Guidewire Software Beneish M-Score Historical Data
The historical data trend for Guidewire Software'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.
Guidewire Software Beneish M-Score Chart
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Guidewire Software Annual Data
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Jul23 |
| Beneish M-Score |
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-2.24 |
-2.73 |
-2.85 |
-2.51 |
-2.76 |
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Guidewire Software Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.67 |
-2.50 |
-2.76 |
-2.72 |
-2.98 |
Competitive Comparison of Guidewire Software's Beneish M-Score
For the Software - Application subindustry, Guidewire Software'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.
Guidewire Software's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Guidewire Software's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Guidewire Software's Beneish M-Score falls into.
Guidewire Software 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 Guidewire Software 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 * 0.9037 | + | 0.528 * 0.8274 | + | 0.404 * 1.0141 | + | 0.892 * 1.0642 | + | 0.115 * 0.9169 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9423 | + | 4.679 * -0.08433 | - | 0.327 * 0.9612 |
| = | -2.98 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $219.2 Mil.
Revenue was 240.897 + 207.407 + 269.958 + 207.49 = $925.8 Mil.
Gross Profit was 142.406 + 112.292 + 163.678 + 98.918 = $517.3 Mil.
Total Current Assets was $1,060.6 Mil.
Total Assets was $2,013.5 Mil.
Property, Plant and Equipment(Net PPE) was $103.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.5 Mil.
Selling, General, & Admin. Expense(SGA) was $357.4 Mil.
Total Current Liabilities was $307.1 Mil.
Long-Term Debt & Capital Lease Obligation was $437.1 Mil.
Net Income was 9.687 + -27.071 + 12.22 + -45.568 = $-50.7 Mil.
Non Operating Income was 10.776 + -13.742 + 3.612 + -3.356 = $-2.7 Mil.
Cash Flow from Operations was 69.251 + -72.083 + 173.237 + -48.627 = $121.8 Mil.
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Total Receivables was $227.9 Mil.
Revenue was 232.611 + 195.282 + 244.599 + 197.448 = $869.9 Mil.
Gross Profit was 123.463 + 72.152 + 122.667 + 83.924 = $402.2 Mil.
Total Current Assets was $1,006.3 Mil.
Total Assets was $2,003.9 Mil.
Property, Plant and Equipment(Net PPE) was $164.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.8 Mil.
Selling, General, & Admin. Expense(SGA) was $356.4 Mil.
Total Current Liabilities was $275.2 Mil.
Long-Term Debt & Capital Lease Obligation was $495.4 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) |
| = | (219.208 / 925.752) | / | (227.94 / 869.94) |
| = | 0.236789 | / | 0.262018 |
| | = | 0.9037 |
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) |
| = | (402.206 / 869.94) | / | (517.294 / 925.752) |
| = | 0.462338 | / | 0.558782 |
| | = | 0.8274 |
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 - (1060.63 + 103.436) / 2013.52) | / | (1 - (1006.263 + 164.023) / 2003.947) |
| = | 0.421875 | / | 0.41601 |
| | = | 1.0141 |
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 |
| = | 925.752 | / | 869.94 |
| | = | 1.0642 |
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)) |
| = | (30.79 / (30.79 + 164.023)) | / | (21.543 / (21.543 + 103.436)) |
| = | 0.158049 | / | 0.172373 |
| | = | 0.9169 |
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) |
| = | (357.405 / 925.752) | / | (356.414 / 869.94) |
| = | 0.38607 | / | 0.4097 |
| | = | 0.9423 |
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) |
| = | ((437.107 + 307.076) / 2013.52) | / | ((495.361 + 275.209) / 2003.947) |
| = | 0.369593 | / | 0.384526 |
| | = | 0.9612 |
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 |
| = | (-50.732 - -2.71 | - | 121.778) | / | 2013.52 |
| | = | -0.08433 |
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.
Guidewire Software has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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