Tyler Technologies Beneish M-Score Historical Data
The historical data trend for Tyler Technologies'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.
Tyler Technologies Beneish M-Score Chart
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Tyler Technologies Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.78 |
-2.51 |
-2.54 |
-2.63 |
-2.84 |
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Tyler Technologies Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.61 |
-2.64 |
-2.79 |
-2.84 |
-2.77 |
Competitive Comparison of Tyler Technologies's Beneish M-Score
For the Software - Application subindustry, Tyler Technologies'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.
Tyler Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Tyler Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tyler Technologies's Beneish M-Score falls into.
Tyler Technologies 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 Tyler Technologies 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 * 0.9387 | + | 0.528 * 0.9937 | + | 0.404 * 0.8756 | + | 0.892 * 1.0996 | + | 0.115 * 1.0588 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9242 | + | 4.679 * -0.065317 | - | 0.327 * 0.9386 |
| = | -2.77 |
* 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 $560 Mil.
Revenue was 565.165 + 541.131 + 543.337 + 540.976 = $2,191 Mil.
Gross Profit was 267.081 + 236.819 + 237.46 + 237.816 = $979 Mil.
Total Current Assets was $1,467 Mil.
Total Assets was $5,192 Mil.
Property, Plant and Equipment(Net PPE) was $194 Mil.
Depreciation, Depletion and Amortization(DDA) was $147 Mil.
Selling, General, & Admin. Expense(SGA) was $465 Mil.
Total Current Liabilities was $1,561 Mil.
Long-Term Debt & Capital Lease Obligation was $32 Mil.
Net Income was 81.052 + 65.221 + 75.897 + 67.738 = $290 Mil.
Non Operating Income was 7.363 + 6.34 + 4.504 + 1.883 = $20 Mil.
Cash Flow from Operations was 56.158 + 224.774 + 263.716 + 64.304 = $609 Mil.
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Total Receivables was $542 Mil.
Revenue was 512.359 + 480.934 + 494.684 + 504.279 = $1,992 Mil.
Gross Profit was 223.666 + 212.925 + 225.16 + 223.177 = $885 Mil.
Total Current Assets was $824 Mil.
Total Assets was $4,609 Mil.
Property, Plant and Equipment(Net PPE) was $205 Mil.
Depreciation, Depletion and Amortization(DDA) was $171 Mil.
Selling, General, & Admin. Expense(SGA) was $458 Mil.
Total Current Liabilities was $873 Mil.
Long-Term Debt & Capital Lease Obligation was $634 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) |
| = | (559.873 / 2190.609) | / | (542.441 / 1992.256) |
| = | 0.255579 | / | 0.272275 |
| | = | 0.9387 |
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) |
| = | (884.928 / 1992.256) | / | (979.176 / 2190.609) |
| = | 0.444184 | / | 0.446988 |
| | = | 0.9937 |
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 - (1466.938 + 194.261) / 5192.134) | / | (1 - (824.421 + 204.995) / 4608.755) |
| = | 0.680055 | / | 0.776639 |
| | = | 0.8756 |
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 |
| = | 2190.609 | / | 1992.256 |
| | = | 1.0996 |
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)) |
| = | (171.47 / (171.47 + 204.995)) | / | (146.659 / (146.659 + 194.261)) |
| = | 0.455474 | / | 0.430186 |
| | = | 1.0588 |
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) |
| = | (465.457 / 2190.609) | / | (458.019 / 1992.256) |
| = | 0.212478 | / | 0.2299 |
| | = | 0.9242 |
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) |
| = | ((32.455 + 1561.3) / 5192.134) | / | ((634.269 + 872.925) / 4608.755) |
| = | 0.306956 | / | 0.327028 |
| | = | 0.9386 |
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 |
| = | (289.908 - 20.09 | - | 608.952) | / | 5192.134 |
| | = | -0.065317 |
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.
Tyler Technologies has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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