Chubb Beneish M-Score Historical Data
The historical data trend for Chubb'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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Chubb Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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|
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-2.37 |
-2.48 |
-2.58 |
-2.58 |
-2.43 |
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Chubb Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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|
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-2.47 |
-2.41 |
-2.43 |
-2.47 |
-2.48 |
Competitive Comparison
For the Insurance - Property & Casualty subindustry, Chubb'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.
Chubb Beneish M-Score Distribution
For the Insurance industry and Financial Services sector, Chubb's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chubb's Beneish M-Score falls into.
Chubb 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 Chubb 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 * 1.0578 | + | 0.528 * 1 | + | 0.404 * 1.0254 | + | 0.892 * 1.0511 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0088 | + | 4.679 * -0.02 | - | 0.327 * 1.0384 |
| = | -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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $30,740 Mil.
Revenue was 9941 + 9669 + 10483 + 10845 = $40,938 Mil.
Gross Profit was 9941 + 9669 + 10483 + 10845 = $40,938 Mil.
Total Current Assets was $123,362 Mil.
Total Assets was $195,651 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $284 Mil.
Selling, General, & Admin. Expense(SGA) was $3,213 Mil.
Total Current Liabilities was $23,878 Mil.
Long-Term Debt & Capital Lease Obligation was $14,311 Mil.
Net Income was 1215 + 1974 + 2141 + 1833 = $7,163 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 2720 + 2440 + 2600 + 3322 = $11,082 Mil.
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Total Receivables was $27,648 Mil.
Revenue was 9664 + 9971 + 9848 + 9464 = $38,947 Mil.
Gross Profit was 9664 + 9971 + 9848 + 9464 = $38,947 Mil.
Total Current Assets was $126,124 Mil.
Total Assets was $197,174 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $290 Mil.
Selling, General, & Admin. Expense(SGA) was $3,030 Mil.
Total Current Liabilities was $22,109 Mil.
Long-Term Debt & Capital Lease Obligation was $14,954 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) |
| = | (30740 / 40938) | / | (27648 / 38947) |
| = | 0.75089159 | / | 0.7098878 |
| | = | 1.0578 |
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) |
| = | (38947 / 38947) | / | (40938 / 40938) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (123362 + 0) / 195651) | / | (1 - (126124 + 0) / 197174) |
| = | 0.36947933 | / | 0.36034163 |
| | = | 1.0254 |
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 |
| = | 40938 | / | 38947 |
| | = | 1.0511 |
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)) |
| = | (290 / (290 + 0)) | / | (284 / (284 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (3213 / 40938) | / | (3030 / 38947) |
| = | 0.07848454 | / | 0.07779803 |
| | = | 1.0088 |
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) |
| = | ((14311 + 23878) / 195651) | / | ((14954 + 22109) / 197174) |
| = | 0.19518939 | / | 0.18797103 |
| | = | 1.0384 |
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 |
| = | (7163 - 0 | - | 11082) | / | 195651 |
| | = | -0.02 |
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.
Chubb has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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