PJT Partners Beneish M-Score Historical Data
The historical data trend for PJT Partners'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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PJT Partners Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.70 |
-3.52 |
-2.36 |
-2.81 |
-3.69 |
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PJT Partners 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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-2.81 |
-3.22 |
-3.02 |
-2.87 |
-3.69 |
Competitive Comparison
For the Capital Markets subindustry, PJT Partners'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.
PJT Partners Beneish M-Score Distribution
For the Capital Markets industry and Financial Services sector, PJT Partners's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PJT Partners's Beneish M-Score falls into.
PJT Partners 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 PJT Partners 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 * 0.7375 | + | 0.528 * 1.1522 | + | 0.404 * 0.8766 | + | 0.892 * 1.1245 | + | 0.115 * 1.9218 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0552 | + | 4.679 * -0.229231 | - | 0.327 * 1.4116 |
| = | -3.69 |
* 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 $264 Mil.
Revenue was 328.554 + 278.363 + 346.277 + 199.988 = $1,153 Mil.
Gross Profit was 96.283 + 84.906 + 99.663 + 66.945 = $348 Mil.
Total Current Assets was $619 Mil.
Total Assets was $1,435 Mil.
Property, Plant and Equipment(Net PPE) was $325 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $94 Mil.
Total Current Liabilities was $69 Mil.
Long-Term Debt & Capital Lease Obligation was $331 Mil.
Net Income was 24.912 + 17.41 + 22.141 + 17.336 = $82 Mil.
Non Operating Income was -8.986 + -7.037 + -8.448 + -6.322 = $-31 Mil.
Cash Flow from Operations was 123.774 + 150.145 + 190.604 + -22.989 = $442 Mil.
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Total Receivables was $318 Mil.
Revenue was 279.953 + 266.092 + 233.141 + 246.319 = $1,026 Mil.
Gross Profit was 99.711 + 87.012 + 82.554 + 87.087 = $356 Mil.
Total Current Assets was $491 Mil.
Total Assets was $1,051 Mil.
Property, Plant and Equipment(Net PPE) was $150 Mil.
Depreciation, Depletion and Amortization(DDA) was $36 Mil.
Selling, General, & Admin. Expense(SGA) was $79 Mil.
Total Current Liabilities was $72 Mil.
Long-Term Debt & Capital Lease Obligation was $136 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) |
| = | (263.529 / 1153.182) | / | (317.751 / 1025.505) |
| = | 0.228523 | / | 0.309848 |
| | = | 0.7375 |
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) |
| = | (356.364 / 1025.505) | / | (347.797 / 1153.182) |
| = | 0.347501 | / | 0.301598 |
| | = | 1.1522 |
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 - (619.072 + 325.101) / 1434.978) | / | (1 - (490.986 + 149.718) / 1050.652) |
| = | 0.34203 | / | 0.390184 |
| | = | 0.8766 |
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 |
| = | 1153.182 | / | 1025.505 |
| | = | 1.1245 |
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)) |
| = | (36.21 / (36.21 + 149.718)) | / | (36.66 / (36.66 + 325.101)) |
| = | 0.194753 | / | 0.101338 |
| | = | 1.9218 |
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) |
| = | (94.158 / 1153.182) | / | (79.35 / 1025.505) |
| = | 0.081651 | / | 0.077377 |
| | = | 1.0552 |
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) |
| = | ((330.6 + 68.812) / 1434.978) | / | ((135.627 + 71.547) / 1050.652) |
| = | 0.27834 | / | 0.197186 |
| | = | 1.4116 |
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 |
| = | (81.799 - -30.793 | - | 441.534) | / | 1434.978 |
| | = | -0.229231 |
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.
PJT Partners has a M-score of -3.69 suggests that the company is unlikely to be a manipulator.
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