Silvergate Capital Beneish M-Score Historical Data
The historical data trend for Silvergate Capital'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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Silvergate Capital Annual Data
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|
Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
|
|
- |
- |
-2.68 |
-1.62 |
-0.45 |
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Silvergate Capital Quarterly Data
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Dec16 |
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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|
|
|
|
|
|
|
|
|
|
|
|
|
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-0.86 |
-0.47 |
-0.45 |
-2.23 |
-5.03 |
Competitive Comparison
For the Banks - Regional subindustry, Silvergate Capital'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.
Silvergate Capital Beneish M-Score Distribution
For the Banks industry and Financial Services sector, Silvergate Capital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Silvergate Capital's Beneish M-Score falls into.
Silvergate Capital 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 Silvergate Capital 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 * 1.5095 | + | 0.528 * 1 | + | 0.404 * 2.5049 | + | 0.892 * 1.959 | + | 0.115 * 1.6269 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7375 | + | 4.679 * -0.0009 | - | 0.327 * 15.0579 |
| = | -5.03 |
* 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 $72.5 Mil.
Revenue was 78.277 + 58.733 + 48.263 + 50.834 = $236.1 Mil.
Gross Profit was 78.277 + 58.733 + 48.263 + 50.834 = $236.1 Mil.
Total Current Assets was $10,652.6 Mil.
Total Assets was $15,900.5 Mil.
Property, Plant and Equipment(Net PPE) was $3.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.0 Mil.
Selling, General, & Admin. Expense(SGA) was $84.4 Mil.
Total Current Liabilities was $107.9 Mil.
Long-Term Debt & Capital Lease Obligation was $815.9 Mil.
Net Income was 38.605 + 27.386 + 21.391 + 23.492 = $110.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 155.207 + 13.641 + -39.374 + -4.269 = $125.2 Mil.
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Total Receivables was $24.5 Mil.
Revenue was 41.36 + 30.434 + 26.301 + 22.427 = $120.5 Mil.
Gross Profit was 41.36 + 30.434 + 26.301 + 22.427 = $120.5 Mil.
Total Current Assets was $10,669.6 Mil.
Total Assets was $12,289.5 Mil.
Property, Plant and Equipment(Net PPE) was $1.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.3 Mil.
Selling, General, & Admin. Expense(SGA) was $58.4 Mil.
Total Current Liabilities was $31.6 Mil.
Long-Term Debt & Capital Lease Obligation was $15.8 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) |
| = | (72.463 / 236.107) | / | (24.505 / 120.522) |
| = | 0.30690746 | / | 0.20332387 |
| | = | 1.5095 |
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) |
| = | (120.522 / 120.522) | / | (236.107 / 236.107) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (10652.558 + 3.328) / 15900.494) | / | (1 - (10669.6 + 1.604) / 12289.476) |
| = | 0.32983931 | / | 0.1316795 |
| | = | 2.5049 |
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 |
| = | 236.107 | / | 120.522 |
| | = | 1.959 |
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)) |
| = | (5.291 / (5.291 + 1.604)) | / | (2.971 / (2.971 + 3.328)) |
| = | 0.76736766 | / | 0.47166217 |
| | = | 1.6269 |
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) |
| = | (84.402 / 236.107) | / | (58.419 / 120.522) |
| = | 0.35747352 | / | 0.48471648 |
| | = | 0.7375 |
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) |
| = | ((815.852 + 107.865) / 15900.494) | / | ((15.838 + 31.575) / 12289.476) |
| = | 0.0580936 | / | 0.00385802 |
| | = | 15.0579 |
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 |
| = | (110.874 - 0 | - | 125.205) | / | 15900.494 |
| | = | -0.0009 |
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.
Silvergate Capital has a M-score of -5.03 suggests that the company is unlikely to be a manipulator.
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