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ISD (PGIM High Yield Fund) Beneish M-Score : -1.63 (As of Jul. 05, 2025)


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What is PGIM High Yield Fund Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.63 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for PGIM High Yield Fund's Beneish M-Score or its related term are showing as below:

ISD' s Beneish M-Score Range Over the Past 10 Years
Min: -1.63   Med: 0.28   Max: 24.29
Current: -1.63

During the past 7 years, the highest Beneish M-Score of PGIM High Yield Fund was 24.29. The lowest was -1.63. And the median was 0.28.


PGIM High Yield Fund 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 PGIM High Yield Fund 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 * 0.4267+0.528 * 1+0.404 * 1+0.892 * 2.4127+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4215+4.679 * -0.002613-0.327 * 0.9211
=-1.63

* 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 (Jul24) TTM:Last Year (Jul23) TTM:
Total Receivables was $10.45 Mil.
Revenue was $49.16 Mil.
Gross Profit was $49.16 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $592.47 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.36 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $120.00 Mil.
Net Income was $48.79 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $50.33 Mil.
Total Receivables was $10.15 Mil.
Revenue was $20.38 Mil.
Gross Profit was $20.38 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $591.22 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.35 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $130.00 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)
=(10.453 / 49.164) / (10.153 / 20.377)
=0.212615 / 0.498258
=0.4267

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)
=(20.377 / 20.377) / (49.164 / 49.164)
=1 / 1
=1

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 - (0 + 0) / 592.467) / (1 - (0 + 0) / 591.221)
=1 / 1
=1

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
=49.164 / 20.377
=2.4127

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(0.357 / 49.164) / (0.351 / 20.377)
=0.007261 / 0.017225
=0.4215

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)
=((120 + 0) / 592.467) / ((130 + 0) / 591.221)
=0.202543 / 0.219884
=0.9211

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
=(48.785 - 0 - 50.333) / 592.467
=-0.002613

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.

PGIM High Yield Fund has a M-score of -1.63 signals that the company is likely to be a manipulator.


PGIM High Yield Fund Beneish M-Score Related Terms

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PGIM High Yield Fund Business Description

Traded in Other Exchanges
N/A
Address
655 Broad Street, 6th Floor, Newark, NJ, USA, 07102
PGIM High Yield Fund Inc is a diversified, closed-end management investment company, active in the financial services domain. The Fund's investment objective is to provide a high level of current income. It invests at least 80% of its investable assets in a diversified portfolio of high-yield fixed-income instruments that are rated below investment grade with varying maturities and other investments.
Executives
Brian Reid director C/O PGIM INVESTMENTS LLC, 655 BROAD STREET, NEWARK NJ 07102
Andrew Donohue officer: Chief Compliance Officer 655 BROAD STREET, NEWARK NJ 07102
Brian J Lalli other: Portfolio Manager 655 BROAD STREET, NEWARK NJ 07102
Robert Mccormack officer: Assistant Treasurer 655 BROAD ST., NEWARK NJ 07102
Barry H Evans director C/O PGIM INVESTMENTS, 655 BROAD STREET, NEWARK NJ 07102
Isabelle Sajous officer: Chief Compliance Officer 655 BROAD ST., NEWARK NJ 07102
Michael Joseph Gormally other: Portfolio Manager 655 BROAD STREET, NEWARK NJ 07102
Gregory J Peters other: Co-Chief Investment Officer 655 BROAD STREET, NEWARK NJ 07102
Craig C Dewling other: Deputy CIO 655 BROAD STREET, NEWARK NJ 07102
Michael Lillard other: Portfolio Manager 655 BROAD STREET, NEWARK NJ 07102
Debra Rubano officer: Assistant Secretary 655 BROAD STREET, PRUDENTIAL TOWER SOUTH, NEWARK NJ 07102
Patrick Mcguinness officer: Assistant Secretary 655 BROAD STREET, PRUDENTIAL TOWER SOUTH, 17TH FLOOR, NEWARK NJ 07102
Scott E Benjamin director 655 BROAD ST., NEWARK NJ 07102
Melissa Gonzalez officer: Assistant Secretary 655 BROAD STREET, NEWARK NJ 07102
Elyse Mclaughlin officer: Assistant Treasurer 655 BROAD ST., NEWARK NJ 07102