Moody's Beneish M-Score Historical Data
The historical data trend for Moody's'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.
|
Moody's Annual Data
|
|
Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
|
|
|
|
|
|
-2.56 |
-1.70 |
-2.46 |
-2.41 |
-2.59 |
|
Moody's Quarterly Data
|
|
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.45 |
-2.46 |
-2.59 |
-2.57 |
-2.55 |
Competitive Comparison
For the Financial Data & Stock Exchanges subindustry, Moody's'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.
Moody's Beneish M-Score Distribution
For the Capital Markets industry and Financial Services sector, Moody's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Moody's's Beneish M-Score falls into.
Moody's 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 Moody's 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 * 0.9328 | + | 0.528 * 0.9909 | + | 0.404 * 0.9779 | + | 0.892 * 1.1156 | + | 0.115 * 0.8258 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9125 | + | 4.679 * -0.0263 | - | 0.327 * 0.9127 |
| = | -2.55 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Accounts Receivable was $1,458 Mil.
Revenue was 1553 + 1600 + 1290 + 1356 = $5,799 Mil.
Gross Profit was 1188 + 1207 + 881 + 992 = $4,268 Mil.
Total Current Assets was $4,734 Mil.
Total Assets was $12,552 Mil.
Property, Plant and Equipment(Net PPE) was $639 Mil.
Depreciation, Depletion and Amortization(DDA) was $232 Mil.
Selling, General, & Admin. Expense(SGA) was $1,241 Mil.
Total Current Liabilities was $2,050 Mil.
Long-Term Debt & Capital Lease Obligation was $6,741 Mil.
Net Income was 577 + 736 + 314 + 467 = $2,094 Mil.
Non Operating Income was 6 + 14 + -22 + -13 = $-15 Mil.
Cash Flow from Operations was 594 + 676 + 658 + 511 = $2,439 Mil.
|
Accounts Receivable was $1,401 Mil.
Revenue was 1435 + 1290 + 1233 + 1240 = $5,198 Mil.
Gross Profit was 1073 + 950 + 878 + 890 = $3,791 Mil.
Total Current Assets was $3,963 Mil.
Total Assets was $11,298 Mil.
Property, Plant and Equipment(Net PPE) was $727 Mil.
Depreciation, Depletion and Amortization(DDA) was $205 Mil.
Selling, General, & Admin. Expense(SGA) was $1,219 Mil.
Total Current Liabilities was $1,886 Mil.
Long-Term Debt & Capital Lease Obligation was $6,784 Mil.
|
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
| = | (1458 / 5799) | / | (1401 / 5198) |
| = | 0.25142266 | / | 0.26952674 |
| | = | 0.9328 |
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) |
| = | (3791 / 5198) | / | (4268 / 5799) |
| = | 0.72931897 | / | 0.73598896 |
| | = | 0.9909 |
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 - (4734 + 639) / 12552) | / | (1 - (3963 + 727) / 11298) |
| = | 0.57194073 | / | 0.58488228 |
| | = | 0.9779 |
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 |
| = | 5799 | / | 5198 |
| | = | 1.1156 |
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)) |
| = | (205 / (205 + 727)) | / | (232 / (232 + 639)) |
| = | 0.21995708 | / | 0.26636051 |
| | = | 0.8258 |
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) |
| = | (1241 / 5799) | / | (1219 / 5198) |
| = | 0.21400241 | / | 0.23451327 |
| | = | 0.9125 |
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) |
| = | ((6741 + 2050) / 12552) | / | ((6784 + 1886) / 11298) |
| = | 0.70036648 | / | 0.76739246 |
| | = | 0.9127 |
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 |
| = | (2094 - -15 | - | 2439) | / | 12552 |
| | = | -0.0263 |
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.
Moody's has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
My Portfolios
Create New Portfolio
Portfolio Contest
My Gurus
Personalize
My Gurus
5.46(1.45%) Volume: 409,925 4:03PM EDT
Email Alerts
Stock PDF
RSS
Website
Filings
Download
Manual of Stocks™ Web APP
NYSE:MCO has been successfully added to your 
