Convergys Beneish M-Score Historical Data
The historical data trend for Convergys'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.
Convergys Beneish M-Score Chart
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Convergys Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.89 |
-2.19 |
-2.54 |
-2.69 |
-2.68 |
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Convergys Quarterly Data
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
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-2.58 |
-2.65 |
-2.68 |
-2.64 |
-2.56 |
Competitive Comparison of Convergys's Beneish M-Score
For the Specialty Business Services subindustry, Convergys'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.
Convergys's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Convergys's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Convergys's Beneish M-Score falls into.
Convergys 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 Convergys 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 * 1.1267 | + | 0.528 * 0.9829 | + | 0.404 * 1.0467 | + | 0.892 * 0.9271 | + | 0.115 * 0.9434 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0522 | + | 4.679 * -0.035107 | - | 0.327 * 0.7564 |
| = | -2.52 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $572 Mil.
Revenue was 649.4 + 674.2 + 689.3 + 688.3 = $2,701 Mil.
Gross Profit was 241.6 + 256.5 + 259.5 + 260.2 = $1,018 Mil.
Total Current Assets was $730 Mil.
Total Assets was $2,205 Mil.
Property, Plant and Equipment(Net PPE) was $226 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $689 Mil.
Total Current Liabilities was $293 Mil.
Long-Term Debt & Capital Lease Obligation was $178 Mil.
Net Income was 13.9 + 29.8 + 8.9 + 34.8 = $87 Mil.
Non Operating Income was -18.1 + -19.4 + -4.8 + -4.8 = $-47 Mil.
Cash Flow from Operations was 58.6 + 12.7 + 76.9 + 63.7 = $212 Mil.
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Total Receivables was $547 Mil.
Revenue was 686.8 + 727.6 + 758 + 741.2 = $2,914 Mil.
Gross Profit was 260.1 + 277.4 + 280.2 + 261.4 = $1,079 Mil.
Total Current Assets was $820 Mil.
Total Assets was $2,405 Mil.
Property, Plant and Equipment(Net PPE) was $284 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $706 Mil.
Total Current Liabilities was $330 Mil.
Long-Term Debt & Capital Lease Obligation was $349 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) |
| = | (571.6 / 2701.2) | / | (547.2 / 2913.6) |
| = | 0.21161 | / | 0.187809 |
| | = | 1.1267 |
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) |
| = | (1079.1 / 2913.6) | / | (1017.8 / 2701.2) |
| = | 0.370367 | / | 0.376795 |
| | = | 0.9829 |
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 - (730.4 + 226.2) / 2204.7) | / | (1 - (820.2 + 284.1) / 2405.2) |
| = | 0.566109 | / | 0.54087 |
| | = | 1.0467 |
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 |
| = | 2701.2 | / | 2913.6 |
| | = | 0.9271 |
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)) |
| = | (142.4 / (142.4 + 284.1)) | / | (123.9 / (123.9 + 226.2)) |
| = | 0.33388 | / | 0.353899 |
| | = | 0.9434 |
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) |
| = | (689.1 / 2701.2) | / | (706.4 / 2913.6) |
| = | 0.255109 | / | 0.242449 |
| | = | 1.0522 |
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) |
| = | ((177.9 + 293.1) / 2204.7) | / | ((349.2 + 330.1) / 2405.2) |
| = | 0.213635 | / | 0.28243 |
| | = | 0.7564 |
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 |
| = | (87.4 - -47.1 | - | 211.9) | / | 2204.7 |
| | = | -0.035107 |
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.
Convergys has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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