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.
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Moody's Annual Data
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|
Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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|
|
|
|
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-1.70 |
-2.46 |
-2.41 |
-2.59 |
-2.20 |
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Moody's Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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-2.55 |
-2.36 |
-2.20 |
-2.22 |
-2.29 |
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 * 1.0677 | + | 0.528 * 1.0265 | + | 0.404 * 1.1785 | + | 0.892 * 1.0291 | + | 0.115 * 1.0251 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.252 | + | 4.679 * 0.0142 | - | 0.327 * 1.0307 |
| = | -2.29 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $1,602 Mil.
Revenue was 1381 + 1522 + 1539 + 1526 = $5,968 Mil.
Gross Profit was 988 + 1105 + 1054 + 1132 = $4,279 Mil.
Total Current Assets was $3,820 Mil.
Total Assets was $14,315 Mil.
Property, Plant and Equipment(Net PPE) was $846 Mil.
Depreciation, Depletion and Amortization(DDA) was $297 Mil.
Selling, General, & Admin. Expense(SGA) was $1,599 Mil.
Total Current Liabilities was $2,755 Mil.
Long-Term Debt & Capital Lease Obligation was $7,579 Mil.
Net Income was 327 + 498 + 427 + 474 = $1,726 Mil.
Non Operating Income was -41 + 6 + 66 + -4 = $27 Mil.
Cash Flow from Operations was 291 + 470 + 299 + 436 = $1,496 Mil.
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Total Receivables 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.
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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) |
| = | (1602 / 5968) | / | (1458 / 5799) |
| = | 0.26843164 | / | 0.25142266 |
| | = | 1.0677 |
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) |
| = | (4268 / 5799) | / | (4279 / 5968) |
| = | 0.73598896 | / | 0.71699062 |
| | = | 1.0265 |
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 - (3820 + 846) / 14315) | / | (1 - (4734 + 639) / 12552) |
| = | 0.6740482 | / | 0.57194073 |
| | = | 1.1785 |
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 |
| = | 5968 | / | 5799 |
| | = | 1.0291 |
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)) |
| = | (232 / (232 + 639)) | / | (297 / (297 + 846)) |
| = | 0.26636051 | / | 0.25984252 |
| | = | 1.0251 |
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) |
| = | (1599 / 5968) | / | (1241 / 5799) |
| = | 0.26792895 | / | 0.21400241 |
| | = | 1.252 |
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) |
| = | ((7579 + 2755) / 14315) | / | ((6741 + 2050) / 12552) |
| = | 0.7219001 | / | 0.70036648 |
| | = | 1.0307 |
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 |
| = | (1726 - 27 | - | 1496) | / | 14315 |
| | = | 0.0142 |
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 -2.29 suggests that the company is unlikely to be a manipulator.
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