CDW Beneish M-Score Historical Data
The historical data trend for CDW'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.
CDW Beneish M-Score Chart
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CDW Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.81 |
-1.85 |
-2.65 |
-2.68 |
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CDW Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-2.70 |
-2.57 |
-2.64 |
-2.68 |
Competitive Comparison of CDW's Beneish M-Score
For the Information Technology Services subindustry, CDW'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.
CDW's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, CDW's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CDW's Beneish M-Score falls into.
CDW 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 CDW 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 * 1.1307 | + | 0.528 * 0.9067 | + | 0.404 * 0.9926 | + | 0.892 * 0.9001 | + | 0.115 * 1.0161 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1186 | + | 4.679 * -0.036907 | - | 0.327 * 0.9569 |
| = | -2.68 |
* 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 $5,038 Mil.
Revenue was 5018.5 + 5628.3 + 5626.1 + 5103.1 = $21,376 Mil.
Gross Profit was 1153.8 + 1227.7 + 1181.5 + 1089.4 = $4,652 Mil.
Total Current Assets was $6,705 Mil.
Total Assets was $13,285 Mil.
Property, Plant and Equipment(Net PPE) was $324 Mil.
Depreciation, Depletion and Amortization(DDA) was $271 Mil.
Selling, General, & Admin. Expense(SGA) was $2,972 Mil.
Total Current Liabilities was $5,442 Mil.
Long-Term Debt & Capital Lease Obligation was $5,196 Mil.
Net Income was 296.1 + 315.5 + 262.6 + 230.1 = $1,104 Mil.
Non Operating Income was -1 + -1.2 + -0.6 + -1.3 = $-4 Mil.
Cash Flow from Operations was 536.5 + 468.6 + 228.2 + 365.4 = $1,599 Mil.
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Total Receivables was $4,950 Mil.
Revenue was 5438.3 + 6215.5 + 6145.8 + 5949.1 = $23,749 Mil.
Gross Profit was 1181.1 + 1233.2 + 1168.2 + 1104.1 = $4,687 Mil.
Total Current Assets was $6,564 Mil.
Total Assets was $13,132 Mil.
Property, Plant and Equipment(Net PPE) was $338 Mil.
Depreciation, Depletion and Amortization(DDA) was $291 Mil.
Selling, General, & Admin. Expense(SGA) was $2,951 Mil.
Total Current Liabilities was $4,947 Mil.
Long-Term Debt & Capital Lease Obligation was $6,042 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) |
| = | (5038 / 21376) | / | (4950.4 / 23748.7) |
| = | 0.235685 | / | 0.208449 |
| | = | 1.1307 |
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) |
| = | (4686.6 / 23748.7) | / | (4652.4 / 21376) |
| = | 0.197341 | / | 0.217646 |
| | = | 0.9067 |
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 - (6705 + 324.3) / 13284.6) | / | (1 - (6564 + 338) / 13131.5) |
| = | 0.470869 | / | 0.474394 |
| | = | 0.9926 |
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 |
| = | 21376 | / | 23748.7 |
| | = | 0.9001 |
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)) |
| = | (290.6 / (290.6 + 338)) | / | (270.7 / (270.7 + 324.3)) |
| = | 0.462297 | / | 0.454958 |
| | = | 1.0161 |
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) |
| = | (2971.5 / 21376) | / | (2951.4 / 23748.7) |
| = | 0.139011 | / | 0.124276 |
| | = | 1.1186 |
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) |
| = | ((5195.8 + 5442) / 13284.6) | / | ((6041.6 + 4947.1) / 13131.5) |
| = | 0.800762 | / | 0.83682 |
| | = | 0.9569 |
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 |
| = | (1104.3 - -4.1 | - | 1598.7) | / | 13284.6 |
| | = | -0.036907 |
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.
CDW has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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