Software Mansion S A (WAR:SWM) Beneish M-Score : 0.00 (As of Dec. 12, 2024)

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What is Software Mansion S A Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Software Mansion S A's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Software Mansion S A was -1.22. The lowest was -1.22. And the median was -1.22.

Software Mansion S A Beneish M-Score Historical Data

The historical data trend for Software Mansion S A'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.

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Software Mansion S A Beneish M-Score Chart

Software Mansion S A Annual Data

Trend

Dec21

Dec22

Dec23

Beneish M-Score

-1.22

Software Mansion S A Quarterly Data
	Dec21	Jun22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial					-	-1.22	-	-	-

Competitive Comparison of Software Mansion S A's Beneish M-Score

For the Software - Infrastructure subindustry, Software Mansion S A'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.

Software Mansion S A's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Software Mansion S A's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Software Mansion S A's Beneish M-Score falls into.

Software Mansion S A 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 Software Mansion S A for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was zł13.34 Mil.
Revenue was 22.804 + 24.902 + 23.014 + 20.359 = zł91.08 Mil.
Gross Profit was 15.227 + 17.509 + 15.574 + 13.271 = zł61.58 Mil.
Total Current Assets was zł38.69 Mil.
Total Assets was zł49.96 Mil.
Property, Plant and Equipment(Net PPE) was zł7.10 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.97 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł10.68 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 3.02 + 12.241 + 6.433 + 3.004 = zł24.70 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 9.18 + 5.932 + 6.738 + 3.155 = zł25.01 Mil.

Total Receivables was zł0.00 Mil.
Revenue was 18.991 + 15.945 + 18.373 + 0 = zł53.31 Mil.
Gross Profit was 12.412 + 10.508 + 10.864 + 0 = zł33.78 Mil.
Total Current Assets was zł0.00 Mil.
Total Assets was zł0.00 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.30 Mil.
Selling, General, & Admin. Expense(SGA) was zł7.18 Mil.
Total Current Liabilities was zł0.00 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.

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)
	=	(13.339 / 91.079)	/	(0 / 53.309)
	=	0.146455	/	0
	=

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)
	=	(33.784 / 53.309)	/	(61.581 / 91.079)
	=	0.633739	/	0.676127
	=

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 - (38.691 + 7.099) / 49.96)	/	(1 - (0 + 0) / 0)
	=	0.083467	/
	=

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
	=	91.079	/	53.309
	=

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))
	=	(0.302 / (0.302 + 0))	/	(0.965 / (0.965 + 7.099))
	=	1	/	0.119668
	=

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)
	=	(0 / 91.079)	/	(7.175 / 53.309)
	=	0	/	0.134593
	=

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)
	=	((0 + 10.684) / 49.96)	/	((0 + 0) / 0)
	=	0.213851	/
	=

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
	=	(24.698 - 0	-	25.005)	/	49.96
	=	-0.006145

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.

Software Mansion S A Beneish M-Score Related Terms

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Software Mansion S A Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Software Mansion S A (WAR:SWM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

ul. Zab?ocie 43b, Krakow, POL, 30-701

Website

https://www.swmansion.com

Software Mansion S A is Krakow based software company that deals with solving technological challenges for their clients and developing open-source technologies. It cooperates with a variety of clients, including technological start-ups from Silicon Valley and New York, as well as well-known companies with a stable position on the market. Their portfolio includes projects from industries such as Ed-Tech, Fin-Tech, blockchain, healthcare, e-commerce, multimedia and consumer applications.

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