Bellock Beneish M-Score Historical Data
The historical data trend for Bellock'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.
Bellock Beneish M-Score Chart
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Bellock Annual Data
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Trend |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
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Bellock Quarterly Data
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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- |
- |
- |
-1.67 |
-0.77 |
Competitive Comparison of Bellock's Beneish M-Score
For the Information Technology Services subindustry, Bellock'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.
Bellock's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Bellock's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bellock's Beneish M-Score falls into.
Bellock 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 Bellock 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 * 0.7986 | + | 0.528 * 1.0734 | + | 0.404 * 5.1002 | + | 0.892 * 0.9595 | + | 0.115 * 0.6317 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5012 | + | 4.679 * 0.049921 | - | 0.327 * 0.6052 |
| = | -0.77 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₩5,147 Mil.
Revenue was 8430.505 + 5171.074 + 3177.853 + 9256.959 = ₩26,036 Mil.
Gross Profit was 1140.858 + 1524.045 + 480.733 + 1785.255 = ₩4,931 Mil.
Total Current Assets was ₩16,642 Mil.
Total Assets was ₩30,051 Mil.
Property, Plant and Equipment(Net PPE) was ₩8,886 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩773 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,848 Mil.
Total Current Liabilities was ₩5,090 Mil.
Long-Term Debt & Capital Lease Obligation was ₩319 Mil.
Net Income was -400.442 + -24.664 + -1063.558 + 686.891 = ₩-802 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -3804.368 + 2245.938 + -824.365 + 80.866 = ₩-2,302 Mil.
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Total Receivables was ₩6,717 Mil.
Revenue was 7726.171 + 6390.103 + 3017.315 + 10002.409 = ₩27,136 Mil.
Gross Profit was 1191.913 + 1295.097 + 643.719 + 2385.744 = ₩5,516 Mil.
Total Current Assets was ₩23,863 Mil.
Total Assets was ₩33,661 Mil.
Property, Plant and Equipment(Net PPE) was ₩8,804 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩469 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,283 Mil.
Total Current Liabilities was ₩8,146 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,865 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) |
| = | (5147.074 / 26036.391) | / | (6717.075 / 27135.998) |
| = | 0.197688 | / | 0.247534 |
| | = | 0.7986 |
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) |
| = | (5516.473 / 27135.998) | / | (4930.891 / 26036.391) |
| = | 0.20329 | / | 0.189385 |
| | = | 1.0734 |
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 - (16641.603 + 8886.471) / 30050.732) | / | (1 - (23863.189 + 8804.224) / 33660.714) |
| = | 0.150501 | / | 0.029509 |
| | = | 5.1002 |
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 |
| = | 26036.391 | / | 27135.998 |
| | = | 0.9595 |
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)) |
| = | (468.898 / (468.898 + 8804.224)) | / | (773.263 / (773.263 + 8886.471)) |
| = | 0.050565 | / | 0.08005 |
| | = | 0.6317 |
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) |
| = | (1848.438 / 26036.391) | / | (1283.268 / 27135.998) |
| = | 0.070994 | / | 0.04729 |
| | = | 1.5012 |
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) |
| = | ((319.366 + 5089.524) / 30050.732) | / | ((1865.027 + 8146.195) / 33660.714) |
| = | 0.179992 | / | 0.297416 |
| | = | 0.6052 |
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 |
| = | (-801.773 - 0 | - | -2301.929) | / | 30050.732 |
| | = | 0.049921 |
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.
Bellock has a M-score of -0.77 signals that the company is likely to be a manipulator.
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