Management Solutions Co Beneish M-Score Historical Data
The historical data trend for Management Solutions Co'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.
Management Solutions Co Beneish M-Score Chart
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Management Solutions Co Annual Data
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| Beneish M-Score |
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-1.15 |
-2.98 |
-2.38 |
-1.29 |
-2.70 |
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Management Solutions Co Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Management Solutions Co's Beneish M-Score
For the Consulting Services subindustry, Management Solutions Co'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.
Management Solutions Co's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Management Solutions Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Management Solutions Co's Beneish M-Score falls into.
Management Solutions Co 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 Management Solutions Co 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 * 0.8373 | + | 0.528 * 0.9415 | + | 0.404 * 0.8231 | + | 0.892 * 1.4109 | + | 0.115 * 1.3377 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.101454 | - | 0.327 * 0.6934 |
| = | -2.70 |
* 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 (Oct23) TTM: | Last Year (Oct22) TTM: |
Total Receivables was 円2,189 Mil.
Revenue was 円16,931 Mil.
Gross Profit was 円6,338 Mil.
Total Current Assets was 円4,977 Mil.
Total Assets was 円7,033 Mil.
Property, Plant and Equipment(Net PPE) was 円615 Mil.
Depreciation, Depletion and Amortization(DDA) was 円321 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,062 Mil.
Long-Term Debt & Capital Lease Obligation was 円612 Mil.
Net Income was 円1,621 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,334 Mil.
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Total Receivables was 円1,853 Mil.
Revenue was 円12,000 Mil.
Gross Profit was 円4,229 Mil.
Total Current Assets was 円4,283 Mil.
Total Assets was 円6,057 Mil.
Property, Plant and Equipment(Net PPE) was 円267 Mil.
Depreciation, Depletion and Amortization(DDA) was 円226 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,667 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,654 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) |
| = | (2189.331 / 16931.288) | / | (1853.164 / 12000.073) |
| = | 0.129307 | / | 0.154429 |
| | = | 0.8373 |
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) |
| = | (4229.316 / 12000.073) | / | (6337.734 / 16931.288) |
| = | 0.352441 | / | 0.374321 |
| | = | 0.9415 |
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 - (4976.689 + 614.915) / 7032.73) | / | (1 - (4282.776 + 266.512) / 6057.208) |
| = | 0.204917 | / | 0.248946 |
| | = | 0.8231 |
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 |
| = | 16931.288 | / | 12000.073 |
| | = | 1.4109 |
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)) |
| = | (225.697 / (225.697 + 266.512)) | / | (320.714 / (320.714 + 614.915)) |
| = | 0.458539 | / | 0.342779 |
| | = | 1.3377 |
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) |
| = | (0 / 16931.288) | / | (0 / 12000.073) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((611.927 + 2061.676) / 7032.73) | / | ((1654.212 + 1666.764) / 6057.208) |
| = | 0.380166 | / | 0.548268 |
| | = | 0.6934 |
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 |
| = | (1620.788 - 0 | - | 2334.284) | / | 7032.73 |
| | = | -0.101454 |
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.
Management Solutions Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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