Temenos AG Beneish M-Score Historical Data
The historical data trend for Temenos AG'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.
Temenos AG Beneish M-Score Chart
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Temenos AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-3.10 |
-3.09 |
-2.92 |
-3.04 |
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Temenos AG 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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-2.94 |
-3.04 |
-2.97 |
-3.01 |
-3.06 |
Competitive Comparison of Temenos AG's Beneish M-Score
For the Software - Application subindustry, Temenos AG'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.
Temenos AG's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Temenos AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Temenos AG's Beneish M-Score falls into.
Temenos AG 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 Temenos AG 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 * 0.8565 | + | 0.528 * 0.964 | + | 0.404 * 1.0229 | + | 0.892 * 1.0438 | + | 0.115 * 0.9857 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0087 | + | 4.679 * -0.086173 | - | 0.327 * 1.0137 |
| = | -2.99 |
* 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 $316 Mil.
Revenue was 246.916 + 248.385 + 229.88 + 298.002 = $1,023 Mil.
Gross Profit was 143.546 + 204.467 + 134.765 + 256.703 = $739 Mil.
Total Current Assets was $423 Mil.
Total Assets was $2,288 Mil.
Property, Plant and Equipment(Net PPE) was $54 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $323 Mil.
Total Current Liabilities was $712 Mil.
Long-Term Debt & Capital Lease Obligation was $882 Mil.
Net Income was 30.845 + 37.064 + 32.265 + 43.903 = $144 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 41.693 + 92.514 + 69.677 + 137.322 = $341 Mil.
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Total Receivables was $354 Mil.
Revenue was 236.7 + 238.974 + 226.548 + 278.001 = $980 Mil.
Gross Profit was 128.638 + 195.63 + 128.118 + 230.563 = $683 Mil.
Total Current Assets was $441 Mil.
Total Assets was $2,202 Mil.
Property, Plant and Equipment(Net PPE) was $58 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $307 Mil.
Total Current Liabilities was $1,062 Mil.
Long-Term Debt & Capital Lease Obligation was $452 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) |
| = | (316.181 / 1023.183) | / | (353.658 / 980.223) |
| = | 0.309017 | / | 0.360793 |
| | = | 0.8565 |
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) |
| = | (682.949 / 980.223) | / | (739.481 / 1023.183) |
| = | 0.696728 | / | 0.722726 |
| | = | 0.964 |
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 - (423.45 + 54.118) / 2287.59) | / | (1 - (440.67 + 58.107) / 2202.186) |
| = | 0.791235 | / | 0.773508 |
| | = | 1.0229 |
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 |
| = | 1023.183 | / | 980.223 |
| | = | 1.0438 |
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)) |
| = | (135.183 / (135.183 + 58.107)) | / | (132.214 / (132.214 + 54.118)) |
| = | 0.699379 | / | 0.709561 |
| | = | 0.9857 |
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) |
| = | (323.461 / 1023.183) | / | (307.212 / 980.223) |
| = | 0.316132 | / | 0.31341 |
| | = | 1.0087 |
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) |
| = | ((881.671 + 712.154) / 2287.59) | / | ((451.642 + 1061.997) / 2202.186) |
| = | 0.696727 | / | 0.687335 |
| | = | 1.0137 |
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 |
| = | (144.077 - 0 | - | 341.206) | / | 2287.59 |
| | = | -0.086173 |
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.
Temenos AG has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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