I-Remit Beneish M-Score Historical Data
The historical data trend for I-Remit'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.
I-Remit Beneish M-Score Chart
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I-Remit Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.49 |
-2.13 |
-1.64 |
3.00 |
-4.03 |
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I-Remit Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
| Beneish M-Score |
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2.12 |
-4.03 |
0.49 |
1.98 |
8.90 |
PHS:I vs MSFT, ORCL, PLTR: Beneish M-Score Comparison
For the Software - Infrastructure subindustry, I-Remit'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.
I-Remit Beneish M-Score vs Software Industry
For the Software industry and Technology sector, I-Remit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where I-Remit's Beneish M-Score falls into.
I-Remit 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 I-Remit 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 * 12.5871 | + | 0.528 * 4.4709 | + | 0.404 * 0.4504 | + | 0.892 * 0.2988 | + | 0.115 * 1.8683 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.8935 | + | 4.679 * 0.00184 | - | 0.327 * 1.1345 |
| = | 8.90 |
* 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 (Sep25) TTM: | Last Year (Sep24) TTM: |
Total Receivables was ₱4,020.10 Mil.
Revenue was 2.323 + 2.703 + 2.162 + 8.322 = ₱15.51 Mil.
Gross Profit was 0.153 + -1.464 + -2.354 + 9.702 = ₱6.04 Mil.
Total Current Assets was ₱4,079.43 Mil.
Total Assets was ₱4,622.61 Mil.
Property, Plant and Equipment(Net PPE) was ₱76.79 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱25.43 Mil.
Selling, General, & Admin. Expense(SGA) was ₱63.62 Mil.
Total Current Liabilities was ₱4,577.26 Mil.
Long-Term Debt & Capital Lease Obligation was ₱40.04 Mil.
Net Income was -46.919 + -48.523 + -60.051 + -125.156 = ₱-280.65 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0.00 Mil.
Cash Flow from Operations was -44.149 + -57.566 + -119.138 + -68.303 = ₱-289.16 Mil.
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Total Receivables was ₱1,068.73 Mil.
Revenue was 9.094 + 12.86 + 14.276 + 15.67 = ₱51.90 Mil.
Gross Profit was 3.191 + 5.419 + 2.088 + 79.62 = ₱90.32 Mil.
Total Current Assets was ₱1,478.52 Mil.
Total Assets was ₱2,002.94 Mil.
Property, Plant and Equipment(Net PPE) was ₱75.77 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱65.81 Mil.
Selling, General, & Admin. Expense(SGA) was ₱73.57 Mil.
Total Current Liabilities was ₱1,538.22 Mil.
Long-Term Debt & Capital Lease Obligation was ₱225.26 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) |
| = | (4020.101 / 15.51) | / | (1068.73 / 51.9) |
| = | 259.194133 | / | 20.5921 |
| | = | 12.5871 |
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) |
| = | (90.318 / 51.9) | / | (6.037 / 15.51) |
| = | 1.740231 | / | 0.389233 |
| | = | 4.4709 |
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 - (4079.434 + 76.794) / 4622.61) | / | (1 - (1478.516 + 75.773) / 2002.939) |
| = | 0.100891 | / | 0.223996 |
| | = | 0.4504 |
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 |
| = | 15.51 | / | 51.9 |
| | = | 0.2988 |
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)) |
| = | (65.806 / (65.806 + 75.773)) | / | (25.432 / (25.432 + 76.794)) |
| = | 0.464801 | / | 0.248782 |
| | = | 1.8683 |
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) |
| = | (63.615 / 15.51) | / | (73.569 / 51.9) |
| = | 4.101547 | / | 1.417514 |
| | = | 2.8935 |
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) |
| = | ((40.04 + 4577.257) / 4622.61) | / | ((225.255 + 1538.223) / 2002.939) |
| = | 0.998851 | / | 0.880445 |
| | = | 1.1345 |
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 |
| = | (-280.649 - 0 | - | -289.156) | / | 4622.61 |
| | = | 0.00184 |
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.
I-Remit has a M-score of 8.90 signals that the company is likely to be a manipulator.
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