Tradeweb Markets Beneish M-Score Historical Data
The historical data trend for Tradeweb Markets'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.
Tradeweb Markets Beneish M-Score Chart
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Tradeweb Markets Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.12 |
-2.95 |
-2.55 |
-2.61 |
-0.86 |
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Tradeweb Markets 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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-2.61 |
-2.99 |
-2.16 |
-2.68 |
-0.86 |
Competitive Comparison of Tradeweb Markets's Beneish M-Score
For the Capital Markets subindustry, Tradeweb Markets'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.
Tradeweb Markets's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Tradeweb Markets's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tradeweb Markets's Beneish M-Score falls into.
Tradeweb Markets 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 Tradeweb Markets 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 * 3.1639 | + | 0.528 * 0.9698 | + | 0.404 * 0.8766 | + | 0.892 * 1.1257 | + | 0.115 * 0.9767 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0089 | + | 4.679 * -0.052142 | - | 0.327 * 1.5084 |
| = | -0.86 |
* 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 $550 Mil.
Revenue was 370 + 328.357 + 310.613 + 329.249 = $1,338 Mil.
Gross Profit was 244.128 + 212.341 + 206.689 + 214.756 = $878 Mil.
Total Current Assets was $2,294 Mil.
Total Assets was $7,060 Mil.
Property, Plant and Equipment(Net PPE) was $59 Mil.
Depreciation, Depletion and Amortization(DDA) was $185 Mil.
Selling, General, & Admin. Expense(SGA) was $187 Mil.
Total Current Liabilities was $894 Mil.
Long-Term Debt & Capital Lease Obligation was $27 Mil.
Net Income was 89.314 + 98.614 + 89.082 + 87.856 = $365 Mil.
Non Operating Income was -11.1 + -1.907 + -0.456 + 0.341 = $-13 Mil.
Cash Flow from Operations was 244.761 + 217.389 + 213.099 + 70.84 = $746 Mil.
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Total Receivables was $154 Mil.
Revenue was 293.042 + 287.115 + 297.138 + 311.486 = $1,189 Mil.
Gross Profit was 191.222 + 184.395 + 187.248 + 193.495 = $756 Mil.
Total Current Assets was $1,436 Mil.
Total Assets was $6,260 Mil.
Property, Plant and Equipment(Net PPE) was $62 Mil.
Depreciation, Depletion and Amortization(DDA) was $179 Mil.
Selling, General, & Admin. Expense(SGA) was $165 Mil.
Total Current Liabilities was $514 Mil.
Long-Term Debt & Capital Lease Obligation was $28 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) |
| = | (549.585 / 1338.219) | / | (154.308 / 1188.781) |
| = | 0.410684 | / | 0.129804 |
| | = | 3.1639 |
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) |
| = | (756.36 / 1188.781) | / | (877.914 / 1338.219) |
| = | 0.636248 | / | 0.656032 |
| | = | 0.9698 |
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 - (2293.859 + 58.765) / 7059.538) | / | (1 - (1436.443 + 62.346) / 6260.131) |
| = | 0.666745 | / | 0.760582 |
| | = | 0.8766 |
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 |
| = | 1338.219 | / | 1188.781 |
| | = | 1.1257 |
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)) |
| = | (178.879 / (178.879 + 62.346)) | / | (185.35 / (185.35 + 58.765)) |
| = | 0.741544 | / | 0.759273 |
| | = | 0.9767 |
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) |
| = | (187.295 / 1338.219) | / | (164.908 / 1188.781) |
| = | 0.139958 | / | 0.13872 |
| | = | 1.0089 |
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) |
| = | ((27.463 + 893.961) / 7059.538) | / | ((27.943 + 513.737) / 6260.131) |
| = | 0.130522 | / | 0.086529 |
| | = | 1.5084 |
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 |
| = | (364.866 - -13.122 | - | 746.089) | / | 7059.538 |
| | = | -0.052142 |
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.
Tradeweb Markets has a M-score of -0.86 signals that the company is likely to be a manipulator.
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