Topicus com Beneish M-Score Historical Data
The historical data trend for Topicus com'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.
Topicus com Beneish M-Score Chart
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Topicus com Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-0.84 |
-2.67 |
-2.66 |
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Topicus com Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.33 |
-2.54 |
-2.57 |
-2.66 |
Competitive Comparison of Topicus com's Beneish M-Score
For the Software - Infrastructure subindustry, Topicus com'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.
Topicus com's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Topicus com's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Topicus com's Beneish M-Score falls into.
Topicus com 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 Topicus com 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 * 1.0895 | + | 0.528 * 1.0002 | + | 0.404 * 0.9273 | + | 0.892 * 1.2932 | + | 0.115 * 0.9779 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9679 | + | 4.679 * -0.110317 | - | 0.327 * 0.9358 |
| = | -2.66 |
* 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$294 Mil.
Revenue was 453.028 + 402.622 + 391.646 + 387.386 = C$1,635 Mil.
Gross Profit was 167.346 + 145.41 + 132.942 + 135.065 = C$581 Mil.
Total Current Assets was C$611 Mil.
Total Assets was C$2,100 Mil.
Property, Plant and Equipment(Net PPE) was C$119 Mil.
Depreciation, Depletion and Amortization(DDA) was C$220 Mil.
Selling, General, & Admin. Expense(SGA) was C$98 Mil.
Total Current Liabilities was C$828 Mil.
Long-Term Debt & Capital Lease Obligation was C$155 Mil.
Net Income was 37.012 + 25.969 + 20.975 + 20.363 = C$104 Mil.
Non Operating Income was -7.889 + -5.29 + -1.783 + -10.029 = C$-25 Mil.
Cash Flow from Operations was 91.312 + 36.85 + -22.12 + 254.898 = C$361 Mil.
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Total Receivables was C$209 Mil.
Revenue was 379.502 + 301.896 + 298.603 + 284.105 = C$1,264 Mil.
Gross Profit was 137.409 + 105.292 + 103.769 + 102.726 = C$449 Mil.
Total Current Assets was C$446 Mil.
Total Assets was C$1,863 Mil.
Property, Plant and Equipment(Net PPE) was C$106 Mil.
Depreciation, Depletion and Amortization(DDA) was C$186 Mil.
Selling, General, & Admin. Expense(SGA) was C$78 Mil.
Total Current Liabilities was C$820 Mil.
Long-Term Debt & Capital Lease Obligation was C$112 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) |
| = | (294.069 / 1634.682) | / | (208.723 / 1264.106) |
| = | 0.179894 | / | 0.165115 |
| | = | 1.0895 |
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) |
| = | (449.196 / 1264.106) | / | (580.763 / 1634.682) |
| = | 0.355347 | / | 0.355276 |
| | = | 1.0002 |
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 - (611.17 + 118.647) / 2099.68) | / | (1 - (445.823 + 106.481) / 1863.324) |
| = | 0.652415 | / | 0.703592 |
| | = | 0.9273 |
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 |
| = | 1634.682 | / | 1264.106 |
| | = | 1.2932 |
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)) |
| = | (185.77 / (185.77 + 106.481)) | / | (220.387 / (220.387 + 118.647)) |
| = | 0.635652 | / | 0.650044 |
| | = | 0.9779 |
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) |
| = | (97.788 / 1634.682) | / | (78.125 / 1264.106) |
| = | 0.059821 | / | 0.061803 |
| | = | 0.9679 |
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) |
| = | ((155.285 + 828.127) / 2099.68) | / | ((112.125 + 820.484) / 1863.324) |
| = | 0.468363 | / | 0.500508 |
| | = | 0.9358 |
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 |
| = | (104.319 - -24.991 | - | 360.94) | / | 2099.68 |
| | = | -0.110317 |
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.
Topicus com has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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