Cimpress Beneish M-Score Historical Data
The historical data trend for Cimpress'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.
Cimpress Beneish M-Score Chart
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Cimpress Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.96 |
-3.44 |
-2.71 |
-2.97 |
-3.16 |
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Cimpress 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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-3.44 |
-3.16 |
-3.31 |
-3.13 |
-3.00 |
Competitive Comparison of Cimpress's Beneish M-Score
For the Advertising Agencies subindustry, Cimpress'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.
Cimpress's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Cimpress's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cimpress's Beneish M-Score falls into.
Cimpress 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 Cimpress 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 * 0.9918 | + | 0.528 * 0.9642 | + | 0.404 * 0.9992 | + | 0.892 * 1.04 | + | 0.115 * 1.0067 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8959 | + | 4.679 * -0.118841 | - | 0.327 * 1.0047 |
| = | -3.01 |
* 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 €65 Mil.
Revenue was 718.141 + 844.89 + 709.584 + 728.105 = €3,001 Mil.
Gross Profit was 345.846 + 419.931 + 335.925 + 347.285 = €1,449 Mil.
Total Current Assets was €407 Mil.
Total Assets was €1,642 Mil.
Property, Plant and Equipment(Net PPE) was €313 Mil.
Depreciation, Depletion and Amortization(DDA) was €145 Mil.
Selling, General, & Admin. Expense(SGA) was €906 Mil.
Total Current Liabilities was €585 Mil.
Long-Term Debt & Capital Lease Obligation was €1,540 Mil.
Net Income was -3.66 + 53.282 + 4.267 + 26.572 = €80 Mil.
Non Operating Income was -3.477 + -0.481 + 7.613 + 7.066 = €11 Mil.
Cash Flow from Operations was 7.753 + 160.425 + 39.592 + 57.055 = €265 Mil.
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Total Receivables was €63 Mil.
Revenue was 693.181 + 797.871 + 710.449 + 683.795 = €2,885 Mil.
Gross Profit was 324.337 + 367.98 + 328.937 + 322.094 = €1,343 Mil.
Total Current Assets was €439 Mil.
Total Assets was €1,768 Mil.
Property, Plant and Equipment(Net PPE) was €336 Mil.
Depreciation, Depletion and Amortization(DDA) was €157 Mil.
Selling, General, & Admin. Expense(SGA) was €972 Mil.
Total Current Liabilities was €631 Mil.
Long-Term Debt & Capital Lease Obligation was €1,648 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) |
| = | (65.384 / 3000.72) | / | (63.39 / 2885.296) |
| = | 0.021789 | / | 0.02197 |
| | = | 0.9918 |
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) |
| = | (1343.348 / 2885.296) | / | (1448.987 / 3000.72) |
| = | 0.465584 | / | 0.48288 |
| | = | 0.9642 |
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 - (406.804 + 313.259) / 1641.568) | / | (1 - (439.097 + 335.805) / 1768.47) |
| = | 0.561357 | / | 0.561823 |
| | = | 0.9992 |
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 |
| = | 3000.72 | / | 2885.296 |
| | = | 1.04 |
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)) |
| = | (157.064 / (157.064 + 335.805)) | / | (145.092 / (145.092 + 313.259)) |
| = | 0.318673 | / | 0.316552 |
| | = | 1.0067 |
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) |
| = | (906.042 / 3000.72) | / | (972.408 / 2885.296) |
| = | 0.301942 | / | 0.337022 |
| | = | 0.8959 |
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) |
| = | ((1540.057 + 585.046) / 1641.568) | / | ((1647.754 + 631.001) / 1768.47) |
| = | 1.294557 | / | 1.288546 |
| | = | 1.0047 |
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 |
| = | (80.461 - 10.721 | - | 264.825) | / | 1641.568 |
| | = | -0.118841 |
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.
Cimpress has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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