Market Cap : 481.38 M | Enterprise Value : 141.83 M | PE Ratio : At Loss | PB Ratio : 1.46 |
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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.
Good Sign:
Beneish M-Score -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ON24's Beneish M-Score or its related term are showing as below:
During the past 4 years, the highest Beneish M-Score of ON24 was -2.02. The lowest was -2.87. And the median was -2.75.
The historical data trend for ON24'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.
For the Software - Application subindustry, ON24'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.
For the Software industry and Technology sector, ON24's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ON24's Beneish M-Score falls into.
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 ON24 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 * 0.866 | + | 0.528 * 1.0542 | + | 0.404 * 0.9686 | + | 0.892 * 1.1081 | + | 0.115 * 1.2257 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.3563 | + | 4.679 * -0.0672 | - | 0.327 * 1.0906 | |||||||
= | -2.87 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $44.3 Mil. Revenue was 48.492 + 52.034 + 49.362 + 52.118 = $202.0 Mil. Gross Profit was 35.548 + 39.303 + 37.295 + 40.245 = $152.4 Mil. Total Current Assets was $427.2 Mil. Total Assets was $462.1 Mil. Property, Plant and Equipment(Net PPE) was $15.4 Mil. Depreciation, Depletion and Amortization(DDA) was $4.6 Mil. Selling, General, & Admin. Expense(SGA) was $151.4 Mil. Total Current Liabilities was $120.1 Mil. Long-Term Debt & Capital Lease Obligation was $8.1 Mil. Net Income was -15.479 + -9.509 + -9.4 + -2.517 = $-36.9 Mil. Non Operating Income was -0.177 + -0.054 + -0.106 + -0.211 = $-0.5 Mil. Cash Flow from Operations was -6.77 + -4.492 + -0.894 + 6.871 = $-5.3 Mil. |
Total Receivables was $46.2 Mil. Revenue was 50.099 + 53.286 + 42.589 + 36.32 = $182.3 Mil. Gross Profit was 39.405 + 43.239 + 33.969 + 28.358 = $145.0 Mil. Total Current Assets was $457.4 Mil. Total Assets was $487.7 Mil. Property, Plant and Equipment(Net PPE) was $9.1 Mil. Depreciation, Depletion and Amortization(DDA) was $3.6 Mil. Selling, General, & Admin. Expense(SGA) was $100.7 Mil. Total Current Liabilities was $120.4 Mil. Long-Term Debt & Capital Lease Obligation was $3.6 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) |
= | (44.323 / 202.006) | / | (46.188 / 182.294) | |
= | 0.21941427 | / | 0.25337093 | |
= | 0.866 |
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) | |
= | (144.971 / 182.294) | / | (152.391 / 202.006) | |
= | 0.79525931 | / | 0.75438848 | |
= | 1.0542 |
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 - (427.209 + 15.427) / 462.128) | / | (1 - (457.437 + 9.072) / 487.748) | |
= | 0.04217879 | / | 0.04354503 | |
= | 0.9686 |
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 | |
= | 202.006 | / | 182.294 | |
= | 1.1081 |
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)) |
= | (3.587 / (3.587 + 9.072)) | / | (4.639 / (4.639 + 15.427)) | |
= | 0.28335572 | / | 0.23118708 | |
= | 1.2257 |
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) |
= | (151.38 / 202.006) | / | (100.719 / 182.294) | |
= | 0.74938368 | / | 0.55250859 | |
= | 1.3563 |
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) |
= | ((8.121 + 120.082) / 462.128) | / | ((3.641 + 120.428) / 487.748) | |
= | 0.27741881 | / | 0.25437111 | |
= | 1.0906 |
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 | |
= | (-36.905 - -0.548 | - | -5.285) | / | 462.128 | |
= | -0.0672 |
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.
ON24 has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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