Veeva Systems Beneish M-Score Historical Data
The historical data trend for Veeva Systems'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.
Veeva Systems Beneish M-Score Chart
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Veeva Systems Annual Data
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Jan21 |
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Jan24 |
| Beneish M-Score |
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-1.77 |
-2.48 |
-2.80 |
-2.66 |
-2.72 |
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Veeva Systems Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.66 |
-2.65 |
-2.90 |
-2.94 |
-2.72 |
Competitive Comparison of Veeva Systems's Beneish M-Score
For the Health Information Services subindustry, Veeva Systems'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.
Veeva Systems's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Veeva Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Veeva Systems's Beneish M-Score falls into.
Veeva Systems 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 Veeva Systems 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 * 1.0317 | + | 0.528 * 1.0053 | + | 0.404 * 0.8949 | + | 0.892 * 1.0968 | + | 0.115 * 0.9091 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0111 | + | 4.679 * -0.069461 | - | 0.327 * 0.9427 |
| = | -2.72 |
* 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 $889 Mil.
Revenue was 630.618 + 616.505 + 590.225 + 526.325 = $2,364 Mil.
Gross Profit was 456.69 + 448.823 + 421.207 + 359.662 = $1,686 Mil.
Total Current Assets was $5,003 Mil.
Total Assets was $5,911 Mil.
Property, Plant and Equipment(Net PPE) was $104 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $628 Mil.
Total Current Liabilities was $1,179 Mil.
Long-Term Debt & Capital Lease Obligation was $46 Mil.
Net Income was 147.398 + 135.158 + 111.628 + 131.521 = $526 Mil.
Non Operating Income was -86.319 + 42.187 + 38.826 + 30.248 = $25 Mil.
Cash Flow from Operations was 57.769 + 82.598 + 265.036 + 505.936 = $911 Mil.
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Total Receivables was $785 Mil.
Revenue was 563.389 + 552.351 + 534.218 + 505.102 = $2,155 Mil.
Gross Profit was 399.075 + 398.444 + 382.549 + 365.587 = $1,546 Mil.
Total Current Assets was $3,969 Mil.
Total Assets was $4,804 Mil.
Property, Plant and Equipment(Net PPE) was $105 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $566 Mil.
Total Current Liabilities was $1,007 Mil.
Long-Term Debt & Capital Lease Obligation was $50 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) |
| = | (888.537 / 2363.673) | / | (785.229 / 2155.06) |
| = | 0.375914 | / | 0.364365 |
| | = | 1.0317 |
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) |
| = | (1545.655 / 2155.06) | / | (1686.382 / 2363.673) |
| = | 0.717221 | / | 0.713458 |
| | = | 1.0053 |
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 - (5003.211 + 104.134) / 5910.92) | / | (1 - (3969.313 + 105.153) / 4804.296) |
| = | 0.135948 | / | 0.151912 |
| | = | 0.8949 |
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 |
| = | 2363.673 | / | 2155.06 |
| | = | 1.0968 |
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)) |
| = | (29.122 / (29.122 + 105.153)) | / | (32.628 / (32.628 + 104.134)) |
| = | 0.216883 | / | 0.238575 |
| | = | 0.9091 |
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) |
| = | (628.019 / 2363.673) | / | (566.286 / 2155.06) |
| = | 0.265696 | / | 0.26277 |
| | = | 1.0111 |
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) |
| = | ((46.441 + 1178.883) / 5910.92) | / | ((49.67 + 1006.803) / 4804.296) |
| = | 0.207298 | / | 0.219902 |
| | = | 0.9427 |
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 |
| = | (525.705 - 24.942 | - | 911.339) | / | 5910.92 |
| | = | -0.069461 |
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.
Veeva Systems has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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