Onex Beneish M-Score Historical Data
The historical data trend for Onex'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.
Onex Beneish M-Score Chart
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Onex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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3.38 |
8.67 |
5.83 |
1.56 |
-1.43 |
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Onex Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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0.22 |
-1.43 |
-0.94 |
-1.92 |
-1.93 |
Competitive Comparison of Onex's Beneish M-Score
For the Asset Management subindustry, Onex'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.
Onex's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Onex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Onex's Beneish M-Score falls into.
Onex 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 Onex 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 * 1.3241 | + | 0.528 * 1.0336 | + | 0.404 * 1.0258 | + | 0.892 * 0.7953 | + | 0.115 * 1.4581 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.24 | + | 4.679 * 0.048991 | - | 0.327 * 1.0157 |
| = | -1.93 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $4,856.0 Mil.
Revenue was 198 + 244 + 97 + 452 = $991.0 Mil.
Gross Profit was 151 + 189 + 35 + 386 = $761.0 Mil.
Total Current Assets was $5,131.0 Mil.
Total Assets was $13,227.0 Mil.
Property, Plant and Equipment(Net PPE) was $96.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.0 Mil.
Selling, General, & Admin. Expense(SGA) was $21.0 Mil.
Total Current Liabilities was $293.0 Mil.
Long-Term Debt & Capital Lease Obligation was $4,297.0 Mil.
Net Income was 127 + 168 + 10 + 373 = $678.0 Mil.
Non Operating Income was -2 + -27 + 3 + -6 = $-32.0 Mil.
Cash Flow from Operations was 170 + 19 + -77 + -50 = $62.0 Mil.
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Total Receivables was $4,611.0 Mil.
Revenue was 349 + 262 + 59 + 576 = $1,246.0 Mil.
Gross Profit was 290 + 203 + -14 + 510 = $989.0 Mil.
Total Current Assets was $5,066.0 Mil.
Total Assets was $12,641.0 Mil.
Property, Plant and Equipment(Net PPE) was $122.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.0 Mil.
Selling, General, & Admin. Expense(SGA) was $110.0 Mil.
Total Current Liabilities was $282.0 Mil.
Long-Term Debt & Capital Lease Obligation was $4,037.0 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) |
| = | (4856 / 991) | / | (4611 / 1246) |
| = | 4.900101 | / | 3.700642 |
| | = | 1.3241 |
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) |
| = | (989 / 1246) | / | (761 / 991) |
| = | 0.79374 | / | 0.767911 |
| | = | 1.0336 |
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 - (5131 + 96) / 13227) | / | (1 - (5066 + 122) / 12641) |
| = | 0.604823 | / | 0.589589 |
| | = | 1.0258 |
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 |
| = | 991 | / | 1246 |
| | = | 0.7953 |
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)) |
| = | (55 / (55 + 122)) | / | (26 / (26 + 96)) |
| = | 0.310734 | / | 0.213115 |
| | = | 1.4581 |
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) |
| = | (21 / 991) | / | (110 / 1246) |
| = | 0.021191 | / | 0.088283 |
| | = | 0.24 |
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) |
| = | ((4297 + 293) / 13227) | / | ((4037 + 282) / 12641) |
| = | 0.347017 | / | 0.341666 |
| | = | 1.0157 |
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 |
| = | (678 - -32 | - | 62) | / | 13227 |
| | = | 0.048991 |
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.
Onex has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.
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