Crowdworks Beneish M-Score Historical Data
The historical data trend for Crowdworks'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.
Crowdworks Beneish M-Score Chart
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Crowdworks Annual Data
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Crowdworks Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Crowdworks's Beneish M-Score
For the Software - Infrastructure subindustry, Crowdworks'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.
Crowdworks's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Crowdworks's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crowdworks's Beneish M-Score falls into.
Crowdworks 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 Crowdworks 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 * 1.9581 | + | 0.528 * 1 | + | 0.404 * 4.4406 | + | 0.892 * 0.501 | + | 0.115 * 0.378 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3028 | + | 4.679 * 0.04212 | - | 0.327 * 1.0484 |
| = | -0.60 |
* 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 ₩4,125 Mil.
Revenue was 5296.786 + 2228.872 + 1831.545 + 2656.3 = ₩12,014 Mil.
Gross Profit was 5296.786 + 2228.872 + 1831.545 + 2656.3 = ₩12,014 Mil.
Total Current Assets was ₩20,516 Mil.
Total Assets was ₩32,866 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,828 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,088 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,686 Mil.
Total Current Liabilities was ₩21,679 Mil.
Long-Term Debt & Capital Lease Obligation was ₩573 Mil.
Net Income was 766.351 + -4230.348 + -2320.498 + -3037.629 = ₩-8,822 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2067.771 + -3350.652 + -3063.035 + -1724.961 = ₩-10,206 Mil.
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Total Receivables was ₩4,205 Mil.
Revenue was 6074.483 + 5177.656 + 5375.358 + 7350.963 = ₩23,978 Mil.
Gross Profit was 6074.483 + 5177.656 + 5375.358 + 7350.963 = ₩23,978 Mil.
Total Current Assets was ₩35,886 Mil.
Total Assets was ₩42,861 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,885 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩638 Mil.
Selling, General, & Admin. Expense(SGA) was ₩13,308 Mil.
Total Current Liabilities was ₩26,312 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,368 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) |
| = | (4125.425 / 12013.503) | / | (4205.1 / 23978.46) |
| = | 0.343399 | / | 0.17537 |
| | = | 1.9581 |
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) |
| = | (23978.46 / 23978.46) | / | (12013.503 / 12013.503) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (20516.154 + 1827.608) / 32865.57) | / | (1 - (35885.865 + 3885.073) / 42860.989) |
| = | 0.320147 | / | 0.072095 |
| | = | 4.4406 |
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 |
| = | 12013.503 | / | 23978.46 |
| | = | 0.501 |
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)) |
| = | (637.877 / (637.877 + 3885.073)) | / | (1087.519 / (1087.519 + 1827.608)) |
| = | 0.141031 | / | 0.373061 |
| | = | 0.378 |
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) |
| = | (8686.377 / 12013.503) | / | (13307.564 / 23978.46) |
| = | 0.723051 | / | 0.55498 |
| | = | 1.3028 |
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) |
| = | ((572.737 + 21679.05) / 32865.57) | / | ((1367.635 + 26311.539) / 42860.989) |
| = | 0.677055 | / | 0.645789 |
| | = | 1.0484 |
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 |
| = | (-8822.124 - 0 | - | -10206.419) | / | 32865.57 |
| | = | 0.04212 |
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.
Crowdworks has a M-score of -0.60 signals that the company is likely to be a manipulator.
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