BBD Initiative Beneish M-Score Historical Data
The historical data trend for BBD Initiative'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.
BBD Initiative Beneish M-Score Chart
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BBD Initiative Annual Data
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Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-0.85 |
-2.70 |
-2.39 |
-2.68 |
-2.73 |
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BBD Initiative Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.64 |
-2.32 |
-2.73 |
-2.63 |
-2.72 |
Competitive Comparison of BBD Initiative's Beneish M-Score
For the Software - Infrastructure subindustry, BBD Initiative'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.
BBD Initiative's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, BBD Initiative's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BBD Initiative's Beneish M-Score falls into.
BBD Initiative 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 BBD Initiative 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 * 0.9481 | + | 0.528 * 0.9894 | + | 0.404 * 1.0022 | + | 0.892 * 1.1502 | + | 0.115 * 1.7114 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9482 | + | 4.679 * -0.086431 | - | 0.327 * 1.0299 |
| = | -2.72 |
* 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 (Mar24) TTM: | Last Year (Dec22) TTM: |
Total Receivables was 円493 Mil.
Revenue was 1007.676 + 969.252 + 919.344 + 908.541 = 円3,805 Mil.
Gross Profit was 432.759 + 426.521 + 408.837 + 401.395 = 円1,670 Mil.
Total Current Assets was 円1,212 Mil.
Total Assets was 円4,013 Mil.
Property, Plant and Equipment(Net PPE) was 円422 Mil.
Depreciation, Depletion and Amortization(DDA) was 円218 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,469 Mil.
Total Current Liabilities was 円1,738 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,035 Mil.
Net Income was 54.128 + 25.872 + -51.85 + 5.816 = 円34 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 171.743 + 40.539 + 168.503 + 0 = 円381 Mil.
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Total Receivables was 円452 Mil.
Revenue was 857.524 + 839.379 + 814.583 + 796.614 = 円3,308 Mil.
Gross Profit was 377.385 + 364.453 + 353.687 + 340.641 = 円1,436 Mil.
Total Current Assets was 円1,145 Mil.
Total Assets was 円3,361 Mil.
Property, Plant and Equipment(Net PPE) was 円228 Mil.
Depreciation, Depletion and Amortization(DDA) was 円319 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,347 Mil.
Total Current Liabilities was 円1,487 Mil.
Long-Term Debt & Capital Lease Obligation was 円768 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) |
| = | (492.636 / 3804.813) | / | (451.751 / 3308.1) |
| = | 0.129477 | / | 0.136559 |
| | = | 0.9481 |
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) |
| = | (1436.166 / 3308.1) | / | (1669.512 / 3804.813) |
| = | 0.434136 | / | 0.43879 |
| | = | 0.9894 |
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 - (1212.407 + 422.347) / 4012.677) | / | (1 - (1145.452 + 228.22) / 3361.162) |
| = | 0.592603 | / | 0.59131 |
| | = | 1.0022 |
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 |
| = | 3804.813 | / | 3308.1 |
| | = | 1.1502 |
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)) |
| = | (319.295 / (319.295 + 228.22)) | / | (218.307 / (218.307 + 422.347)) |
| = | 0.583171 | / | 0.340756 |
| | = | 1.7114 |
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) |
| = | (1468.899 / 3804.813) | / | (1346.961 / 3308.1) |
| = | 0.386063 | / | 0.407171 |
| | = | 0.9482 |
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) |
| = | ((1035.108 + 1737.856) / 4012.677) | / | ((767.976 + 1487.338) / 3361.162) |
| = | 0.691051 | / | 0.670992 |
| | = | 1.0299 |
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 |
| = | (33.966 - 0 | - | 380.785) | / | 4012.677 |
| | = | -0.086431 |
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.
BBD Initiative has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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