DBAPPSecurity Co Beneish M-Score Historical Data
The historical data trend for DBAPPSecurity Co'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.
DBAPPSecurity Co Beneish M-Score Chart
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DBAPPSecurity Co Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.09 |
-1.15 |
-1.02 |
-2.33 |
-2.50 |
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DBAPPSecurity Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.27 |
-2.38 |
-2.31 |
-2.50 |
-2.68 |
Competitive Comparison of DBAPPSecurity Co's Beneish M-Score
For the Software - Infrastructure subindustry, DBAPPSecurity Co'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.
DBAPPSecurity Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, DBAPPSecurity Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DBAPPSecurity Co's Beneish M-Score falls into.
DBAPPSecurity Co 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 DBAPPSecurity Co 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 * 0.9857 | + | 0.528 * 1.0544 | + | 0.404 * 0.984 | + | 0.892 * 1.0154 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9251 | + | 4.679 * -0.038562 | - | 0.327 * 1.1669 |
| = | -2.68 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥701 Mil.
Revenue was 280.802 + 962.801 + 511.793 + 359.42 = ¥2,115 Mil.
Gross Profit was 140.114 + 664.218 + 301.514 + 185.421 = ¥1,291 Mil.
Total Current Assets was ¥2,359 Mil.
Total Assets was ¥4,545 Mil.
Property, Plant and Equipment(Net PPE) was ¥826 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥907 Mil.
Total Current Liabilities was ¥1,709 Mil.
Long-Term Debt & Capital Lease Obligation was ¥382 Mil.
Net Income was -200.369 + 175.72 + -126.866 + -219.193 = ¥-371 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -358.258 + 421.709 + -101.148 + -157.766 = ¥-195 Mil.
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Total Receivables was ¥700 Mil.
Revenue was 336.15 + 940.406 + 504.982 + 301.168 = ¥2,083 Mil.
Gross Profit was 189.599 + 674.335 + 312.725 + 164.129 = ¥1,341 Mil.
Total Current Assets was ¥2,710 Mil.
Total Assets was ¥4,810 Mil.
Property, Plant and Equipment(Net PPE) was ¥637 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥966 Mil.
Total Current Liabilities was ¥1,049 Mil.
Long-Term Debt & Capital Lease Obligation was ¥848 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) |
| = | (700.868 / 2114.816) | / | (700.253 / 2082.706) |
| = | 0.331409 | / | 0.336223 |
| | = | 0.9857 |
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) |
| = | (1340.788 / 2082.706) | / | (1291.267 / 2114.816) |
| = | 0.643772 | / | 0.610581 |
| | = | 1.0544 |
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 - (2358.783 + 826.084) / 4544.519) | / | (1 - (2710.208 + 637.231) / 4809.945) |
| = | 0.299185 | / | 0.304059 |
| | = | 0.984 |
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 |
| = | 2114.816 | / | 2082.706 |
| | = | 1.0154 |
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)) |
| = | (0 / (0 + 637.231)) | / | (0 / (0 + 826.084)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (907.058 / 2114.816) | / | (965.651 / 2082.706) |
| = | 0.428906 | / | 0.463652 |
| | = | 0.9251 |
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) |
| = | ((382.435 + 1708.825) / 4544.519) | / | ((848.149 + 1048.724) / 4809.945) |
| = | 0.460172 | / | 0.394365 |
| | = | 1.1669 |
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 |
| = | (-370.708 - 0 | - | -195.463) | / | 4544.519 |
| | = | -0.038562 |
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.
DBAPPSecurity Co has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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