KKR Beneish M-Score Historical Data
The historical data trend for KKR'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.
|
KKR Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.03 |
-1.47 |
3.05 |
-1.49 |
-1.41 |
|
KKR Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.49 |
-2.09 |
-2.27 |
-2.15 |
-1.41 |
Competitive Comparison
For the Asset Management subindustry, KKR'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.
KKR Beneish M-Score Distribution
For the Asset Management industry and Financial Services sector, KKR's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KKR's Beneish M-Score falls into.
KKR 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 KKR 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 * 0.5212 | + | 0.528 * 1.0689 | + | 0.404 * 0.959 | + | 0.892 * 2.5644 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4513 | + | 4.679 * 0.004003 | - | 0.327 * 1.0684 |
| = | -1.41 |
* 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 $40,256 Mil.
Revenue was 4372.746 + 3273.14 + 3586.66 + 3127.482 = $14,360 Mil.
Gross Profit was 1116.236 + 1607.664 + 1193.362 + 980.547 = $4,898 Mil.
Total Current Assets was $61,375 Mil.
Total Assets was $317,294 Mil.
Property, Plant and Equipment(Net PPE) was $1,395 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $2,723 Mil.
Total Current Liabilities was $40,629 Mil.
Long-Term Debt & Capital Lease Obligation was $49,188 Mil.
Net Income was 1040.429 + 1490.126 + 861.712 + 339.994 = $3,732 Mil.
Non Operating Income was 1397.712 + 1712.475 + 856.882 + -11.242 = $3,956 Mil.
Cash Flow from Operations was 1107.124 + 1971.073 + -2639.121 + -1932.888 = $-1,494 Mil.
|
Total Receivables was $30,121 Mil.
Revenue was 2488.756 + 1820.8 + 290.881 + 999.363 = $5,600 Mil.
Gross Profit was 791.99 + 739.028 + 319.438 + 191.091 = $2,042 Mil.
Total Current Assets was $43,645 Mil.
Total Assets was $275,347 Mil.
Property, Plant and Equipment(Net PPE) was $1,377 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $2,352 Mil.
Total Current Liabilities was $29,278 Mil.
Long-Term Debt & Capital Lease Obligation was $43,675 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) |
| = | (40255.895 / 14360.028) | / | (30120.702 / 5599.8) |
| = | 2.80333 | / | 5.378889 |
| | = | 0.5212 |
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) |
| = | (2041.547 / 5599.8) | / | (4897.809 / 14360.028) |
| = | 0.364575 | / | 0.341072 |
| | = | 1.0689 |
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 - (61375.103 + 1394.735) / 317294.194) | / | (1 - (43645.263 + 1376.96) / 275346.636) |
| = | 0.802171 | / | 0.836489 |
| | = | 0.959 |
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 |
| = | 14360.028 | / | 5599.8 |
| | = | 2.5644 |
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 + 1376.96)) | / | (0 / (0 + 1394.735)) |
| = | 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) |
| = | (2722.503 / 14360.028) | / | (2352.381 / 5599.8) |
| = | 0.189589 | / | 0.420083 |
| | = | 0.4513 |
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) |
| = | ((49187.579 + 40628.717) / 317294.194) | / | ((43674.997 + 29277.597) / 275346.636) |
| = | 0.283069 | / | 0.264948 |
| | = | 1.0684 |
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 |
| = | (3732.261 - 3955.827 | - | -1493.812) | / | 317294.194 |
| | = | 0.004003 |
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.
KKR has a M-score of -1.41 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
KKR has been successfully added to your