Upwork Beneish M-Score Historical Data
The historical data trend for Upwork'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.
Upwork Beneish M-Score Chart
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Upwork Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-2.54 |
-2.92 |
-2.90 |
-2.06 |
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Upwork Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.90 |
-2.85 |
-2.83 |
-2.06 |
-1.79 |
Competitive Comparison of Upwork's Beneish M-Score
For the Internet Content & Information subindustry, Upwork'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.
Upwork's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Upwork's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Upwork's Beneish M-Score falls into.
Upwork 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 Upwork 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 * 1.7249 | + | 0.528 * 0.9826 | + | 0.404 * 0.9314 | + | 0.892 * 1.0695 | + | 0.115 * 0.8775 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7619 | + | 4.679 * -0.015895 | - | 0.327 * 0.9618 |
| = | -1.82 |
* 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 R$570 Mil.
Revenue was 950.828 + 901.24 + 867.893 + 818.387 = R$3,538 Mil.
Gross Profit was 730.756 + 676.496 + 654.18 + 619.958 = R$2,681 Mil.
Total Current Assets was R$4,223 Mil.
Total Assets was R$4,984 Mil.
Property, Plant and Equipment(Net PPE) was R$152 Mil.
Depreciation, Depletion and Amortization(DDA) was R$68 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,599 Mil.
Total Current Liabilities was R$1,442 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,802 Mil.
Net Income was 91.837 + 85.129 + 80.684 + -19.371 = R$238 Mil.
Non Operating Income was 33.474 + 23.833 + 31.988 + 22.788 = R$112 Mil.
Cash Flow from Operations was 28.166 + -26.16 + 182.495 + 20.915 = R$205 Mil.
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Total Receivables was R$309 Mil.
Revenue was 837.845 + 846.828 + 831.85 + 791.974 = R$3,308 Mil.
Gross Profit was 627.277 + 630.932 + 619.641 + 585.74 = R$2,464 Mil.
Total Current Assets was R$3,999 Mil.
Total Assets was R$4,782 Mil.
Property, Plant and Equipment(Net PPE) was R$156 Mil.
Depreciation, Depletion and Amortization(DDA) was R$58 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,962 Mil.
Total Current Liabilities was R$1,338 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,898 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) |
| = | (569.704 / 3538.348) | / | (308.823 / 3308.497) |
| = | 0.161008 | / | 0.093342 |
| | = | 1.7249 |
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) |
| = | (2463.59 / 3308.497) | / | (2681.39 / 3538.348) |
| = | 0.744625 | / | 0.757808 |
| | = | 0.9826 |
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 - (4222.965 + 152.452) / 4983.878) | / | (1 - (3999.267 + 155.774) / 4781.839) |
| = | 0.122086 | / | 0.131079 |
| | = | 0.9314 |
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 |
| = | 3538.348 | / | 3308.497 |
| | = | 1.0695 |
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)) |
| = | (58.089 / (58.089 + 155.774)) | / | (68.34 / (68.34 + 152.452)) |
| = | 0.271618 | / | 0.309522 |
| | = | 0.8775 |
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) |
| = | (1598.557 / 3538.348) | / | (1961.794 / 3308.497) |
| = | 0.451781 | / | 0.592956 |
| | = | 0.7619 |
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) |
| = | ((1801.966 + 1441.612) / 4983.878) | / | ((1898.108 + 1337.673) / 4781.839) |
| = | 0.650814 | / | 0.676681 |
| | = | 0.9618 |
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 |
| = | (238.279 - 112.083 | - | 205.416) | / | 4983.878 |
| | = | -0.015895 |
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.
Upwork has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
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