Janus Capital Group Beneish M-Score Historical Data
The historical data trend for Janus Capital Group'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.
Janus Capital Group Beneish M-Score Chart
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Janus Capital Group Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.63 |
-2.60 |
-2.36 |
-2.42 |
-3.67 |
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Janus Capital Group Quarterly Data
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Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
| Beneish M-Score |
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-2.60 |
-2.72 |
-3.67 |
-3.67 |
-3.66 |
Competitive Comparison of Janus Capital Group's Beneish M-Score
For the Asset Management subindustry, Janus Capital Group'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.
Janus Capital Group's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Janus Capital Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Janus Capital Group's Beneish M-Score falls into.
Janus Capital Group 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 Janus Capital Group 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 * 1.0888 | + | 0.528 * 1 | + | 0.404 * 0.9854 | + | 0.892 * 0.9603 | + | 0.115 * 0.9364 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0601 | + | 4.679 * -0.040511 | - | 0.327 * 1.0698 |
| = | -2.67 |
* 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 (Mar17) TTM: | Last Year (Mar16) TTM: |
Total Receivables was $142 Mil.
Revenue was 257.6 + 251.4 + 258.9 + 251.9 = $1,020 Mil.
Gross Profit was 257.6 + 251.4 + 258.9 + 251.9 = $1,020 Mil.
Total Current Assets was $840 Mil.
Total Assets was $2,834 Mil.
Property, Plant and Equipment(Net PPE) was $33 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $731 Mil.
Total Current Liabilities was $258 Mil.
Long-Term Debt & Capital Lease Obligation was $296 Mil.
Net Income was 30.9 + 30.9 + 41.1 + 39 = $142 Mil.
Non Operating Income was 3.4 + -6.7 + 2.2 + 1.7 = $1 Mil.
Cash Flow from Operations was -50.1 + 94.5 + 110.1 + 101.6 = $256 Mil.
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Total Receivables was $136 Mil.
Revenue was 248.5 + 267.8 + 273.8 + 271.9 = $1,062 Mil.
Gross Profit was 248.5 + 267.8 + 273.8 + 271.9 = $1,062 Mil.
Total Current Assets was $796 Mil.
Total Assets was $2,801 Mil.
Property, Plant and Equipment(Net PPE) was $38 Mil.
Depreciation, Depletion and Amortization(DDA) was $35 Mil.
Selling, General, & Admin. Expense(SGA) was $718 Mil.
Total Current Liabilities was $108 Mil.
Long-Term Debt & Capital Lease Obligation was $403 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) |
| = | (142.4 / 1019.8) | / | (136.2 / 1062) |
| = | 0.139635 | / | 0.128249 |
| | = | 1.0888 |
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) |
| = | (1062 / 1062) | / | (1019.8 / 1019.8) |
| = | 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 - (840.1 + 32.8) / 2833.8) | / | (1 - (796.3 + 37.9) / 2801.1) |
| = | 0.691968 | / | 0.702188 |
| | = | 0.9854 |
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 |
| = | 1019.8 | / | 1062 |
| | = | 0.9603 |
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)) |
| = | (34.7 / (34.7 + 37.9)) | / | (34.2 / (34.2 + 32.8)) |
| = | 0.477961 | / | 0.510448 |
| | = | 0.9364 |
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) |
| = | (731.3 / 1019.8) | / | (718.4 / 1062) |
| = | 0.717101 | / | 0.67646 |
| | = | 1.0601 |
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) |
| = | ((295.5 + 258.2) / 2833.8) | / | ((403.3 + 108.3) / 2801.1) |
| = | 0.195391 | / | 0.182643 |
| | = | 1.0698 |
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 |
| = | (141.9 - 0.6 | - | 256.1) | / | 2833.8 |
| | = | -0.040511 |
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.
Janus Capital Group has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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