Dayforce Beneish M-Score Historical Data
The historical data trend for Dayforce'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.
Dayforce Beneish M-Score Chart
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Dayforce Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.21 |
-2.13 |
-2.48 |
-2.40 |
-2.55 |
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Dayforce Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.32 |
-2.45 |
-2.52 |
-2.55 |
-2.55 |
Competitive Comparison of Dayforce's Beneish M-Score
For the Software - Application subindustry, Dayforce'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.
Dayforce's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Dayforce's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dayforce's Beneish M-Score falls into.
Dayforce 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 Dayforce 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 * 0.9278 | + | 0.528 * 0.961 | + | 0.404 * 1.1007 | + | 0.892 * 1.1497 | + | 0.115 * 0.866 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1597 | + | 4.679 * -0.028928 | - | 0.327 * 0.9414 |
| = | -2.55 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $294 Mil.
Revenue was 481.8 + 465.2 + 440 + 423.3 = $1,810 Mil.
Gross Profit was 242.8 + 218.6 + 201.3 + 186.8 = $850 Mil.
Total Current Assets was $6,358 Mil.
Total Assets was $9,500 Mil.
Property, Plant and Equipment(Net PPE) was $242 Mil.
Depreciation, Depletion and Amortization(DDA) was $215 Mil.
Selling, General, & Admin. Expense(SGA) was $701 Mil.
Total Current Liabilities was $6,226 Mil.
Long-Term Debt & Capital Lease Obligation was $643 Mil.
Net Income was 14.9 + 10.8 + 2 + -1.8 = $26 Mil.
Non Operating Income was -4 + -20.2 + 6.3 + -3 = $-21 Mil.
Cash Flow from Operations was 49.6 + 81 + 91.8 + 99.2 = $322 Mil.
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Total Receivables was $276 Mil.
Revenue was 431.5 + 399.7 + 377.5 + 365.9 = $1,575 Mil.
Gross Profit was 223.9 + 169.8 + 160.5 + 155.9 = $710 Mil.
Total Current Assets was $7,555 Mil.
Total Assets was $10,775 Mil.
Property, Plant and Equipment(Net PPE) was $231 Mil.
Depreciation, Depletion and Amortization(DDA) was $159 Mil.
Selling, General, & Admin. Expense(SGA) was $526 Mil.
Total Current Liabilities was $7,049 Mil.
Long-Term Debt & Capital Lease Obligation was $1,227 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) |
| = | (294.4 / 1810.3) | / | (276 / 1574.6) |
| = | 0.162625 | / | 0.175283 |
| | = | 0.9278 |
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) |
| = | (710.1 / 1574.6) | / | (849.5 / 1810.3) |
| = | 0.450972 | / | 0.469259 |
| | = | 0.961 |
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 - (6358 + 241.6) / 9499.5) | / | (1 - (7555.4 + 231.3) / 10775.2) |
| = | 0.305269 | / | 0.27735 |
| | = | 1.1007 |
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 |
| = | 1810.3 | / | 1574.6 |
| | = | 1.1497 |
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)) |
| = | (159.2 / (159.2 + 231.3)) | / | (214.9 / (214.9 + 241.6)) |
| = | 0.407682 | / | 0.470756 |
| | = | 0.866 |
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) |
| = | (701.2 / 1810.3) | / | (525.9 / 1574.6) |
| = | 0.387339 | / | 0.33399 |
| | = | 1.1597 |
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) |
| = | ((642.9 + 6226.4) / 9499.5) | / | ((1227.4 + 7049) / 10775.2) |
| = | 0.723122 | / | 0.768097 |
| | = | 0.9414 |
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 |
| = | (25.9 - -20.9 | - | 321.6) | / | 9499.5 |
| | = | -0.028928 |
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.
Dayforce has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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