Beyondsoft Beneish M-Score Historical Data
The historical data trend for Beyondsoft'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.
Beyondsoft Beneish M-Score Chart
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Beyondsoft Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.90 |
-2.58 |
-0.50 |
-2.52 |
-2.48 |
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Beyondsoft Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.52 |
-2.48 |
-2.35 |
-2.36 |
-2.34 |
Competitive Comparison of Beyondsoft's Beneish M-Score
For the Information Technology Services subindustry, Beyondsoft'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.
Beyondsoft's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Beyondsoft's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beyondsoft's Beneish M-Score falls into.
Beyondsoft 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 Beyondsoft 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 * 1.1365 | + | 0.528 * 1.0034 | + | 0.404 * 0.8952 | + | 0.892 * 1.0369 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0118 | + | 4.679 * 0.01177 | - | 0.327 * 1.0864 |
| = | -2.34 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥2,213 Mil.
Revenue was 1730.94 + 1727.181 + 1640.031 + 1729.208 = ¥6,827 Mil.
Gross Profit was 428.782 + 463.862 + 350.255 + 436.573 = ¥1,679 Mil.
Total Current Assets was ¥4,254 Mil.
Total Assets was ¥5,730 Mil.
Property, Plant and Equipment(Net PPE) was ¥394 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥401 Mil.
Total Current Liabilities was ¥1,491 Mil.
Long-Term Debt & Capital Lease Obligation was ¥46 Mil.
Net Income was 103.77 + 55.358 + 19.281 + -6.794 = ¥172 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 107.475 + -96.085 + -193.407 + 286.188 = ¥104 Mil.
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Total Receivables was ¥1,878 Mil.
Revenue was 1657.714 + 1627.912 + 1586.367 + 1712.649 = ¥6,585 Mil.
Gross Profit was 446.407 + 398.791 + 359.225 + 420.906 = ¥1,625 Mil.
Total Current Assets was ¥3,894 Mil.
Total Assets was ¥5,407 Mil.
Property, Plant and Equipment(Net PPE) was ¥372 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥382 Mil.
Total Current Liabilities was ¥1,299 Mil.
Long-Term Debt & Capital Lease Obligation was ¥37 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) |
| = | (2212.666 / 6827.36) | / | (1877.661 / 6584.642) |
| = | 0.324088 | / | 0.285158 |
| | = | 1.1365 |
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) |
| = | (1625.329 / 6584.642) | / | (1679.472 / 6827.36) |
| = | 0.246836 | / | 0.245991 |
| | = | 1.0034 |
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 - (4254.134 + 393.961) / 5730.36) | / | (1 - (3893.902 + 372.167) / 5406.823) |
| = | 0.188865 | / | 0.210984 |
| | = | 0.8952 |
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 |
| = | 6827.36 | / | 6584.642 |
| | = | 1.0369 |
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 + 372.167)) | / | (0 / (0 + 393.961)) |
| = | 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) |
| = | (401.072 / 6827.36) | / | (382.317 / 6584.642) |
| = | 0.058745 | / | 0.058062 |
| | = | 1.0118 |
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) |
| = | ((46.256 + 1491.396) / 5730.36) | / | ((36.681 + 1298.775) / 5406.823) |
| = | 0.268334 | / | 0.246995 |
| | = | 1.0864 |
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 |
| = | (171.615 - 0 | - | 104.171) | / | 5730.36 |
| | = | 0.01177 |
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.
Beyondsoft has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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