Brookfield Beneish M-Score Historical Data
The historical data trend for Brookfield'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.
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Brookfield Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.41 |
-2.54 |
-2.26 |
-2.41 |
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Brookfield Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.26 |
-2.36 |
-2.39 |
-2.36 |
-2.41 |
Competitive Comparison
For the Asset Management subindustry, Brookfield'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.
Brookfield Beneish M-Score Distribution
For the Asset Management industry and Financial Services sector, Brookfield's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brookfield's Beneish M-Score falls into.
Brookfield 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 Brookfield 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 * 1.0055 | + | 0.528 * 1.0157 | + | 0.404 * 1.0102 | + | 0.892 * 1.034 | + | 0.115 * 1.0054 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1522 | + | 4.679 * -0.025526 | - | 0.327 * 0.9682 |
| = | -2.39 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $20,263.00 Mil.
Revenue was 24518 + 24441 + 23668 + 23297 = $95,924.00 Mil.
Gross Profit was 3923 + 3353 + 3762 + 3477 = $14,515.00 Mil.
Total Current Assets was $46,704.00 Mil.
Total Assets was $490,095.00 Mil.
Property, Plant and Equipment(Net PPE) was $147,617.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,075.00 Mil.
Selling, General, & Admin. Expense(SGA) was $14.00 Mil.
Total Current Liabilities was $91,134.00 Mil.
Long-Term Debt & Capital Lease Obligation was $176,108.00 Mil.
Net Income was 699 + 230 + 81 + 120 = $1,130.00 Mil.
Non Operating Income was 3359 + 1020 + 1946 + 848 = $7,173.00 Mil.
Cash Flow from Operations was 1506 + 3437 + 406 + 1118 = $6,467.00 Mil.
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Total Receivables was $19,489.00 Mil.
Revenue was 24213 + 23418 + 23256 + 21882 = $92,769.00 Mil.
Gross Profit was 4006 + 3650 + 3415 + 3187 = $14,258.00 Mil.
Total Current Assets was $53,388.00 Mil.
Total Assets was $441,284.00 Mil.
Property, Plant and Equipment(Net PPE) was $124,268.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,683.00 Mil.
Selling, General, & Admin. Expense(SGA) was $89.00 Mil.
Total Current Liabilities was $77,747.00 Mil.
Long-Term Debt & Capital Lease Obligation was $170,777.00 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) |
| = | (20263 / 95924) | / | (19489 / 92769) |
| = | 0.21124 | / | 0.210081 |
| | = | 1.0055 |
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) |
| = | (14258 / 92769) | / | (14515 / 95924) |
| = | 0.153694 | / | 0.151318 |
| | = | 1.0157 |
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 - (46704 + 147617) / 490095) | / | (1 - (53388 + 124268) / 441284) |
| = | 0.603503 | / | 0.597411 |
| | = | 1.0102 |
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 |
| = | 95924 | / | 92769 |
| | = | 1.034 |
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)) |
| = | (7683 / (7683 + 124268)) | / | (9075 / (9075 + 147617)) |
| = | 0.058226 | / | 0.057916 |
| | = | 1.0054 |
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) |
| = | (14 / 95924) | / | (89 / 92769) |
| = | 0.000146 | / | 0.000959 |
| | = | 0.1522 |
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) |
| = | ((176108 + 91134) / 490095) | / | ((170777 + 77747) / 441284) |
| = | 0.545286 | / | 0.563184 |
| | = | 0.9682 |
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 |
| = | (1130 - 7173 | - | 6467) | / | 490095 |
| | = | -0.025526 |
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.
Brookfield has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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