DXC Technology Co Beneish M-Score Historical Data
The historical data trend for DXC Technology Co'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.
DXC Technology Co Beneish M-Score Chart
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DXC Technology Co Annual Data
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| Beneish M-Score |
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-2.71 |
-3.07 |
-2.80 |
-2.88 |
-2.90 |
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DXC Technology Co Quarterly Data
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| Beneish M-Score |
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-2.87 |
-2.90 |
-2.90 |
-2.90 |
-2.93 |
Competitive Comparison of DXC Technology Co's Beneish M-Score
For the Information Technology Services subindustry, DXC Technology Co'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.
DXC Technology Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, DXC Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DXC Technology Co's Beneish M-Score falls into.
DXC Technology Co 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 DXC Technology Co 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 * 0.9705 | + | 0.528 * 0.9462 | + | 0.404 * 1.0083 | + | 0.892 * 0.9343 | + | 0.115 * 0.9607 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0974 | + | 4.679 * -0.061845 | - | 0.327 * 1.0738 |
| = | -2.93 |
* 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 $3,132 Mil.
Revenue was 3399 + 3436 + 3446 + 3591 = $13,872 Mil.
Gross Profit was 763 + 803 + 727 + 849 = $3,142 Mil.
Total Current Assets was $5,531 Mil.
Total Assets was $14,892 Mil.
Property, Plant and Equipment(Net PPE) was $2,564 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,458 Mil.
Selling, General, & Admin. Expense(SGA) was $1,336 Mil.
Total Current Liabilities was $4,961 Mil.
Long-Term Debt & Capital Lease Obligation was $4,422 Mil.
Net Income was 156 + 99 + 36 + -756 = $-465 Mil.
Non Operating Income was 115 + 39 + 39 + -1233 = $-1,040 Mil.
Cash Flow from Operations was 706 + 248 + 127 + 415 = $1,496 Mil.
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Total Receivables was $3,454 Mil.
Revenue was 3566 + 3566 + 3707 + 4008 = $14,847 Mil.
Gross Profit was 767 + 791 + 777 + 847 = $3,182 Mil.
Total Current Assets was $6,993 Mil.
Total Assets was $18,254 Mil.
Property, Plant and Equipment(Net PPE) was $2,998 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,602 Mil.
Selling, General, & Admin. Expense(SGA) was $1,303 Mil.
Total Current Liabilities was $6,170 Mil.
Long-Term Debt & Capital Lease Obligation was $4,541 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) |
| = | (3132 / 13872) | / | (3454 / 14847) |
| = | 0.225779 | / | 0.23264 |
| | = | 0.9705 |
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) |
| = | (3182 / 14847) | / | (3142 / 13872) |
| = | 0.214319 | / | 0.226499 |
| | = | 0.9462 |
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 - (5531 + 2564) / 14892) | / | (1 - (6993 + 2998) / 18254) |
| = | 0.45642 | / | 0.452668 |
| | = | 1.0083 |
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 |
| = | 13872 | / | 14847 |
| | = | 0.9343 |
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)) |
| = | (1602 / (1602 + 2998)) | / | (1458 / (1458 + 2564)) |
| = | 0.348261 | / | 0.362506 |
| | = | 0.9607 |
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) |
| = | (1336 / 13872) | / | (1303 / 14847) |
| = | 0.096309 | / | 0.087762 |
| | = | 1.0974 |
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) |
| = | ((4422 + 4961) / 14892) | / | ((4541 + 6170) / 18254) |
| = | 0.63007 | / | 0.586776 |
| | = | 1.0738 |
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 |
| = | (-465 - -1040 | - | 1496) | / | 14892 |
| | = | -0.061845 |
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.
DXC Technology Co has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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