Bentley Systems Beneish M-Score Historical Data
The historical data trend for Bentley Systems'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.
Bentley Systems Beneish M-Score Chart
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Bentley Systems Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.68 |
-2.40 |
-2.54 |
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Bentley Systems Quarterly Data
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Dec18 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Sep23 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-2.54 |
-2.61 |
-2.65 |
-2.54 |
Competitive Comparison of Bentley Systems's Beneish M-Score
For the Software - Application subindustry, Bentley Systems'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.
Bentley Systems's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Bentley Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bentley Systems's Beneish M-Score falls into.
Bentley Systems 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 Bentley Systems 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 * 0.9149 | + | 0.528 * 1.0012 | + | 0.404 * 1.005 | + | 0.892 * 1.1177 | + | 0.115 * 1.0397 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0567 | + | 4.679 * -0.024907 | - | 0.327 * 0.9054 |
| = | -2.54 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $294 Mil.
Revenue was 310.641 + 306.612 + 296.749 + 314.411 = $1,228 Mil.
Gross Profit was 242.844 + 241.936 + 230.323 + 247.227 = $962 Mil.
Total Current Assets was $420 Mil.
Total Assets was $3,320 Mil.
Property, Plant and Equipment(Net PPE) was $79 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $419 Mil.
Total Current Liabilities was $760 Mil.
Long-Term Debt & Capital Lease Obligation was $1,549 Mil.
Net Income was 179.585 + 53.027 + 48.685 + 45.49 = $327 Mil.
Non Operating Income was -14.429 + 5.953 + 0.965 + 0.289 = $-7 Mil.
Cash Flow from Operations was 87.053 + 72.824 + 80.596 + 176.223 = $417 Mil.
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Total Receivables was $287 Mil.
Revenue was 286.948 + 268.332 + 268.285 + 275.517 = $1,099 Mil.
Gross Profit was 224.597 + 209.149 + 208.591 + 219.732 = $862 Mil.
Total Current Assets was $416 Mil.
Total Assets was $3,165 Mil.
Property, Plant and Equipment(Net PPE) was $73 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $354 Mil.
Total Current Liabilities was $628 Mil.
Long-Term Debt & Capital Lease Obligation was $1,803 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) |
| = | (293.536 / 1228.413) | / | (287.073 / 1099.082) |
| = | 0.238955 | / | 0.261193 |
| | = | 0.9149 |
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) |
| = | (862.069 / 1099.082) | / | (962.33 / 1228.413) |
| = | 0.784354 | / | 0.783393 |
| | = | 1.0012 |
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 - (419.557 + 78.576) / 3319.85) | / | (1 - (415.895 + 72.5) / 3165.005) |
| = | 0.849953 | / | 0.845689 |
| | = | 1.005 |
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 |
| = | 1228.413 | / | 1099.082 |
| | = | 1.1177 |
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)) |
| = | (71.537 / (71.537 + 72.5)) | / | (71.861 / (71.861 + 78.576)) |
| = | 0.496657 | / | 0.477682 |
| | = | 1.0397 |
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) |
| = | (418.654 / 1228.413) | / | (354.487 / 1099.082) |
| = | 0.340809 | / | 0.32253 |
| | = | 1.0567 |
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) |
| = | ((1549.029 + 760.363) / 3319.85) | / | ((1803.366 + 628.358) / 3165.005) |
| = | 0.695631 | / | 0.768316 |
| | = | 0.9054 |
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 |
| = | (326.787 - -7.222 | - | 416.696) | / | 3319.85 |
| | = | -0.024907 |
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.
Bentley Systems has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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