Smartsheet Beneish M-Score Historical Data
The historical data trend for Smartsheet'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.
Smartsheet Beneish M-Score Chart
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Smartsheet Annual Data
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Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.21 |
-1.75 |
-2.95 |
-3.24 |
-3.26 |
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Smartsheet Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
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Jan21 |
Apr21 |
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Jan24 |
| Beneish M-Score |
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-3.24 |
-3.24 |
-3.28 |
-3.32 |
-3.26 |
Competitive Comparison of Smartsheet's Beneish M-Score
For the Software - Application subindustry, Smartsheet'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.
Smartsheet's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Smartsheet's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Smartsheet's Beneish M-Score falls into.
Smartsheet 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 Smartsheet 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 * 0.9617 | + | 0.528 * 0.974 | + | 0.404 * 0.877 | + | 0.892 * 1.2496 | + | 0.115 * 0.8451 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8661 | + | 4.679 * -0.195149 | - | 0.327 * 0.9731 |
| = | -3.26 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $238.7 Mil.
Revenue was 256.949 + 245.918 + 235.585 + 219.886 = $958.3 Mil.
Gross Profit was 210.458 + 198.88 + 188.547 + 174.005 = $771.9 Mil.
Total Current Assets was $931.9 Mil.
Total Assets was $1,337.5 Mil.
Property, Plant and Equipment(Net PPE) was $81.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.0 Mil.
Selling, General, & Admin. Expense(SGA) was $658.1 Mil.
Total Current Liabilities was $695.9 Mil.
Long-Term Debt & Capital Lease Obligation was $33.6 Mil.
Net Income was -8.976 + -32.428 + -33.357 + -29.87 = $-104.6 Mil.
Non Operating Income was -0.12 + -0.79 + -0.055 + -0.536 = $-1.5 Mil.
Cash Flow from Operations was 59.702 + 15.146 + 48.459 + 34.571 = $157.9 Mil.
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Total Receivables was $198.6 Mil.
Revenue was 212.337 + 199.577 + 186.691 + 168.31 = $766.9 Mil.
Gross Profit was 167.624 + 156.714 + 146.14 + 131.152 = $601.6 Mil.
Total Current Assets was $710.1 Mil.
Total Assets was $1,110.2 Mil.
Property, Plant and Equipment(Net PPE) was $93.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.9 Mil.
Selling, General, & Admin. Expense(SGA) was $608.1 Mil.
Total Current Liabilities was $574.7 Mil.
Long-Term Debt & Capital Lease Obligation was $47.6 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) |
| = | (238.708 / 958.338) | / | (198.643 / 766.915) |
| = | 0.249085 | / | 0.259016 |
| | = | 0.9617 |
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) |
| = | (601.63 / 766.915) | / | (771.89 / 958.338) |
| = | 0.784481 | / | 0.805447 |
| | = | 0.974 |
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 - (931.869 + 81.842) / 1337.479) | / | (1 - (710.087 + 93.673) / 1110.209) |
| = | 0.242073 | / | 0.276028 |
| | = | 0.877 |
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 |
| = | 958.338 | / | 766.915 |
| | = | 1.2496 |
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)) |
| = | (24.856 / (24.856 + 93.673)) | / | (27.012 / (27.012 + 81.842)) |
| = | 0.209704 | / | 0.248149 |
| | = | 0.8451 |
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) |
| = | (658.101 / 958.338) | / | (608.061 / 766.915) |
| = | 0.686711 | / | 0.792866 |
| | = | 0.8661 |
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) |
| = | ((33.555 + 695.85) / 1337.479) | / | ((47.564 + 574.663) / 1110.209) |
| = | 0.545358 | / | 0.560459 |
| | = | 0.9731 |
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 |
| = | (-104.631 - -1.501 | - | 157.878) | / | 1337.479 |
| | = | -0.195149 |
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.
Smartsheet has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.
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