Onex Beneish M-Score Historical Data
The historical data trend for Onex'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.
Onex Beneish M-Score Chart
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Onex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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4.41 |
8.69 |
-0.16 |
1.62 |
-1.44 |
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Onex Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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1.62 |
2.89 |
-1.69 |
0.21 |
-1.44 |
Competitive Comparison of Onex's Beneish M-Score
For the Asset Management subindustry, Onex'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.
Onex's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Onex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Onex's Beneish M-Score falls into.
Onex 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 Onex 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 * 0.4424 | + | 0.528 * 0.5191 | + | 0.404 * 0.9583 | + | 0.892 * 2.5227 | + | 0.115 * 1.3737 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.1142 | + | 4.679 * 0.052021 | - | 0.327 * 1.0508 |
| = | -1.44 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was C$6,114 Mil.
Revenue was 606.403 + 472.232 + 348.093 + 80.73 = C$1,507 Mil.
Gross Profit was 517.858 + 392.399 + 269.706 + -19.156 = C$1,161 Mil.
Total Current Assets was C$6,493 Mil.
Total Assets was C$17,305 Mil.
Property, Plant and Equipment(Net PPE) was C$160 Mil.
Depreciation, Depletion and Amortization(DDA) was C$47 Mil.
Selling, General, & Admin. Expense(SGA) was C$67 Mil.
Total Current Liabilities was C$470 Mil.
Long-Term Debt & Capital Lease Obligation was C$5,279 Mil.
Net Income was 500.417 + 346.394 + 175.375 + -317.446 = C$705 Mil.
Non Operating Income was -8.05 + 4.059 + -19.929 + -259.977 = C$-284 Mil.
Cash Flow from Operations was -67.08 + 211.084 + 120.903 + -176.511 = C$88 Mil.
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Total Receivables was C$5,477 Mil.
Revenue was 782.496 + -117.383 + -265.043 + 197.496 = C$598 Mil.
Gross Profit was 692.835 + -212.09 + -345.708 + 103.812 = C$239 Mil.
Total Current Assets was C$5,719 Mil.
Total Assets was C$16,523 Mil.
Property, Plant and Equipment(Net PPE) was C$190 Mil.
Depreciation, Depletion and Amortization(DDA) was C$87 Mil.
Selling, General, & Admin. Expense(SGA) was C$-232 Mil.
Total Current Liabilities was C$390 Mil.
Long-Term Debt & Capital Lease Obligation was C$4,834 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) |
| = | (6113.671 / 1507.458) | / | (5477.472 / 597.566) |
| = | 4.055616 | / | 9.166305 |
| | = | 0.4424 |
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) |
| = | (238.849 / 597.566) | / | (1160.807 / 1507.458) |
| = | 0.399703 | / | 0.770043 |
| | = | 0.5191 |
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 - (6493.344 + 159.65) / 17305.298) | / | (1 - (5719.285 + 190.19) / 16523.435) |
| = | 0.615552 | / | 0.642358 |
| | = | 0.9583 |
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 |
| = | 1507.458 | / | 597.566 |
| | = | 2.5227 |
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)) |
| = | (87.055 / (87.055 + 190.19)) | / | (47.304 / (47.304 + 159.65)) |
| = | 0.314 | / | 0.228573 |
| | = | 1.3737 |
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) |
| = | (66.758 / 1507.458) | / | (-231.627 / 597.566) |
| = | 0.044285 | / | -0.387617 |
| | = | -0.1142 |
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) |
| = | ((5279.196 + 469.56) / 17305.298) | / | ((4833.543 + 389.889) / 16523.435) |
| = | 0.332196 | / | 0.316123 |
| | = | 1.0508 |
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 |
| = | (704.74 - -283.897 | - | 88.396) | / | 17305.298 |
| | = | 0.052021 |
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.
Onex has a M-score of -1.44 signals that the company is likely to be a manipulator.
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