UiPath Beneish M-Score Historical Data
The historical data trend for UiPath'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.
UiPath Beneish M-Score Chart
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UiPath Annual Data
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Trend |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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- |
- |
-2.66 |
-2.65 |
-3.04 |
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UiPath Quarterly Data
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Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.65 |
-2.87 |
-3.11 |
-3.14 |
-3.04 |
Competitive Comparison of UiPath's Beneish M-Score
For the Software - Infrastructure subindustry, UiPath'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.
UiPath's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, UiPath's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UiPath's Beneish M-Score falls into.
UiPath 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 UiPath 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 * 0.9498 | + | 0.528 * 0.9761 | + | 0.404 * 0.8796 | + | 0.892 * 1.2357 | + | 0.115 * 0.8521 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8125 | + | 4.679 * -0.142394 | - | 0.327 * 1.0443 |
| = | -3.04 |
* 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 $520 Mil.
Revenue was 405.253 + 325.921 + 287.31 + 289.588 = $1,308 Mil.
Gross Profit was 351.903 + 276.001 + 238.323 + 245.921 = $1,112 Mil.
Total Current Assets was $2,580 Mil.
Total Assets was $2,955 Mil.
Property, Plant and Equipment(Net PPE) was $80 Mil.
Depreciation, Depletion and Amortization(DDA) was $23 Mil.
Selling, General, & Admin. Expense(SGA) was $945 Mil.
Total Current Liabilities was $712 Mil.
Long-Term Debt & Capital Lease Obligation was $59 Mil.
Net Income was 33.916 + -31.537 + -60.361 + -31.901 = $-90 Mil.
Non Operating Income was 6.284 + 13.725 + 7.472 + 4.294 = $32 Mil.
Cash Flow from Operations was 145.602 + 41.854 + 44.285 + 67.341 = $299 Mil.
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Total Receivables was $443 Mil.
Revenue was 308.549 + 262.744 + 242.222 + 245.066 = $1,059 Mil.
Gross Profit was 260.858 + 219.976 + 197.646 + 200.05 = $879 Mil.
Total Current Assets was $2,344 Mil.
Total Assets was $2,735 Mil.
Property, Plant and Equipment(Net PPE) was $81 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $941 Mil.
Total Current Liabilities was $626 Mil.
Long-Term Debt & Capital Lease Obligation was $56 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) |
| = | (520.493 / 1308.072) | / | (443.477 / 1058.581) |
| = | 0.397909 | / | 0.418935 |
| | = | 0.9498 |
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) |
| = | (878.53 / 1058.581) | / | (1112.148 / 1308.072) |
| = | 0.829913 | / | 0.850219 |
| | = | 0.9761 |
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 - (2580.412 + 80.054) / 2954.758) | / | (1 - (2344.407 + 81.097) / 2735.206) |
| = | 0.099599 | / | 0.113228 |
| | = | 0.8796 |
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 |
| = | 1308.072 | / | 1058.581 |
| | = | 1.2357 |
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)) |
| = | (18.723 / (18.723 + 81.097)) | / | (22.597 / (22.597 + 80.054)) |
| = | 0.187568 | / | 0.220134 |
| | = | 0.8521 |
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) |
| = | (944.767 / 1308.072) | / | (941.063 / 1058.581) |
| = | 0.722259 | / | 0.888985 |
| | = | 0.8125 |
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) |
| = | ((58.713 + 711.691) / 2954.758) | / | ((56.442 + 626.452) / 2735.206) |
| = | 0.260733 | / | 0.249668 |
| | = | 1.0443 |
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 |
| = | (-89.883 - 31.775 | - | 299.082) | / | 2954.758 |
| | = | -0.142394 |
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.
UiPath has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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