C&R Research Beneish M-Score Historical Data
The historical data trend for C&R Research'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.
C&R Research Beneish M-Score Chart
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C&R Research Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.47 |
-2.13 |
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C&R Research Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.55 |
-1.98 |
-2.12 |
-2.13 |
-2.05 |
Competitive Comparison of C&R Research's Beneish M-Score
For the Health Information Services subindustry, C&R Research'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.
C&R Research's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, C&R Research's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where C&R Research's Beneish M-Score falls into.
C&R Research 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 C&R Research 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 * 1.208 | + | 0.528 * 1 | + | 0.404 * 0.9063 | + | 0.892 * 1.1445 | + | 0.115 * 0.6881 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0469 | + | 4.679 * 0.037158 | - | 0.327 * 0.9351 |
| = | -2.05 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩26,337 Mil.
Revenue was 14727.582 + 15735.331 + 13641.432 + 12748.643 = ₩56,853 Mil.
Gross Profit was 14727.582 + 15735.331 + 13641.432 + 12748.643 = ₩56,853 Mil.
Total Current Assets was ₩36,434 Mil.
Total Assets was ₩77,064 Mil.
Property, Plant and Equipment(Net PPE) was ₩30,014 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,152 Mil.
Selling, General, & Admin. Expense(SGA) was ₩12,499 Mil.
Total Current Liabilities was ₩30,988 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,362 Mil.
Net Income was 157.271 + 2643.225 + 1102.207 + 924.389 = ₩4,827 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -523.792 + 3520.654 + 1215.138 + -2248.447 = ₩1,964 Mil.
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Total Receivables was ₩19,049 Mil.
Revenue was 12976.599 + 12195.416 + 12694.121 + 11807.464 = ₩49,674 Mil.
Gross Profit was 12976.599 + 12195.416 + 12694.121 + 11807.464 = ₩49,674 Mil.
Total Current Assets was ₩30,822 Mil.
Total Assets was ₩71,820 Mil.
Property, Plant and Equipment(Net PPE) was ₩30,081 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩785 Mil.
Selling, General, & Admin. Expense(SGA) was ₩10,432 Mil.
Total Current Liabilities was ₩31,022 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,219 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) |
| = | (26336.561 / 56852.988) | / | (19049.392 / 49673.6) |
| = | 0.46324 | / | 0.383491 |
| | = | 1.208 |
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) |
| = | (49673.6 / 49673.6) | / | (56852.988 / 56852.988) |
| = | 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 - (36433.8 + 30013.993) / 77063.935) | / | (1 - (30822.237 + 30080.671) / 71819.622) |
| = | 0.137758 | / | 0.152002 |
| | = | 0.9063 |
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 |
| = | 56852.988 | / | 49673.6 |
| | = | 1.1445 |
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)) |
| = | (785.136 / (785.136 + 30080.671)) | / | (1152.154 / (1152.154 + 30013.993)) |
| = | 0.025437 | / | 0.036968 |
| | = | 0.6881 |
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) |
| = | (12499.159 / 56852.988) | / | (10431.568 / 49673.6) |
| = | 0.219851 | / | 0.210002 |
| | = | 1.0469 |
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) |
| = | ((1361.861 + 30987.962) / 77063.935) | / | ((1218.521 + 31022.423) / 71819.622) |
| = | 0.419779 | / | 0.448916 |
| | = | 0.9351 |
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 |
| = | (4827.092 - 0 | - | 1963.553) | / | 77063.935 |
| | = | 0.037158 |
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.
C&R Research has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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