Evertec Beneish M-Score Historical Data
The historical data trend for Evertec'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.
Evertec Beneish M-Score Chart
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Evertec Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-3.01 |
-2.61 |
-2.93 |
-2.59 |
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Evertec Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-2.63 |
-2.89 |
-2.81 |
-2.59 |
Competitive Comparison of Evertec's Beneish M-Score
For the Software - Infrastructure subindustry, Evertec'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.
Evertec's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Evertec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Evertec's Beneish M-Score falls into.
Evertec 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 Evertec 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 * 1.0675 | + | 0.528 * 1.0224 | + | 0.404 * 1.1651 | + | 0.892 * 1.1234 | + | 0.115 * 0.9507 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.271 | + | 4.679 * -0.057066 | - | 0.327 * 1.1318 |
| = | -2.59 |
* 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 $140.5 Mil.
Revenue was 194.621 + 173.198 + 167.076 + 159.814 = $694.7 Mil.
Gross Profit was 96.014 + 91.918 + 86.624 + 83.397 = $358.0 Mil.
Total Current Assets was $561.4 Mil.
Total Assets was $2,060.3 Mil.
Property, Plant and Equipment(Net PPE) was $77.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $93.6 Mil.
Selling, General, & Admin. Expense(SGA) was $128.2 Mil.
Total Current Liabilities was $298.3 Mil.
Long-Term Debt & Capital Lease Obligation was $955.8 Mil.
Net Income was 11.479 + 10.036 + 28.155 + 30.052 = $79.7 Mil.
Non Operating Income was 2.982 + -30.681 + 3.4 + -2.699 = $-27.0 Mil.
Cash Flow from Operations was 60.832 + 37.22 + 71.727 + 54.511 = $224.3 Mil.
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Total Receivables was $117.2 Mil.
Revenue was 161.787 + 145.803 + 160.571 + 150.248 = $618.4 Mil.
Gross Profit was 84.41 + 69.531 + 86.258 + 85.589 = $325.8 Mil.
Total Current Assets was $389.1 Mil.
Total Assets was $1,131.7 Mil.
Property, Plant and Equipment(Net PPE) was $72.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $78.6 Mil.
Selling, General, & Admin. Expense(SGA) was $89.8 Mil.
Total Current Liabilities was $208.4 Mil.
Long-Term Debt & Capital Lease Obligation was $400.3 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) |
| = | (140.494 / 694.709) | / | (117.158 / 618.409) |
| = | 0.202234 | / | 0.189451 |
| | = | 1.0675 |
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) |
| = | (325.788 / 618.409) | / | (357.953 / 694.709) |
| = | 0.526816 | / | 0.515256 |
| | = | 1.0224 |
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 - (561.354 + 77.249) / 2060.263) | / | (1 - (389.129 + 72.305) / 1131.743) |
| = | 0.690038 | / | 0.59228 |
| | = | 1.1651 |
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 |
| = | 694.709 | / | 618.409 |
| | = | 1.1234 |
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)) |
| = | (78.618 / (78.618 + 72.305)) | / | (93.621 / (93.621 + 77.249)) |
| = | 0.520915 | / | 0.547908 |
| | = | 0.9507 |
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) |
| = | (128.172 / 694.709) | / | (89.77 / 618.409) |
| = | 0.184497 | / | 0.145163 |
| | = | 1.271 |
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) |
| = | ((955.849 + 298.313) / 2060.263) | / | ((400.286 + 208.41) / 1131.743) |
| = | 0.608739 | / | 0.537839 |
| | = | 1.1318 |
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 |
| = | (79.722 - -26.998 | - | 224.29) | / | 2060.263 |
| | = | -0.057066 |
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.
Evertec has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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