Plantronics Beneish M-Score Historical Data
The historical data trend for Plantronics'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.
Plantronics Beneish M-Score Chart
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Plantronics Annual Data
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Trend |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
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-3.29 |
6.16 |
-3.50 |
-2.85 |
-2.16 |
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Plantronics 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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-2.53 |
-2.49 |
-2.62 |
-2.16 |
-2.34 |
Competitive Comparison of Plantronics's Beneish M-Score
For the Communication Equipment subindustry, Plantronics'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.
Plantronics's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Plantronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Plantronics's Beneish M-Score falls into.
Plantronics 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 Plantronics 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 * 1.0959 | + | 0.528 * 1.0822 | + | 0.404 * 0.9923 | + | 0.892 * 0.9237 | + | 0.115 * 1.0201 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1233 | + | 4.679 * 0.019837 | - | 0.327 * 0.9684 |
| = | -2.34 |
* 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 $275 Mil.
Revenue was 415.559 + 421.382 + 409.566 + 419.024 = $1,666 Mil.
Gross Profit was 168.041 + 167.025 + 164.186 + 179.693 = $679 Mil.
Total Current Assets was $765 Mil.
Total Assets was $2,171 Mil.
Property, Plant and Equipment(Net PPE) was $124 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General, & Admin. Expense(SGA) was $511 Mil.
Total Current Liabilities was $490 Mil.
Long-Term Debt & Capital Lease Obligation was $1,501 Mil.
Net Income was -33.087 + -30.893 + -11.164 + 96.785 = $22 Mil.
Non Operating Income was -2.873 + -2.915 + -1.403 + -2.63 = $-10 Mil.
Cash Flow from Operations was -2.981 + -7.717 + 0.145 + -1.046 = $-12 Mil.
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Total Receivables was $272 Mil.
Revenue was 431.172 + 476.232 + 484.685 + 410.969 = $1,803 Mil.
Gross Profit was 175.189 + 212.815 + 226.657 + 180.746 = $795 Mil.
Total Current Assets was $734 Mil.
Total Assets was $2,135 Mil.
Property, Plant and Equipment(Net PPE) was $131 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General, & Admin. Expense(SGA) was $492 Mil.
Total Current Liabilities was $526 Mil.
Long-Term Debt & Capital Lease Obligation was $1,497 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) |
| = | (274.939 / 1665.531) | / | (271.592 / 1803.058) |
| = | 0.165076 | / | 0.150629 |
| | = | 1.0959 |
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) |
| = | (795.407 / 1803.058) | / | (678.945 / 1665.531) |
| = | 0.441143 | / | 0.407645 |
| | = | 1.0822 |
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 - (765.316 + 124.052) / 2170.699) | / | (1 - (733.756 + 131.294) / 2135.061) |
| = | 0.590285 | / | 0.594836 |
| | = | 0.9923 |
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 |
| = | 1665.531 | / | 1803.058 |
| | = | 0.9237 |
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)) |
| = | (161.3 / (161.3 + 131.294)) | / | (145.87 / (145.87 + 124.052)) |
| = | 0.551276 | / | 0.540415 |
| | = | 1.0201 |
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) |
| = | (511.009 / 1665.531) | / | (492.466 / 1803.058) |
| = | 0.306814 | / | 0.273128 |
| | = | 1.1233 |
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) |
| = | ((1501.337 + 490.471) / 2170.699) | / | ((1497.119 + 525.866) / 2135.061) |
| = | 0.917588 | / | 0.947507 |
| | = | 0.9684 |
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 |
| = | (21.641 - -9.821 | - | -11.599) | / | 2170.699 |
| | = | 0.019837 |
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.
Plantronics has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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