PennyMac Financial Services Beneish M-Score Historical Data
The historical data trend for PennyMac Financial Services'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.
PennyMac Financial Services Beneish M-Score Chart
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PennyMac Financial Services Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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0.19 |
-2.64 |
-4.20 |
-1.83 |
-1.11 |
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PennyMac Financial Services Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar24 |
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Mar25 |
| Beneish M-Score |
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-2.44 |
-1.50 |
-1.69 |
-1.11 |
-1.70 |
Competitive Comparison of PennyMac Financial Services's Beneish M-Score
For the Mortgage Finance subindustry, PennyMac Financial Services'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.
PennyMac Financial Services's Beneish M-Score Distribution in the Banks Industry
For the Banks industry and Financial Services sector, PennyMac Financial Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PennyMac Financial Services's Beneish M-Score falls into.
PennyMac Financial Services 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 PennyMac Financial Services 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 * 0.8703 | + | 0.528 * 0.8571 | + | 0.404 * 1.0134 | + | 0.892 * 1.4413 | + | 0.115 * 0.8584 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.859 | + | 4.679 * 0.122312 | - | 0.327 * 1.0226 |
| = | -1.70 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $12,233 Mil.
Revenue was 1069.756 + 698.316 + 629.363 + 715.353 = $3,113 Mil.
Gross Profit was 687.055 + 281.116 + 238.994 + 351.928 = $1,559 Mil.
Total Current Assets was $13,625 Mil.
Total Assets was $23,873 Mil.
Property, Plant and Equipment(Net PPE) was $45 Mil.
Depreciation, Depletion and Amortization(DDA) was $69 Mil.
Selling, General, & Admin. Expense(SGA) was $281 Mil.
Total Current Liabilities was $8,709 Mil.
Long-Term Debt & Capital Lease Obligation was $11,214 Mil.
Net Income was 76.28 + 104.489 + 69.368 + 98.258 = $348 Mil.
Non Operating Income was -0.325 + -1.644 + -0.177 + -0.017 = $-2 Mil.
Cash Flow from Operations was 1065.957 + -2148.736 + -393.708 + -1092.886 = $-2,569 Mil.
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Total Receivables was $9,753 Mil.
Revenue was 500.004 + 532.219 + 557.222 + 570.33 = $2,160 Mil.
Gross Profit was 194.779 + 215.25 + 264.44 + 252.75 = $927 Mil.
Total Current Assets was $11,386 Mil.
Total Assets was $19,802 Mil.
Property, Plant and Equipment(Net PPE) was $64 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $227 Mil.
Total Current Liabilities was $6,900 Mil.
Long-Term Debt & Capital Lease Obligation was $9,260 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) |
| = | (12233.207 / 3112.788) | / | (9752.51 / 2159.775) |
| = | 3.929984 | / | 4.515521 |
| | = | 0.8703 |
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) |
| = | (927.219 / 2159.775) | / | (1559.093 / 3112.788) |
| = | 0.429313 | / | 0.500867 |
| | = | 0.8571 |
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 - (13624.602 + 45.099) / 23872.876) | / | (1 - (11385.749 + 64.441) / 19801.741) |
| = | 0.427396 | / | 0.421758 |
| | = | 1.0134 |
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 |
| = | 3112.788 | / | 2159.775 |
| | = | 1.4413 |
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)) |
| = | (69.858 / (69.858 + 64.441)) | / | (69.361 / (69.361 + 45.099)) |
| = | 0.520168 | / | 0.605985 |
| | = | 0.8584 |
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) |
| = | (280.693 / 3112.788) | / | (226.733 / 2159.775) |
| = | 0.090174 | / | 0.10498 |
| | = | 0.859 |
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) |
| = | ((11214.229 + 8708.824) / 23872.876) | / | ((9260.477 + 6900.121) / 19801.741) |
| = | 0.834548 | / | 0.81612 |
| | = | 1.0226 |
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 |
| = | (348.395 - -2.163 | - | -2569.373) | / | 23872.876 |
| | = | 0.122312 |
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.
PennyMac Financial Services has a M-score of -1.70 signals that the company is likely to be a manipulator.
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