Box Beneish M-Score Historical Data
The historical data trend for Box'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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Box Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-3.16 |
-3.32 |
-3.09 |
-3.48 |
-3.00 |
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Box Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-3.48 |
-3.53 |
-3.66 |
-3.74 |
-3.00 |
Competitive Comparison
For the Software - Infrastructure subindustry, Box'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.
Box Beneish M-Score Distribution
For the Software industry and Technology sector, Box's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Box's Beneish M-Score falls into.
Box 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 Box 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 * 1.0161 | + | 0.528 * 0.995 | + | 0.404 * 1.3095 | + | 0.892 * 1.0473 | + | 0.115 * 0.8771 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9958 | + | 4.679 * -0.152836 | - | 0.327 * 0.925 |
| = | -3.00 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $281 Mil.
Revenue was 262.878 + 261.537 + 261.428 + 251.898 = $1,038 Mil.
Gross Profit was 200.157 + 192.31 + 194.415 + 190.247 = $777 Mil.
Total Current Assets was $842 Mil.
Total Assets was $1,241 Mil.
Property, Plant and Equipment(Net PPE) was $131 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $478 Mil.
Total Current Liabilities was $679 Mil.
Long-Term Debt & Capital Lease Obligation was $465 Mil.
Net Income was 99.235 + 10.656 + 10.791 + 8.35 = $129 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 89.339 + 71.782 + 32.676 + 124.93 = $319 Mil.
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Total Receivables was $265 Mil.
Revenue was 256.476 + 249.951 + 246.015 + 238.432 = $991 Mil.
Gross Profit was 195.462 + 185.461 + 181.172 + 176.223 = $738 Mil.
Total Current Assets was $807 Mil.
Total Assets was $1,207 Mil.
Property, Plant and Equipment(Net PPE) was $201 Mil.
Depreciation, Depletion and Amortization(DDA) was $66 Mil.
Selling, General, & Admin. Expense(SGA) was $458 Mil.
Total Current Liabilities was $716 Mil.
Long-Term Debt & Capital Lease Obligation was $487 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) |
| = | (281.487 / 1037.741) | / | (264.515 / 990.874) |
| = | 0.27125 | / | 0.266951 |
| | = | 1.0161 |
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) |
| = | (738.318 / 990.874) | / | (777.129 / 1037.741) |
| = | 0.745118 | / | 0.748866 |
| | = | 0.995 |
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 - (842.18 + 130.707) / 1241.163) | / | (1 - (806.763 + 201.144) / 1207.165) |
| = | 0.216149 | / | 0.165063 |
| | = | 1.3095 |
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 |
| = | 1037.741 | / | 990.874 |
| | = | 1.0473 |
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)) |
| = | (65.988 / (65.988 + 201.144)) | / | (51.241 / (51.241 + 130.707)) |
| = | 0.247024 | / | 0.281624 |
| | = | 0.8771 |
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) |
| = | (477.609 / 1037.741) | / | (457.949 / 990.874) |
| = | 0.460239 | / | 0.462167 |
| | = | 0.9958 |
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) |
| = | ((464.987 + 679.28) / 1241.163) | / | ((487.352 + 715.827) / 1207.165) |
| = | 0.921931 | / | 0.996698 |
| | = | 0.925 |
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 |
| = | (129.032 - 0 | - | 318.727) | / | 1241.163 |
| | = | -0.152836 |
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.
Box has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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