Deluxe Beneish M-Score Historical Data
The historical data trend for Deluxe'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.
Deluxe Beneish M-Score Chart
|
Deluxe Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.66 |
-2.69 |
-2.35 |
-2.55 |
-2.78 |
|
Deluxe Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.55 |
-2.40 |
-2.48 |
-2.60 |
-2.78 |
Competitive Comparison of Deluxe's Beneish M-Score
For the Advertising Agencies subindustry, Deluxe'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.
Deluxe's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Deluxe's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Deluxe's Beneish M-Score falls into.
Deluxe 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 Deluxe 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 * 0.9033 | + | 0.528 * 1.016 | + | 0.404 * 0.9731 | + | 0.892 * 0.9796 | + | 0.115 * 1.0186 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9827 | + | 4.679 * -0.042549 | - | 0.327 * 1.0032 |
| = | -2.78 |
* 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 $217 Mil.
Revenue was 537.364 + 537.844 + 571.686 + 545.365 = $2,192 Mil.
Gross Profit was 283.524 + 282.717 + 301.739 + 294.702 = $1,163 Mil.
Total Current Assets was $761 Mil.
Total Assets was $3,081 Mil.
Property, Plant and Equipment(Net PPE) was $176 Mil.
Depreciation, Depletion and Amortization(DDA) was $170 Mil.
Selling, General, & Admin. Expense(SGA) was $956 Mil.
Total Current Liabilities was $819 Mil.
Long-Term Debt & Capital Lease Obligation was $1,566 Mil.
Net Income was 14.976 + -7.983 + 16.375 + 2.752 = $26 Mil.
Non Operating Income was -3.286 + -25.943 + -1.425 + -10.517 = $-41 Mil.
Cash Flow from Operations was 83.461 + 67.569 + 54.043 + -6.706 = $198 Mil.
|
Total Receivables was $245 Mil.
Revenue was 564.004 + 555.038 + 562.953 + 556.015 = $2,238 Mil.
Gross Profit was 301.42 + 298.813 + 298.841 + 306.821 = $1,206 Mil.
Total Current Assets was $704 Mil.
Total Assets was $3,077 Mil.
Property, Plant and Equipment(Net PPE) was $172 Mil.
Depreciation, Depletion and Amortization(DDA) was $173 Mil.
Selling, General, & Admin. Expense(SGA) was $993 Mil.
Total Current Liabilities was $752 Mil.
Long-Term Debt & Capital Lease Obligation was $1,621 Mil.
|
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) |
| = | (217.112 / 2192.259) | / | (245.378 / 2238.01) |
| = | 0.099036 | / | 0.109641 |
| | = | 0.9033 |
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) |
| = | (1205.895 / 2238.01) | / | (1162.682 / 2192.259) |
| = | 0.538825 | / | 0.530358 |
| | = | 1.016 |
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 - (760.988 + 175.5) / 3080.622) | / | (1 - (704.037 + 172.026) / 3076.52) |
| = | 0.696007 | / | 0.715242 |
| | = | 0.9731 |
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 |
| = | 2192.259 | / | 2238.01 |
| | = | 0.9796 |
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)) |
| = | (172.552 / (172.552 + 172.026)) | / | (169.703 / (169.703 + 175.5)) |
| = | 0.500763 | / | 0.491603 |
| | = | 1.0186 |
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) |
| = | (956.068 / 2192.259) | / | (993.251 / 2238.01) |
| = | 0.436111 | / | 0.44381 |
| | = | 0.9827 |
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) |
| = | ((1565.538 + 819.065) / 3080.622) | / | ((1621.453 + 752.345) / 3076.52) |
| = | 0.774065 | / | 0.771585 |
| | = | 1.0032 |
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 |
| = | (26.12 - -41.171 | - | 198.367) | / | 3080.622 |
| | = | -0.042549 |
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.
Deluxe has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
DLX has been successfully added to your