Compass Beneish M-Score Historical Data
The historical data trend for Compass'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.
Compass Beneish M-Score Chart
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Compass Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-3.36 |
-3.41 |
-3.66 |
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Compass Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.41 |
-3.58 |
-3.70 |
-3.63 |
-3.66 |
Competitive Comparison of Compass's Beneish M-Score
For the Real Estate Services subindustry, Compass'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.
Compass's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Compass's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Compass's Beneish M-Score falls into.
Compass 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 Compass 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 * 0.9391 | + | 0.528 * 1.0002 | + | 0.404 * 1.238 | + | 0.892 * 0.8117 | + | 0.115 * 0.8182 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8713 | + | 4.679 * -0.22951 | - | 0.327 * 0.9248 |
| = | -3.66 |
* 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 $61 Mil.
Revenue was 1096.4 + 1337.4 + 1494 + 957.2 = $4,885 Mil.
Gross Profit was 200.5 + 241.2 + 270 + 166.3 = $878 Mil.
Total Current Assets was $282 Mil.
Total Assets was $1,160 Mil.
Property, Plant and Equipment(Net PPE) was $560 Mil.
Depreciation, Depletion and Amortization(DDA) was $90 Mil.
Selling, General, & Admin. Expense(SGA) was $554 Mil.
Total Current Liabilities was $293 Mil.
Long-Term Debt & Capital Lease Obligation was $410 Mil.
Net Income was -83.7 + -39.4 + -47.8 + -150.4 = $-321 Mil.
Non Operating Income was -1.1 + -7.4 + -13.4 + -7.2 = $-29 Mil.
Cash Flow from Operations was -38.7 + 15 + 53.3 + -55.5 = $-26 Mil.
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Total Receivables was $80 Mil.
Revenue was 1107.2 + 1493.7 + 2020.1 + 1397 = $6,018 Mil.
Gross Profit was 188.4 + 275.7 + 367.2 + 250.6 = $1,082 Mil.
Total Current Assets was $518 Mil.
Total Assets was $1,533 Mil.
Property, Plant and Equipment(Net PPE) was $676 Mil.
Depreciation, Depletion and Amortization(DDA) was $86 Mil.
Selling, General, & Admin. Expense(SGA) was $783 Mil.
Total Current Liabilities was $518 Mil.
Long-Term Debt & Capital Lease Obligation was $487 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) |
| = | (60.6 / 4885) | / | (79.5 / 6018) |
| = | 0.012405 | / | 0.01321 |
| | = | 0.9391 |
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) |
| = | (1081.9 / 6018) | / | (878 / 4885) |
| = | 0.179777 | / | 0.179734 |
| | = | 1.0002 |
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 - (282 + 560.2) / 1160.3) | / | (1 - (517.9 + 675.7) / 1533.1) |
| = | 0.274153 | / | 0.221447 |
| | = | 1.238 |
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 |
| = | 4885 | / | 6018 |
| | = | 0.8117 |
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)) |
| = | (86.3 / (86.3 + 675.7)) | / | (90 / (90 + 560.2)) |
| = | 0.113255 | / | 0.138419 |
| | = | 0.8182 |
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) |
| = | (553.9 / 4885) | / | (783.2 / 6018) |
| = | 0.113388 | / | 0.130143 |
| | = | 0.8713 |
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) |
| = | ((410.2 + 292.5) / 1160.3) | / | ((486.5 + 517.5) / 1533.1) |
| = | 0.605619 | / | 0.654882 |
| | = | 0.9248 |
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 |
| = | (-321.3 - -29.1 | - | -25.9) | / | 1160.3 |
| | = | -0.22951 |
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.
Compass has a M-score of -3.66 suggests that the company is unlikely to be a manipulator.
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