Sculptor Capital Management Beneish M-Score Historical Data
The historical data trend for Sculptor Capital Management'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.
Sculptor Capital Management Beneish M-Score Chart
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Sculptor Capital Management Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.49 |
-1.66 |
-0.79 |
-3.94 |
-1.72 |
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Sculptor Capital Management Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-0.03 |
-1.72 |
-1.47 |
-2.46 |
-2.99 |
Competitive Comparison of Sculptor Capital Management's Beneish M-Score
For the Asset Management subindustry, Sculptor Capital Management'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.
Sculptor Capital Management's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Sculptor Capital Management's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sculptor Capital Management's Beneish M-Score falls into.
Sculptor Capital Management 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 Sculptor Capital Management 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 * 0.8938 | + | 0.528 * 0.7387 | + | 0.404 * 0.9979 | + | 0.892 * 0.7175 | + | 0.115 * 1.078 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7857 | + | 4.679 * 0.031269 | - | 0.327 * 1.118 |
| = | -2.99 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $53.3 Mil.
Revenue was 85.655 + 75.303 + 113.235 + 123.642 = $397.8 Mil.
Gross Profit was 23.345 + 16.515 + 44.066 + 27.171 = $111.1 Mil.
Total Current Assets was $242.7 Mil.
Total Assets was $1,346.1 Mil.
Property, Plant and Equipment(Net PPE) was $86.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.1 Mil.
Selling, General, & Admin. Expense(SGA) was $142.4 Mil.
Total Current Liabilities was $136.0 Mil.
Long-Term Debt & Capital Lease Obligation was $419.4 Mil.
Net Income was -31.113 + 3.654 + 8.492 + 1.68 = $-17.3 Mil.
Non Operating Income was -13.287 + 6.056 + 13.036 + 3.68 = $9.5 Mil.
Cash Flow from Operations was 24.391 + -14.611 + -63.949 + -14.693 = $-68.9 Mil.
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Total Receivables was $83.1 Mil.
Revenue was 78.831 + 119.181 + 97.348 + 259.15 = $554.5 Mil.
Gross Profit was 10.67 + 37.77 + 19.319 + 46.625 = $114.4 Mil.
Total Current Assets was $280.7 Mil.
Total Assets was $1,587.1 Mil.
Property, Plant and Equipment(Net PPE) was $104.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.4 Mil.
Selling, General, & Admin. Expense(SGA) was $111.2 Mil.
Total Current Liabilities was $158.7 Mil.
Long-Term Debt & Capital Lease Obligation was $427.0 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) |
| = | (53.275 / 397.835) | / | (83.08 / 554.51) |
| = | 0.133912 | / | 0.149826 |
| | = | 0.8938 |
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) |
| = | (114.384 / 554.51) | / | (111.097 / 397.835) |
| = | 0.206279 | / | 0.279254 |
| | = | 0.7387 |
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 - (242.671 + 86.492) / 1346.058) | / | (1 - (280.718 + 104.866) / 1587.072) |
| = | 0.755462 | / | 0.757047 |
| | = | 0.9979 |
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 |
| = | 397.835 | / | 554.51 |
| | = | 0.7175 |
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)) |
| = | (5.434 / (5.434 + 104.866)) | / | (4.142 / (4.142 + 86.492)) |
| = | 0.049266 | / | 0.0457 |
| | = | 1.078 |
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) |
| = | (142.426 / 397.835) | / | (111.171 / 554.51) |
| = | 0.358003 | / | 0.200485 |
| | = | 1.7857 |
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) |
| = | ((419.356 + 135.99) / 1346.058) | / | ((426.964 + 158.723) / 1587.072) |
| = | 0.412572 | / | 0.369036 |
| | = | 1.118 |
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 |
| = | (-17.287 - 9.485 | - | -68.862) | / | 1346.058 |
| | = | 0.031269 |
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.
Sculptor Capital Management has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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