Bankrate Beneish M-Score Historical Data
The historical data trend for Bankrate'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.
Bankrate Beneish M-Score Chart
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Bankrate Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.20 |
-2.72 |
-2.82 |
-2.66 |
-2.94 |
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Bankrate Quarterly Data
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
| Beneish M-Score |
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-3.01 |
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-2.94 |
-3.07 |
-2.80 |
Competitive Comparison of Bankrate's Beneish M-Score
For the Internet Content & Information subindustry, Bankrate'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.
Bankrate's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Bankrate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bankrate's Beneish M-Score falls into.
Bankrate 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 Bankrate 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 * 0.9123 | + | 0.528 * 1.0863 | + | 0.404 * 0.9038 | + | 0.892 * 1.2383 | + | 0.115 * 1.1991 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7372 | + | 4.679 * -0.104059 | - | 0.327 * 1.1351 |
| = | -2.80 |
* 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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Total Receivables was $66.7 Mil.
Revenue was 115.924 + 118.659 + 113.583 + 128.798 = $477.0 Mil.
Gross Profit was 51.524 + 55.465 + 50.973 + 64.282 = $222.2 Mil.
Total Current Assets was $293.4 Mil.
Total Assets was $1,100.6 Mil.
Property, Plant and Equipment(Net PPE) was $18.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.0 Mil.
Selling, General, & Admin. Expense(SGA) was $94.3 Mil.
Total Current Liabilities was $122.8 Mil.
Long-Term Debt & Capital Lease Obligation was $297.0 Mil.
Net Income was -23.286 + -5.247 + -4.146 + 10.686 = $-22.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 8.532 + 18.27 + 42.531 + 23.205 = $92.5 Mil.
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Total Receivables was $59.1 Mil.
Revenue was 98.302 + 93.478 + 93.745 + 99.659 = $385.2 Mil.
Gross Profit was 45.474 + 46.168 + 48.184 + 55.133 = $195.0 Mil.
Total Current Assets was $214.6 Mil.
Total Assets was $1,087.8 Mil.
Property, Plant and Equipment(Net PPE) was $10.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.8 Mil.
Selling, General, & Admin. Expense(SGA) was $103.3 Mil.
Total Current Liabilities was $71.0 Mil.
Long-Term Debt & Capital Lease Obligation was $294.5 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) |
| = | (66.714 / 476.964) | / | (59.054 / 385.184) |
| = | 0.139872 | / | 0.153314 |
| | = | 0.9123 |
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) |
| = | (194.959 / 385.184) | / | (222.244 / 476.964) |
| = | 0.506145 | / | 0.465956 |
| | = | 1.0863 |
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 - (293.371 + 18.228) / 1100.633) | / | (1 - (214.619 + 10.294) / 1087.778) |
| = | 0.716891 | / | 0.793236 |
| | = | 0.9038 |
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 |
| = | 476.964 | / | 385.184 |
| | = | 1.2383 |
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)) |
| = | (54.839 / (54.839 + 10.294)) | / | (42.97 / (42.97 + 18.228)) |
| = | 0.841954 | / | 0.702147 |
| | = | 1.1991 |
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) |
| = | (94.304 / 476.964) | / | (103.307 / 385.184) |
| = | 0.197717 | / | 0.268202 |
| | = | 0.7372 |
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) |
| = | ((296.999 + 122.764) / 1100.633) | / | ((294.487 + 71.009) / 1087.778) |
| = | 0.381383 | / | 0.336002 |
| | = | 1.1351 |
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 |
| = | (-21.993 - 0 | - | 92.538) | / | 1100.633 |
| | = | -0.104059 |
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.
Bankrate has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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