expense(SGA) was $754 Mil.
Total Current Liabilities was $2,187 Mil.
Long-Term Debt & Capital Lease Obligation was $2,847 Mil.
Net Income was -162 + -48 + -67 + -68 = $-345 Mil.
Non Operating Income was -254 + 23 + -15 + -36 = $-282 Mil.
Cash Flow from Operations was 135 + 89 + 90 + 72 = $386 Mil.
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Total Receivables was $827 Mil.
Revenue was 942 + 750 + 715 + 725 = $3,132 Mil.
Gross Profit was 342 + 212 + 219 + 223 = $996 Mil.
Total Current Assets was $2,816 Mil.
Total Assets was $11,235 Mil.
Property, Plant and Equipment(Net PPE) was $406 Mil.
Depreciation, Depletion and Amortization(DDA) was $395 Mil.
Selling, General, & Admin. Expense(SGA) was $671 Mil.
Total Current Liabilities was $2,348 Mil.
Long-Term Debt & Capital Lease Obligation was $2,913 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) |
| = | (805 / 3410) | / | (827 / 3132) |
| = | 0.23607 | / | 0.264049 |
| | = | 0.894 |
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) |
| = | (996 / 3132) | / | (1140 / 3410) |
| = | 0.318008 | / | 0.334311 |
| | = | 0.9512 |
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 - (2776 + 439) / 10782) | / | (1 - (2816 + 406) / 11235) |
| = | 0.701818 | / | 0.713218 |
| | = | 0.984 |
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 |
| = | 3410 | / | 3132 |
| | = | 1.0888 |
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)) |
| = | (395 / (395 + 406)) | / | (421 / (421 + 439)) |
| = | 0.493134 | / | 0.489535 |
| | = | 1.0074 |
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) |
| = | (754 / 3410) | / | (671 / 3132) |
| = | 0.221114 | / | 0.21424 |
| | = | 1.0321 |
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) |
| = | ((2847 + 2187) / 10782) | / | ((2913 + 2348) / 11235) |
| = | 0.466889 | / | 0.468269 |
| | = | 0.9971 |
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 |
| = | (-345 - -282 | - | 386) | / | 10782 |
| | = | -0.041643 |
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.
Alight has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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