Oppenheimer Holdings Beneish M-Score Historical Data
The historical data trend for Oppenheimer Holdings'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.
Oppenheimer Holdings Beneish M-Score Chart
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Oppenheimer Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.22 |
-1.76 |
-2.47 |
-2.25 |
-2.36 |
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Oppenheimer Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.25 |
-2.49 |
-2.50 |
-2.35 |
-2.36 |
Competitive Comparison of Oppenheimer Holdings's Beneish M-Score
For the Capital Markets subindustry, Oppenheimer Holdings'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.
Oppenheimer Holdings's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Oppenheimer Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oppenheimer Holdings's Beneish M-Score falls into.
Oppenheimer Holdings 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 Oppenheimer Holdings 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 * 0.8581 | + | 0.528 * 0.8773 | + | 0.404 * 0.6678 | + | 0.892 * 1.1241 | + | 0.115 * 0.9588 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9627 | + | 4.679 * 0.07576 | - | 0.327 * 1.0494 |
| = | -2.36 |
* 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 $1,414 Mil.
Revenue was 308.289 + 312.667 + 306.189 + 321.679 = $1,249 Mil.
Gross Profit was 108.406 + 110.932 + 113.038 + 109.124 = $442 Mil.
Total Current Assets was $2,211 Mil.
Total Assets was $2,875 Mil.
Property, Plant and Equipment(Net PPE) was $184 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $157 Mil.
Total Current Liabilities was $529 Mil.
Long-Term Debt & Capital Lease Obligation was $1,234 Mil.
Net Income was 11.1 + 13.861 + -9.4 + 14.617 = $30 Mil.
Non Operating Income was -32.44 + -29.73 + -68.047 + -38.592 = $-169 Mil.
Cash Flow from Operations was 65.416 + 66.585 + -64.688 + -86.123 = $-19 Mil.
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Total Receivables was $1,466 Mil.
Revenue was 313.58 + 294.111 + 237.222 + 266.028 = $1,111 Mil.
Gross Profit was 109.254 + 108.272 + 53.001 + 74.021 = $345 Mil.
Total Current Assets was $1,858 Mil.
Total Assets was $2,714 Mil.
Property, Plant and Equipment(Net PPE) was $179 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $145 Mil.
Total Current Liabilities was $792 Mil.
Long-Term Debt & Capital Lease Obligation was $794 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) |
| = | (1414.427 / 1248.824) | / | (1466.336 / 1110.941) |
| = | 1.132607 | / | 1.319904 |
| | = | 0.8581 |
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) |
| = | (344.548 / 1110.941) | / | (441.5 / 1248.824) |
| = | 0.310141 | / | 0.353533 |
| | = | 0.8773 |
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 - (2211.349 + 184.428) / 2874.816) | / | (1 - (1857.718 + 179.372) / 2714.392) |
| = | 0.166633 | / | 0.249523 |
| | = | 0.6678 |
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 |
| = | 1248.824 | / | 1110.941 |
| | = | 1.1241 |
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)) |
| = | (34.409 / (34.409 + 179.372)) | / | (37.205 / (37.205 + 184.428)) |
| = | 0.160954 | / | 0.167868 |
| | = | 0.9588 |
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) |
| = | (157.323 / 1248.824) | / | (145.371 / 1110.941) |
| = | 0.125977 | / | 0.130854 |
| | = | 0.9627 |
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) |
| = | ((1233.948 + 529) / 2874.816) | / | ((794.237 + 791.97) / 2714.392) |
| = | 0.613239 | / | 0.584369 |
| | = | 1.0494 |
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 |
| = | (30.178 - -168.809 | - | -18.81) | / | 2874.816 |
| | = | 0.07576 |
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.
Oppenheimer Holdings has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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