S-Pool Beneish M-Score Historical Data
The historical data trend for S-Pool'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.
S-Pool Beneish M-Score Chart
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S-Pool Annual Data
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Trend |
Nov14 |
Nov15 |
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Nov17 |
Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-1.80 |
-1.66 |
-1.73 |
11.85 |
-2.50 |
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S-Pool Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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11.37 |
15.33 |
15.78 |
-2.50 |
-2.55 |
Competitive Comparison of S-Pool's Beneish M-Score
For the Staffing & Employment Services subindustry, S-Pool'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.
S-Pool's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, S-Pool's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where S-Pool's Beneish M-Score falls into.
S-Pool 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 S-Pool 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 * 0.7172 | + | 0.528 * 1.0636 | + | 0.404 * 0.9321 | + | 0.892 * 1.2875 | + | 0.115 * 2.0113 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8614 | + | 4.679 * -0.016593 | - | 0.327 * 1.4194 |
| = | -2.55 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was 円2,917 Mil.
Revenue was 5658 + -17103 + 6220 + 7043 = 円1,818 Mil.
Gross Profit was 1655 + -4616 + 2129 + 2643 = 円1,811 Mil.
Total Current Assets was 円6,809 Mil.
Total Assets was 円33,809 Mil.
Property, Plant and Equipment(Net PPE) was 円25,469 Mil.
Depreciation, Depletion and Amortization(DDA) was 円719 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,627 Mil.
Total Current Liabilities was 円9,395 Mil.
Long-Term Debt & Capital Lease Obligation was 円14,849 Mil.
Net Income was 261 + -273 + 355 + 800 = 円1,143 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 820 + 0 + 0 + 884 = 円1,704 Mil.
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Total Receivables was 円3,159 Mil.
Revenue was 6089 + -18176 + 6354 + 7145 = 円1,412 Mil.
Gross Profit was 1854 + -4804 + 2070 + 2376 = 円1,496 Mil.
Total Current Assets was 円6,789 Mil.
Total Assets was 円17,476 Mil.
Property, Plant and Equipment(Net PPE) was 円9,838 Mil.
Depreciation, Depletion and Amortization(DDA) was 円575 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,467 Mil.
Total Current Liabilities was 円7,927 Mil.
Long-Term Debt & Capital Lease Obligation was 円902 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) |
| = | (2917 / 1818) | / | (3159 / 1412) |
| = | 1.60451 | / | 2.237252 |
| | = | 0.7172 |
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) |
| = | (1496 / 1412) | / | (1811 / 1818) |
| = | 1.05949 | / | 0.99615 |
| | = | 1.0636 |
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 - (6809 + 25469) / 33809) | / | (1 - (6789 + 9838) / 17476) |
| = | 0.045284 | / | 0.048581 |
| | = | 0.9321 |
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 |
| = | 1818 | / | 1412 |
| | = | 1.2875 |
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)) |
| = | (575 / (575 + 9838)) | / | (719 / (719 + 25469)) |
| = | 0.055219 | / | 0.027455 |
| | = | 2.0113 |
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) |
| = | (1627 / 1818) | / | (1467 / 1412) |
| = | 0.894939 | / | 1.038952 |
| | = | 0.8614 |
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) |
| = | ((14849 + 9395) / 33809) | / | ((902 + 7927) / 17476) |
| = | 0.717087 | / | 0.505207 |
| | = | 1.4194 |
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 |
| = | (1143 - 0 | - | 1704) | / | 33809 |
| | = | -0.016593 |
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.
S-Pool has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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