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.
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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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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.46 |
-2.46 |
-2.54 |
-2.51 |
-2.75 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 1.0445 | + | 0.528 * 0.9043 | + | 0.404 * 1.0421 | + | 0.892 * 0.9098 | + | 0.115 * 1.0324 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1249 | + | 4.679 * -0.038605 | - | 0.327 * 0.9835 |
| = | -2.75 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $9,818 Mil.
Revenue was 13975.253 + 14407.306 + 13960.615 + 14062.124 = $56,405 Mil.
Gross Profit was 1005.766 + 1018.579 + 971.273 + 963.41 = $3,959 Mil.
Total Current Assets was $18,581 Mil.
Total Assets was $27,800 Mil.
Property, Plant and Equipment(Net PPE) was $459 Mil.
Depreciation, Depletion and Amortization(DDA) was $414 Mil.
Selling, General, & Admin. Expense(SGA) was $2,690 Mil.
Total Current Liabilities was $15,255 Mil.
Long-Term Debt & Capital Lease Obligation was $3,082 Mil.
Net Income was 172.128 + 187.542 + 139.262 + 133.087 = $632 Mil.
Non Operating Income was -34.533 + -40.153 + -73.957 + -40.993 = $-190 Mil.
Cash Flow from Operations was 384.709 + 210.668 + 591.955 + 707.545 = $1,895 Mil.
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Total Receivables was $10,332 Mil.
Revenue was 15125.371 + 16247.957 + 15356.085 + 15269.791 = $61,999 Mil.
Gross Profit was 1003.567 + 1059.719 + 916.03 + 955.789 = $3,935 Mil.
Total Current Assets was $19,965 Mil.
Total Assets was $29,235 Mil.
Property, Plant and Equipment(Net PPE) was $430 Mil.
Depreciation, Depletion and Amortization(DDA) was $413 Mil.
Selling, General, & Admin. Expense(SGA) was $2,628 Mil.
Total Current Liabilities was $15,791 Mil.
Long-Term Debt & Capital Lease Obligation was $3,816 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) |
| = | (9817.713 / 56405.298) | / | (10331.779 / 61999.204) |
| = | 0.174057 | / | 0.166644 |
| | = | 1.0445 |
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) |
| = | (3935.105 / 61999.204) | / | (3959.028 / 56405.298) |
| = | 0.06347 | / | 0.070189 |
| | = | 0.9043 |
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 - (18580.706 + 459.093) / 27800.029) | / | (1 - (19965.236 + 429.882) / 29235.166) |
| = | 0.315116 | / | 0.302377 |
| | = | 1.0421 |
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 |
| = | 56405.298 | / | 61999.204 |
| | = | 0.9098 |
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)) |
| = | (412.542 / (412.542 + 429.882)) | / | (414.256 / (414.256 + 459.093)) |
| = | 0.489708 | / | 0.47433 |
| | = | 1.0324 |
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) |
| = | (2689.884 / 56405.298) | / | (2628.379 / 61999.204) |
| = | 0.047688 | / | 0.042394 |
| | = | 1.1249 |
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) |
| = | ((3082.367 + 15254.932) / 27800.029) | / | ((3815.952 + 15790.616) / 29235.166) |
| = | 0.659614 | / | 0.67065 |
| | = | 0.9835 |
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 |
| = | (632.019 - -189.636 | - | 1894.877) | / | 27800.029 |
| | = | -0.038605 |
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 -2.75 suggests that the company is unlikely to be a manipulator.
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