Capstone Partners Co Beneish M-Score Historical Data
The historical data trend for Capstone Partners Co'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.
Capstone Partners Co Beneish M-Score Chart
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Capstone Partners Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.10 |
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Capstone Partners Co Quarterly Data
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Dec21 |
Jun22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.41 |
- |
-2.10 |
Competitive Comparison of Capstone Partners Co's Beneish M-Score
For the Asset Management subindustry, Capstone Partners Co'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.
Capstone Partners Co's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Capstone Partners Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Capstone Partners Co's Beneish M-Score falls into.
Capstone Partners Co 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 Capstone Partners Co 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 * 0.9395 | + | 0.528 * 0.3559 | + | 0.404 * 1.1907 | + | 0.892 * 1.0193 | + | 0.115 * 1.3636 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0598 | + | 4.679 * 0.126774 | - | 0.327 * 0.8389 |
| = | -2.10 |
* 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 ₩3,643 Mil.
Revenue was 4612.402 + 1581.173 + 1596.183 + 1902.997 = ₩9,693 Mil.
Gross Profit was 2234.953 + 1426.614 + 1342.845 + 1732.475 = ₩6,737 Mil.
Total Current Assets was ₩7,750 Mil.
Total Assets was ₩37,179 Mil.
Property, Plant and Equipment(Net PPE) was ₩752 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩317 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,717 Mil.
Total Current Liabilities was ₩3,598 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 866.058 + 273.056 + 178.552 + 515.665 = ₩1,833 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -3658.378 + 47.561 + 812.655 + -81.789 = ₩-2,880 Mil.
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Total Receivables was ₩3,804 Mil.
Revenue was 1755.004 + 4382.065 + 1981.864 + 1389.994 = ₩9,509 Mil.
Gross Profit was 748.186 + -1511.091 + 1907.54 + 1207.778 = ₩2,352 Mil.
Total Current Assets was ₩12,328 Mil.
Total Assets was ₩36,233 Mil.
Property, Plant and Equipment(Net PPE) was ₩434 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩294 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,515 Mil.
Total Current Liabilities was ₩4,180 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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) |
| = | (3642.651 / 9692.755) | / | (3803.505 / 9508.927) |
| = | 0.375812 | / | 0.399993 |
| | = | 0.9395 |
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) |
| = | (2352.413 / 9508.927) | / | (6736.887 / 9692.755) |
| = | 0.24739 | / | 0.695044 |
| | = | 0.3559 |
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 - (7750.166 + 751.628) / 37178.574) | / | (1 - (12327.875 + 433.661) / 36232.866) |
| = | 0.771325 | / | 0.647791 |
| | = | 1.1907 |
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 |
| = | 9692.755 | / | 9508.927 |
| | = | 1.0193 |
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)) |
| = | (294.226 / (294.226 + 433.661)) | / | (316.695 / (316.695 + 751.628)) |
| = | 0.404219 | / | 0.296441 |
| | = | 1.3636 |
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) |
| = | (2717.3 / 9692.755) | / | (2515.292 / 9508.927) |
| = | 0.280343 | / | 0.264519 |
| | = | 1.0598 |
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 + 3598.243) / 37178.574) | / | ((0 + 4180.295) / 36232.866) |
| = | 0.096783 | / | 0.115373 |
| | = | 0.8389 |
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 |
| = | (1833.331 - 0 | - | -2879.951) | / | 37178.574 |
| | = | 0.126774 |
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.
Capstone Partners Co has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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