Pitney Bowes Beneish M-Score Historical Data
The historical data trend for Pitney Bowes'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.
Pitney Bowes Beneish M-Score Chart
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Pitney Bowes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.59 |
-2.72 |
-2.63 |
-2.46 |
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Pitney Bowes 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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-2.71 |
-2.46 |
-2.47 |
-2.58 |
-2.64 |
Competitive Comparison of Pitney Bowes's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Pitney Bowes'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.
Pitney Bowes's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Pitney Bowes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pitney Bowes's Beneish M-Score falls into.
Pitney Bowes 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 Pitney Bowes 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 * 0.6891 | + | 0.528 * 1.26 | + | 0.404 * 1.0425 | + | 0.892 * 1.2694 | + | 0.115 * 0.4814 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8534 | + | 4.679 * -0.038729 | - | 0.327 * 1.162 |
| = | -2.64 |
* 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 $739 Mil.
Revenue was 499.463 + 793.17 + 830.509 + 1713.839 = $3,837 Mil.
Gross Profit was 277.568 + 266.645 + 283.649 + 276.449 = $1,104 Mil.
Total Current Assets was $1,486 Mil.
Total Assets was $3,648 Mil.
Property, Plant and Equipment(Net PPE) was $374 Mil.
Depreciation, Depletion and Amortization(DDA) was $162 Mil.
Selling, General, & Admin. Expense(SGA) was $940 Mil.
Total Current Liabilities was $1,685 Mil.
Long-Term Debt & Capital Lease Obligation was $2,170 Mil.
Net Income was -138.472 + -24.867 + -2.885 + -223.836 = $-390 Mil.
Non Operating Income was -80.02 + -31.843 + -4.315 + -320.68 = $-437 Mil.
Cash Flow from Operations was 14.362 + 92.854 + -12.525 + 93.378 = $188 Mil.
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Total Receivables was $845 Mil.
Revenue was 503.033 + 776.481 + 834.538 + 908.691 = $3,023 Mil.
Gross Profit was 271.821 + 258.619 + 277.557 + 288.174 = $1,096 Mil.
Total Current Assets was $1,618 Mil.
Total Assets was $4,423 Mil.
Property, Plant and Equipment(Net PPE) was $726 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $867 Mil.
Total Current Liabilities was $1,641 Mil.
Long-Term Debt & Capital Lease Obligation was $2,382 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) |
| = | (739.222 / 3836.981) | / | (845.136 / 3022.743) |
| = | 0.192657 | / | 0.279592 |
| | = | 0.6891 |
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) |
| = | (1096.171 / 3022.743) | / | (1104.311 / 3836.981) |
| = | 0.362641 | / | 0.287807 |
| | = | 1.26 |
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 - (1486.152 + 374.023) / 3647.716) | / | (1 - (1617.534 + 726.296) / 4422.704) |
| = | 0.490044 | / | 0.470046 |
| | = | 1.0425 |
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 |
| = | 3836.981 | / | 3022.743 |
| | = | 1.2694 |
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)) |
| = | (123.564 / (123.564 + 726.296)) | / | (161.827 / (161.827 + 374.023)) |
| = | 0.145393 | / | 0.302001 |
| | = | 0.4814 |
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) |
| = | (939.511 / 3836.981) | / | (867.294 / 3022.743) |
| = | 0.244857 | / | 0.286923 |
| | = | 0.8534 |
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) |
| = | ((2170.11 + 1684.552) / 3647.716) | / | ((2381.515 + 1640.526) / 4422.704) |
| = | 1.056733 | / | 0.909408 |
| | = | 1.162 |
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 |
| = | (-390.06 - -436.858 | - | 188.069) | / | 3647.716 |
| | = | -0.038729 |
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.
Pitney Bowes has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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