Baudroie Beneish M-Score Historical Data
The historical data trend for Baudroie'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.
Baudroie Beneish M-Score Chart
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Baudroie Annual Data
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Trend |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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- |
- |
- |
-0.48 |
-1.48 |
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Baudroie Quarterly Data
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Feb20 |
Feb21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
May24 |
Aug24 |
| Beneish M-Score |
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-1.55 |
-1.50 |
-1.48 |
-1.55 |
-1.23 |
Competitive Comparison of Baudroie's Beneish M-Score
For the Information Technology Services subindustry, Baudroie'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.
Baudroie's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Baudroie's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Baudroie's Beneish M-Score falls into.
Baudroie 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 Baudroie 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 * 1.1036 | + | 0.528 * 0.9709 | + | 0.404 * 1.907 | + | 0.892 * 1.435 | + | 0.115 * 2.5591 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0878 | + | 4.679 * 0.067695 | - | 0.327 * 1.1984 |
| = | -1.23 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was 円1,420 Mil.
Revenue was 2952.854 + 2339.073 + 1936.957 + 1903.448 = 円9,132 Mil.
Gross Profit was 1039.608 + 871.651 + 759.451 + 762.671 = 円3,433 Mil.
Total Current Assets was 円6,914 Mil.
Total Assets was 円10,219 Mil.
Property, Plant and Equipment(Net PPE) was 円723 Mil.
Depreciation, Depletion and Amortization(DDA) was 円106 Mil.
Selling, General, & Admin. Expense(SGA) was 円863 Mil.
Total Current Liabilities was 円2,725 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,129 Mil.
Net Income was 427.991 + 334.228 + 405 + 275.658 = 円1,443 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 593.81 + 157.308 + 0 + 0 = 円751 Mil.
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Total Receivables was 円897 Mil.
Revenue was 1813.778 + 1676.002 + 1487.517 + 1386.784 = 円6,364 Mil.
Gross Profit was 653.892 + 568.472 + 585.053 + 515.598 = 円2,323 Mil.
Total Current Assets was 円5,248 Mil.
Total Assets was 円6,095 Mil.
Property, Plant and Equipment(Net PPE) was 円39 Mil.
Depreciation, Depletion and Amortization(DDA) was 円19 Mil.
Selling, General, & Admin. Expense(SGA) was 円553 Mil.
Total Current Liabilities was 円1,314 Mil.
Long-Term Debt & Capital Lease Obligation was 円604 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) |
| = | (1420.465 / 9132.332) | / | (896.967 / 6364.081) |
| = | 0.155542 | / | 0.140942 |
| | = | 1.1036 |
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) |
| = | (2323.015 / 6364.081) | / | (3433.381 / 9132.332) |
| = | 0.36502 | / | 0.375959 |
| | = | 0.9709 |
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 - (6914.457 + 723.221) / 10218.699) | / | (1 - (5248.336 + 39.082) / 6094.653) |
| = | 0.252578 | / | 0.13245 |
| | = | 1.907 |
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 |
| = | 9132.332 | / | 6364.081 |
| | = | 1.435 |
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)) |
| = | (19.06 / (19.06 + 39.082)) | / | (106.256 / (106.256 + 723.221)) |
| = | 0.327818 | / | 0.1281 |
| | = | 2.5591 |
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) |
| = | (863.471 / 9132.332) | / | (553.144 / 6364.081) |
| = | 0.094551 | / | 0.086917 |
| | = | 1.0878 |
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) |
| = | ((1129.194 + 2724.856) / 10218.699) | / | ((604.095 + 1314.017) / 6094.653) |
| = | 0.377157 | / | 0.31472 |
| | = | 1.1984 |
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 |
| = | (1442.877 - 0 | - | 751.118) | / | 10218.699 |
| | = | 0.067695 |
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.
Baudroie has a M-score of -1.23 signals that the company is likely to be a manipulator.
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