TD Synnex Beneish M-Score Historical Data
The historical data trend for TD Synnex'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.
TD Synnex Beneish M-Score Chart
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TD Synnex Annual Data
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Trend |
Nov14 |
Nov15 |
Nov16 |
Nov17 |
Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-2.06 |
-3.14 |
-1.03 |
-2.06 |
-2.51 |
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TD Synnex Quarterly Data
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Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
May24 |
Aug24 |
| Beneish M-Score |
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-2.54 |
-2.51 |
-2.75 |
-2.54 |
-2.42 |
Competitive Comparison of TD Synnex's Beneish M-Score
For the Electronics & Computer Distribution subindustry, TD Synnex'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.
TD Synnex's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, TD Synnex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TD Synnex's Beneish M-Score falls into.
TD Synnex 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 TD Synnex 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 * 1.1684 | + | 0.528 * 0.9694 | + | 0.404 * 0.9511 | + | 0.892 * 0.9599 | + | 0.115 * 1.0649 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0508 | + | 4.679 * -0.002287 | - | 0.327 * 1.0311 |
| = | -2.42 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was $10,896 Mil.
Revenue was 14684.712 + 13947.908 + 13975.253 + 14407.306 = $57,015 Mil.
Gross Profit was 961.048 + 973.547 + 1005.766 + 1018.579 = $3,959 Mil.
Total Current Assets was $20,058 Mil.
Total Assets was $29,208 Mil.
Property, Plant and Equipment(Net PPE) was $477 Mil.
Depreciation, Depletion and Amortization(DDA) was $408 Mil.
Selling, General, & Admin. Expense(SGA) was $2,686 Mil.
Total Current Liabilities was $15,990 Mil.
Long-Term Debt & Capital Lease Obligation was $3,736 Mil.
Net Income was 178.556 + 143.605 + 172.128 + 187.542 = $682 Mil.
Non Operating Income was -2.174 + -40.976 + -34.533 + -40.153 = $-118 Mil.
Cash Flow from Operations was 385.782 + -114.708 + 384.709 + 210.668 = $866 Mil.
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Total Receivables was $9,714 Mil.
Revenue was 13960.615 + 14062.124 + 15125.371 + 16247.957 = $59,396 Mil.
Gross Profit was 971.273 + 963.41 + 1003.567 + 1059.719 = $3,998 Mil.
Total Current Assets was $19,169 Mil.
Total Assets was $28,505 Mil.
Property, Plant and Equipment(Net PPE) was $437 Mil.
Depreciation, Depletion and Amortization(DDA) was $422 Mil.
Selling, General, & Admin. Expense(SGA) was $2,663 Mil.
Total Current Liabilities was $15,532 Mil.
Long-Term Debt & Capital Lease Obligation was $3,139 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) |
| = | (10895.786 / 57015.179) | / | (9714.414 / 59396.067) |
| = | 0.191103 | / | 0.163553 |
| | = | 1.1684 |
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) |
| = | (3997.969 / 59396.067) | / | (3958.94 / 57015.179) |
| = | 0.06731 | / | 0.069437 |
| | = | 0.9694 |
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 - (20057.783 + 477.419) / 29207.547) | / | (1 - (19168.5 + 437.017) / 28504.594) |
| = | 0.296921 | / | 0.312198 |
| | = | 0.9511 |
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 |
| = | 57015.179 | / | 59396.067 |
| | = | 0.9599 |
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)) |
| = | (421.639 / (421.639 + 437.017)) | / | (408.492 / (408.492 + 477.419)) |
| = | 0.491045 | / | 0.461098 |
| | = | 1.0649 |
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) |
| = | (2685.959 / 57015.179) | / | (2662.879 / 59396.067) |
| = | 0.04711 | / | 0.044833 |
| | = | 1.0508 |
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) |
| = | ((3736.004 + 15990.394) / 29207.547) | / | ((3139.469 + 15532.022) / 28504.594) |
| = | 0.675387 | / | 0.655034 |
| | = | 1.0311 |
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 |
| = | (681.831 - -117.836 | - | 866.451) | / | 29207.547 |
| | = | -0.002287 |
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.
TD Synnex has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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