Converge Technology Solutions Beneish M-Score Historical Data
The historical data trend for Converge Technology Solutions'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.
Converge Technology Solutions Beneish M-Score Chart
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Converge Technology Solutions Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.27 |
-2.22 |
-1.85 |
-2.90 |
-2.82 |
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Converge Technology Solutions Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.90 |
-3.11 |
-3.25 |
-3.25 |
-2.82 |
Competitive Comparison of Converge Technology Solutions's Beneish M-Score
For the Information Technology Services subindustry, Converge Technology Solutions'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.
Converge Technology Solutions's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Converge Technology Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Converge Technology Solutions's Beneish M-Score falls into.
Converge Technology Solutions 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 Converge Technology Solutions 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 * 1.2994 | + | 0.528 * 0.974 | + | 0.404 * 0.8628 | + | 0.892 * 0.9582 | + | 0.115 * 1.0397 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0359 | + | 4.679 * -0.098947 | - | 0.327 * 1.1477 |
| = | -2.82 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was C$1,001 Mil.
Revenue was 680.778 + 630.69 + 651.847 + 628.766 = C$2,592 Mil.
Gross Profit was 178.629 + 158.257 + 179.284 + 175.272 = C$691 Mil.
Total Current Assets was C$1,237 Mil.
Total Assets was C$2,186 Mil.
Property, Plant and Equipment(Net PPE) was C$70 Mil.
Depreciation, Depletion and Amortization(DDA) was C$100 Mil.
Selling, General, & Admin. Expense(SGA) was C$541 Mil.
Total Current Liabilities was C$1,325 Mil.
Long-Term Debt & Capital Lease Obligation was C$255 Mil.
Net Income was -9.174 + -3.309 + -163.318 + -1.912 = C$-178 Mil.
Non Operating Income was -36.229 + -6.085 + -182.286 + -5.939 = C$-231 Mil.
Cash Flow from Operations was 56.973 + 48.859 + 52.384 + 110.935 = C$269 Mil.
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Total Receivables was C$804 Mil.
Revenue was 651.09 + 710.106 + 665.813 + 678.198 = C$2,705 Mil.
Gross Profit was 181.529 + 174.09 + 175.672 + 171.588 = C$703 Mil.
Total Current Assets was C$1,074 Mil.
Total Assets was C$2,153 Mil.
Property, Plant and Equipment(Net PPE) was C$75 Mil.
Depreciation, Depletion and Amortization(DDA) was C$120 Mil.
Selling, General, & Admin. Expense(SGA) was C$545 Mil.
Total Current Liabilities was C$978 Mil.
Long-Term Debt & Capital Lease Obligation was C$378 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) |
| = | (1000.573 / 2592.081) | / | (803.652 / 2705.207) |
| = | 0.386011 | / | 0.297076 |
| | = | 1.2994 |
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) |
| = | (702.879 / 2705.207) | / | (691.442 / 2592.081) |
| = | 0.259824 | / | 0.266752 |
| | = | 0.974 |
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 - (1236.972 + 69.696) / 2186.264) | / | (1 - (1073.765 + 75.488) / 2153.362) |
| = | 0.402328 | / | 0.466298 |
| | = | 0.8628 |
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 |
| = | 2592.081 | / | 2705.207 |
| | = | 0.9582 |
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)) |
| = | (119.982 / (119.982 + 75.488)) | / | (100.456 / (100.456 + 69.696)) |
| = | 0.613813 | / | 0.59039 |
| | = | 1.0397 |
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) |
| = | (540.776 / 2592.081) | / | (544.811 / 2705.207) |
| = | 0.208626 | / | 0.201393 |
| | = | 1.0359 |
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) |
| = | ((255.464 + 1324.573) / 2186.264) | / | ((378.007 + 978.025) / 2153.362) |
| = | 0.722711 | / | 0.629728 |
| | = | 1.1477 |
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 |
| = | (-177.713 - -230.539 | - | 269.151) | / | 2186.264 |
| | = | -0.098947 |
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.
Converge Technology Solutions has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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