Yubico AB Beneish M-Score Historical Data
The historical data trend for Yubico AB'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.
Yubico AB Beneish M-Score Chart
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Yubico AB Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.83 |
-2.22 |
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Yubico AB Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.83 |
- |
- |
-1.74 |
-2.22 |
Competitive Comparison of Yubico AB's Beneish M-Score
For the Software - Infrastructure subindustry, Yubico AB'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.
Yubico AB's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Yubico AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yubico AB's Beneish M-Score falls into.
Yubico AB 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 Yubico AB 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 * 1.3204 | + | 0.528 * 0.9785 | + | 0.404 * 0.9631 | + | 0.892 * 1.2725 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9705 | + | 4.679 * 0.01263 | - | 0.327 * 1.187 |
| = | -1.97 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was kr463 Mil.
Revenue was 623 + 589.9 + 614.4 + 504.4 = kr2,332 Mil.
Gross Profit was 524.3 + 478 + 493.4 + 407.8 = kr1,904 Mil.
Total Current Assets was kr2,020 Mil.
Total Assets was kr2,209 Mil.
Property, Plant and Equipment(Net PPE) was kr83 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,134 Mil.
Total Current Liabilities was kr593 Mil.
Long-Term Debt & Capital Lease Obligation was kr37 Mil.
Net Income was 113.1 + 81.2 + 103.6 + 77.5 = kr375 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 128 + 67.6 + 118.9 + 33 = kr348 Mil.
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Total Receivables was kr276 Mil.
Revenue was 555.3 + 407.3 + 450.8 + 419 = kr1,832 Mil.
Gross Profit was 432.1 + 333.2 + 363 + 335.4 = kr1,464 Mil.
Total Current Assets was kr1,343 Mil.
Total Assets was kr1,481 Mil.
Property, Plant and Equipment(Net PPE) was kr63 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr918 Mil.
Total Current Liabilities was kr311 Mil.
Long-Term Debt & Capital Lease Obligation was kr45 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) |
| = | (463.4 / 2331.7) | / | (275.8 / 1832.4) |
| = | 0.198739 | / | 0.150513 |
| | = | 1.3204 |
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) |
| = | (1463.7 / 1832.4) | / | (1903.5 / 2331.7) |
| = | 0.798788 | / | 0.816357 |
| | = | 0.9785 |
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 - (2019.6 + 82.5) / 2209) | / | (1 - (1343.2 + 63.1) / 1480.7) |
| = | 0.048393 | / | 0.050247 |
| | = | 0.9631 |
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 |
| = | 2331.7 | / | 1832.4 |
| | = | 1.2725 |
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)) |
| = | (0 / (0 + 63.1)) | / | (0 / (0 + 82.5)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1133.8 / 2331.7) | / | (918.1 / 1832.4) |
| = | 0.486255 | / | 0.501037 |
| | = | 0.9705 |
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) |
| = | ((36.5 + 592.7) / 2209) | / | ((44.7 + 310.6) / 1480.7) |
| = | 0.284835 | / | 0.239954 |
| | = | 1.187 |
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 |
| = | (375.4 - 0 | - | 347.5) | / | 2209 |
| | = | 0.01263 |
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.
Yubico AB has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.
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