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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for BlackSky Technology's Beneish M-Score or its related term are showing as below:
During the past 4 years, the highest Beneish M-Score of BlackSky Technology was -2.52. The lowest was -3.61. And the median was -3.14.
The historical data trend for BlackSky Technology'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.
BlackSky Technology Annual Data | |||||||||
Trend | Dec20 | Dec21 | Dec22 | Dec23 | |||||
Beneish M-Score | - | - | -2.93 | -2.52 |
BlackSky Technology Quarterly Data | |||||||||||||||
Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.75 | -3.14 | -3.61 | -2.52 | -3.25 |
For the Scientific & Technical Instruments subindustry, BlackSky Technology'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.
For the Hardware industry and Technology sector, BlackSky Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BlackSky Technology's Beneish M-Score falls into.
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 BlackSky Technology 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 * 1.3347 | + | 0.528 * 0.838 | + | 0.404 * 0.8364 | + | 0.892 * 1.4364 | + | 0.115 * 0.8799 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.6632 | + | 4.679 * -0.272353 | - | 0.327 * 1.2477 | |||||||
= | -3.25 |
* 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 $29.7 Mil. Revenue was 24.236 + 35.508 + 21.26 + 19.327 = $100.3 Mil. Gross Profit was 17.203 + 23.498 + 14.493 + 10.801 = $66.0 Mil. Total Current Assets was $69.4 Mil. Total Assets was $210.1 Mil. Property, Plant and Equipment(Net PPE) was $126.5 Mil. Depreciation, Depletion and Amortization(DDA) was $45.7 Mil. Selling, General, & Admin. Expense(SGA) was $71.5 Mil. Total Current Liabilities was $17.3 Mil. Long-Term Debt & Capital Lease Obligation was $91.7 Mil. Net Income was -15.81 + -3.788 + 0.675 + -33.431 = $-52.4 Mil. Non Operating Income was -0.253 + 3.487 + 17.342 + -11.076 = $9.5 Mil. Cash Flow from Operations was -3.81 + -1.623 + -0.173 + 0.977 = $-4.6 Mil. |
Total Receivables was $15.5 Mil. Revenue was 18.397 + 19.417 + 16.935 + 15.102 = $69.9 Mil. Gross Profit was 11.919 + 12.118 + 9.148 + 5.316 = $38.5 Mil. Total Current Assets was $91.4 Mil. Total Assets was $241.2 Mil. Property, Plant and Equipment(Net PPE) was $130.3 Mil. Depreciation, Depletion and Amortization(DDA) was $39.7 Mil. Selling, General, & Admin. Expense(SGA) was $75.1 Mil. Total Current Liabilities was $20.9 Mil. Long-Term Debt & Capital Lease Obligation was $79.4 Mil. |
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) |
= | (29.716 / 100.331) | / | (15.501 / 69.851) | |
= | 0.29618 | / | 0.221915 | |
= | 1.3347 |
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) | |
= | (38.501 / 69.851) | / | (65.995 / 100.331) | |
= | 0.551188 | / | 0.657773 | |
= | 0.838 |
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 - (69.358 + 126.506) / 210.113) | / | (1 - (91.387 + 130.301) / 241.249) | |
= | 0.067816 | / | 0.081082 | |
= | 0.8364 |
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 | |
= | 100.331 | / | 69.851 | |
= | 1.4364 |
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)) |
= | (39.661 / (39.661 + 130.301)) | / | (45.657 / (45.657 + 126.506)) | |
= | 0.233352 | / | 0.265196 | |
= | 0.8799 |
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) |
= | (71.524 / 100.331) | / | (75.08 / 69.851) | |
= | 0.71288 | / | 1.074859 | |
= | 0.6632 |
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) |
= | ((91.692 + 17.263) / 210.113) | / | ((79.414 + 20.854) / 241.249) | |
= | 0.518554 | / | 0.41562 | |
= | 1.2477 |
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 | |
= | (-52.354 - 9.5 | - | -4.629) | / | 210.113 | |
= | -0.272353 |
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.
BlackSky Technology has a M-score of -3.25 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of BlackSky Technology's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tracy Ward | officer: Principal Accounting Officer | 3901 STONECROFT BOULEVARD, C/O INTERSECTIONS INC., CHANTILLY VA 20151 |
Brian E O'toole | director, officer: CEO and President | 2325 DULLES CORNER BLVD., HERNDON VA 20171 |
Henry Edward Dubois | officer: Chief Development Officer | C/O 13241 WOODLAND PARK ROAD, STE 300, HERNDON VA 20171 |
Christiana L Lin | officer: General Counsel & Corp Sec | 11465 SUNSET HILLS ROAD, SUITE 200, RESTON VA 20190 |
Johan G Broekhuysen | officer: Chief Financial Officer | LUMOS NETWORKS CORP., ONE LUMOS PLAZA, WAYNESBORO VA 22980 |
Susan M. Gordon | director | C/O CACI INTERNATIONAL, 1100 N. GLEBE ROAD, 3RD FLOOR, ARLINGTON VA 22201 |
Mithril Lp | 10 percent owner | ONE LETTERMAN DRIVE, BUILDING C SUITE 400, SAN FRANCISCO CA 94129 |
Peter Thiel | 10 percent owner | 9200 SUNSET BOULEVARD, SUITE 1110, WEST HOLLYWOOD CA 90069 |
S.a. Thales | 10 percent owner | TOUR CARPE DIEM, 31 PLACE, DES COROLLES, ESPLANADE NORD 92400, COURBEVOIE I0 92400 |
Thales Alenia Space Us Investment Llc | 10 percent owner | 1209 ORANGE STREET, WILMINGTON DE 19801 |
Thales Alenia Space S.a.s. | 10 percent owner | 100 BD DU MIDI - 06150, CANNES LA BOCA I0 06150 |
Seahawk Spv Investment Llc | 10 percent owner | 2733 SOUTH CRYSTAL DRIVE, SUITE 1200, ARLINGTON TX 22202 |
Brian G. Daum | officer: Chief Financial Officer | C/O BLACKSKY TECHNOLOGY INC, 13241 WOODLAND PARK ROAD, SUITE 300, HERNDON VA 20271 |
Mithril Gp Lp | 10 percent owner | C/O MITHRIL CAPITAL MANAGEMENT LLC, 600 CONGRESS AVENUE, SUITE 3100, AUSTIN TX 78701 |
Timothy M. Harvey | director | 13241 WOODLAND PARK ROAD, SUITE 300, HERNDON VA 20171 |
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