StoneCo Beneish M-Score Historical Data
The historical data trend for StoneCo'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.
StoneCo Beneish M-Score Chart
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StoneCo Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.33 |
-1.98 |
-1.26 |
-2.33 |
-2.30 |
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StoneCo Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.33 |
-2.56 |
-2.48 |
-2.46 |
-2.30 |
Competitive Comparison of StoneCo's Beneish M-Score
For the Software - Infrastructure subindustry, StoneCo'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.
StoneCo's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, StoneCo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where StoneCo's Beneish M-Score falls into.
StoneCo 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 StoneCo 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 * 0.951 | + | 0.528 * 0.9533 | + | 0.404 * 0.8618 | + | 0.892 * 1.3042 | + | 0.115 * 0.9711 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8688 | + | 4.679 * 0.00409 | - | 0.327 * 1.0193 |
| = | -2.30 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $5,043 Mil.
Revenue was 632.259 + 597.902 + 568.637 + 490.195 = $2,289 Mil.
Gross Profit was 468.437 + 441.285 + 427.445 + 351.717 = $1,689 Mil.
Total Current Assets was $7,582 Mil.
Total Assets was $9,938 Mil.
Property, Plant and Equipment(Net PPE) was $339 Mil.
Depreciation, Depletion and Amortization(DDA) was $177 Mil.
Selling, General, & Admin. Expense(SGA) was $581 Mil.
Total Current Liabilities was $5,948 Mil.
Long-Term Debt & Capital Lease Obligation was $743 Mil.
Net Income was 132.924 + 82.766 + 62.915 + 43.512 = $322 Mil.
Non Operating Income was -0.391 + -16.854 + -11.125 + -13.814 = $-42 Mil.
Cash Flow from Operations was -85.028 + 12.843 + 171.519 + 224.321 = $324 Mil.
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Total Receivables was $4,066 Mil.
Revenue was 490.719 + 449.267 + 425.882 + 389.201 = $1,755 Mil.
Gross Profit was 357.659 + 321.252 + 301.832 + 253.688 = $1,234 Mil.
Total Current Assets was $5,845 Mil.
Total Assets was $8,054 Mil.
Property, Plant and Equipment(Net PPE) was $313 Mil.
Depreciation, Depletion and Amortization(DDA) was $156 Mil.
Selling, General, & Admin. Expense(SGA) was $513 Mil.
Total Current Liabilities was $4,799 Mil.
Long-Term Debt & Capital Lease Obligation was $520 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) |
| = | (5043.421 / 2288.993) | / | (4066.458 / 1755.069) |
| = | 2.203336 | / | 2.316979 |
| | = | 0.951 |
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) |
| = | (1234.431 / 1755.069) | / | (1688.884 / 2288.993) |
| = | 0.703352 | / | 0.737828 |
| | = | 0.9533 |
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 - (7582.473 + 339.176) / 9937.867) | / | (1 - (5844.969 + 312.879) / 8053.807) |
| = | 0.202882 | / | 0.235412 |
| | = | 0.8618 |
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 |
| = | 2288.993 | / | 1755.069 |
| | = | 1.3042 |
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)) |
| = | (155.96 / (155.96 + 312.879)) | / | (176.729 / (176.729 + 339.176)) |
| = | 0.332652 | / | 0.342561 |
| | = | 0.9711 |
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) |
| = | (581.141 / 2288.993) | / | (512.88 / 1755.069) |
| = | 0.253885 | / | 0.292228 |
| | = | 0.8688 |
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) |
| = | ((742.727 + 5947.742) / 9937.867) | / | ((520.164 + 4799.279) / 8053.807) |
| = | 0.67323 | / | 0.660488 |
| | = | 1.0193 |
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 |
| = | (322.117 - -42.184 | - | 323.655) | / | 9937.867 |
| | = | 0.00409 |
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.
StoneCo has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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