Topicus com Beneish M-Score Historical Data
The historical data trend for Topicus com'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.
Topicus com Beneish M-Score Chart
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Topicus com Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-0.84 |
-2.67 |
-2.66 |
-3.23 |
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Topicus com Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.66 |
-2.99 |
-3.24 |
-3.27 |
-3.23 |
Competitive Comparison of Topicus com's Beneish M-Score
For the Software - Infrastructure subindustry, Topicus com'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.
Topicus com's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Topicus com's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Topicus com's Beneish M-Score falls into.
Topicus com 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 Topicus com 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 * 0.8397 | + | 0.528 * 0.9759 | + | 0.404 * 0.9814 | + | 0.892 * 1.1514 | + | 0.115 * 1.0163 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0594 | + | 4.679 * -0.161945 | - | 0.327 * 1.114 |
| = | -3.32 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $212 Mil.
Revenue was 382.076 + 346.528 + 334.971 + 333.227 = $1,397 Mil.
Gross Profit was 145.173 + 134.046 + 114.587 + 114.653 = $508 Mil.
Total Current Assets was $476 Mil.
Total Assets was $1,608 Mil.
Property, Plant and Equipment(Net PPE) was $104 Mil.
Depreciation, Depletion and Amortization(DDA) was $183 Mil.
Selling, General, & Admin. Expense(SGA) was $89 Mil.
Total Current Liabilities was $733 Mil.
Long-Term Debt & Capital Lease Obligation was $107 Mil.
Net Income was 35.128 + 25.905 + 18.319 + 19.662 = $99 Mil.
Non Operating Income was -1.091 + -5.113 + -4.564 + -5.089 = $-16 Mil.
Cash Flow from Operations was 83.338 + 35.219 + 9.482 + 247.279 = $375 Mil.
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Total Receivables was $219 Mil.
Revenue was 337.677 + 297.555 + 294.781 + 283.115 = $1,213 Mil.
Gross Profit was 124.736 + 107.464 + 100.062 + 98.71 = $431 Mil.
Total Current Assets was $456 Mil.
Total Assets was $1,562 Mil.
Property, Plant and Equipment(Net PPE) was $88 Mil.
Depreciation, Depletion and Amortization(DDA) was $164 Mil.
Selling, General, & Admin. Expense(SGA) was $73 Mil.
Total Current Liabilities was $617 Mil.
Long-Term Debt & Capital Lease Obligation was $116 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) |
| = | (211.935 / 1396.802) | / | (219.193 / 1213.128) |
| = | 0.151729 | / | 0.180684 |
| | = | 0.8397 |
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) |
| = | (430.972 / 1213.128) | / | (508.459 / 1396.802) |
| = | 0.355257 | / | 0.364017 |
| | = | 0.9759 |
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 - (475.812 + 103.574) / 1608.241) | / | (1 - (455.553 + 88.437) / 1562.469) |
| = | 0.639739 | / | 0.651839 |
| | = | 0.9814 |
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 |
| = | 1396.802 | / | 1213.128 |
| | = | 1.1514 |
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)) |
| = | (163.552 / (163.552 + 88.437)) | / | (183.064 / (183.064 + 103.574)) |
| = | 0.649044 | / | 0.638659 |
| | = | 1.0163 |
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) |
| = | (88.541 / 1396.802) | / | (72.586 / 1213.128) |
| = | 0.063388 | / | 0.059834 |
| | = | 1.0594 |
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) |
| = | ((107.317 + 733.182) / 1608.241) | / | ((115.746 + 617.268) / 1562.469) |
| = | 0.52262 | / | 0.469138 |
| | = | 1.114 |
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 |
| = | (99.014 - -15.857 | - | 375.318) | / | 1608.241 |
| | = | -0.161945 |
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.
Topicus com has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
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