Perspecta Beneish M-Score Historical Data
The historical data trend for Perspecta'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.
Perspecta Beneish M-Score Chart
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Perspecta Annual Data
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Trend |
Oct15 |
Oct16 |
Mar18 |
Mar19 |
Mar20 |
| Beneish M-Score |
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- |
- |
-0.41 |
- |
-2.85 |
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Perspecta Quarterly Data
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Oct15 |
Oct16 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
| Beneish M-Score |
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-2.69 |
-2.85 |
-2.60 |
-2.86 |
-2.76 |
Competitive Comparison of Perspecta's Beneish M-Score
For the Information Technology Services subindustry, Perspecta'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.
Perspecta's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Perspecta's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Perspecta's Beneish M-Score falls into.
Perspecta 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 Perspecta 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 * 0.9509 | + | 0.528 * 1.1733 | + | 0.404 * 0.9581 | + | 0.892 * 0.9964 | + | 0.115 * 0.9338 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8484 | + | 4.679 * -0.070358 | - | 0.327 * 1.1692 |
| = | -2.82 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $542 Mil.
Revenue was 1134 + 1142 + 1108 + 1099 = $4,483 Mil.
Gross Profit was 228 + 230 + 209 + 246 = $913 Mil.
Total Current Assets was $898 Mil.
Total Assets was $5,202 Mil.
Property, Plant and Equipment(Net PPE) was $262 Mil.
Depreciation, Depletion and Amortization(DDA) was $376 Mil.
Selling, General, & Admin. Expense(SGA) was $257 Mil.
Total Current Liabilities was $1,072 Mil.
Long-Term Debt & Capital Lease Obligation was $2,344 Mil.
Net Income was 31 + 16 + -3 + -789 = $-745 Mil.
Non Operating Income was -5 + -21 + -18 + -934 = $-978 Mil.
Cash Flow from Operations was 117 + 164 + 132 + 186 = $599 Mil.
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Total Receivables was $572 Mil.
Revenue was 1126 + 1172 + 1107 + 1094 = $4,499 Mil.
Gross Profit was 263 + 264 + 271 + 277 = $1,075 Mil.
Total Current Assets was $844 Mil.
Total Assets was $6,189 Mil.
Property, Plant and Equipment(Net PPE) was $326 Mil.
Depreciation, Depletion and Amortization(DDA) was $399 Mil.
Selling, General, & Admin. Expense(SGA) was $304 Mil.
Total Current Liabilities was $1,027 Mil.
Long-Term Debt & Capital Lease Obligation was $2,449 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) |
| = | (542 / 4483) | / | (572 / 4499) |
| = | 0.120901 | / | 0.127139 |
| | = | 0.9509 |
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) |
| = | (1075 / 4499) | / | (913 / 4483) |
| = | 0.238942 | / | 0.203658 |
| | = | 1.1733 |
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 - (898 + 262) / 5202) | / | (1 - (844 + 326) / 6189) |
| = | 0.777009 | / | 0.810955 |
| | = | 0.9581 |
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 |
| = | 4483 | / | 4499 |
| | = | 0.9964 |
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)) |
| = | (399 / (399 + 326)) | / | (376 / (376 + 262)) |
| = | 0.550345 | / | 0.589342 |
| | = | 0.9338 |
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) |
| = | (257 / 4483) | / | (304 / 4499) |
| = | 0.057328 | / | 0.067571 |
| | = | 0.8484 |
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) |
| = | ((2344 + 1072) / 5202) | / | ((2449 + 1027) / 6189) |
| = | 0.656671 | / | 0.561642 |
| | = | 1.1692 |
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 |
| = | (-745 - -978 | - | 599) | / | 5202 |
| | = | -0.070358 |
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.
Perspecta has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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