f-code Beneish M-Score Historical Data
The historical data trend for f-code'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.
f-code Beneish M-Score Chart
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f-code Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.42 |
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f-code Quarterly Data
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Dec19 |
Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.01 |
-1.75 |
-1.33 |
-1.42 |
-1.09 |
Competitive Comparison of f-code's Beneish M-Score
For the Advertising Agencies subindustry, f-code'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.
f-code's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, f-code's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where f-code's Beneish M-Score falls into.
f-code 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 f-code 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 * 0.9176 | + | 0.528 * 0.9758 | + | 0.404 * 1.677 | + | 0.892 * 2.5503 | + | 0.115 * 1.7981 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8198 | + | 4.679 * -0.031561 | - | 0.327 * 1.4561 |
| = | -1.09 |
* 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 (Mar23) TTM: |
Total Receivables was 円686 Mil.
Revenue was 1035.356 + 901.608 + 716.163 + 478.923 = 円3,132 Mil.
Gross Profit was 634.831 + 501.645 + 423.864 + 308.945 = 円1,869 Mil.
Total Current Assets was 円5,799 Mil.
Total Assets was 円14,588 Mil.
Property, Plant and Equipment(Net PPE) was 円246 Mil.
Depreciation, Depletion and Amortization(DDA) was 円72 Mil.
Selling, General, & Admin. Expense(SGA) was 円805 Mil.
Total Current Liabilities was 円3,754 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,122 Mil.
Net Income was 196.166 + 198.965 + 145.807 + -2.31 = 円539 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 157.525 + 242.592 + 349.874 + 249.06 = 円999 Mil.
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Total Receivables was 円293 Mil.
Revenue was 385.338 + 269.854 + 304.108 + 268.812 = 円1,228 Mil.
Gross Profit was 233.647 + 152.008 + 163.103 + 166.459 = 円715 Mil.
Total Current Assets was 円3,354 Mil.
Total Assets was 円5,186 Mil.
Property, Plant and Equipment(Net PPE) was 円21 Mil.
Depreciation, Depletion and Amortization(DDA) was 円15 Mil.
Selling, General, & Admin. Expense(SGA) was 円385 Mil.
Total Current Liabilities was 円835 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,577 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) |
| = | (686.105 / 3132.05) | / | (293.196 / 1228.112) |
| = | 0.219059 | / | 0.238737 |
| | = | 0.9176 |
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) |
| = | (715.217 / 1228.112) | / | (1869.285 / 3132.05) |
| = | 0.582371 | / | 0.596825 |
| | = | 0.9758 |
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 - (5799.445 + 245.935) / 14588.38) | / | (1 - (3354.068 + 21.12) / 5186.118) |
| = | 0.585603 | / | 0.349188 |
| | = | 1.677 |
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 |
| = | 3132.05 | / | 1228.112 |
| | = | 2.5503 |
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)) |
| = | (14.542 / (14.542 + 21.12)) | / | (72.13 / (72.13 + 245.935)) |
| = | 0.407773 | / | 0.226778 |
| | = | 1.7981 |
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) |
| = | (804.64 / 3132.05) | / | (384.854 / 1228.112) |
| = | 0.256905 | / | 0.31337 |
| | = | 0.8198 |
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) |
| = | ((6121.921 + 3754.414) / 14588.38) | / | ((1576.746 + 834.544) / 5186.118) |
| = | 0.677 | / | 0.464951 |
| | = | 1.4561 |
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 |
| = | (538.628 - 0 | - | 999.051) | / | 14588.38 |
| | = | -0.031561 |
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.
f-code has a M-score of -1.09 signals that the company is likely to be a manipulator.
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