CyberArk Software Beneish M-Score Historical Data
The historical data trend for CyberArk Software'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.
CyberArk Software Beneish M-Score Chart
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CyberArk Software Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.88 |
-2.27 |
-2.69 |
-2.87 |
-2.33 |
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CyberArk Software 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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-2.87 |
-2.70 |
-2.64 |
-2.48 |
-2.33 |
Competitive Comparison of CyberArk Software's Beneish M-Score
For the Software - Infrastructure subindustry, CyberArk Software'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.
CyberArk Software's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, CyberArk Software's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CyberArk Software's Beneish M-Score falls into.
CyberArk Software 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 CyberArk Software 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 * 1.2146 | + | 0.528 * 0.9932 | + | 0.404 * 1.0233 | + | 0.892 * 1.2707 | + | 0.115 * 0.7583 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9212 | + | 4.679 * -0.06068 | - | 0.327 * 0.9902 |
| = | -2.33 |
* 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 $186.5 Mil.
Revenue was 223.104 + 191.236 + 175.843 + 161.705 = $751.9 Mil.
Gross Profit was 183.451 + 149.497 + 137.076 + 125.733 = $595.8 Mil.
Total Current Assets was $1,211.4 Mil.
Total Assets was $2,022.2 Mil.
Property, Plant and Equipment(Net PPE) was $16.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.3 Mil.
Selling, General, & Admin. Expense(SGA) was $500.8 Mil.
Total Current Liabilities was $1,124.6 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was 8.911 + -14.609 + -25.778 + -35.028 = $-66.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 46.898 + 14.353 + -10.868 + 5.821 = $56.2 Mil.
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Total Receivables was $120.8 Mil.
Revenue was 169.151 + 152.67 + 142.327 + 127.562 = $591.7 Mil.
Gross Profit was 134.323 + 120.205 + 111.608 + 99.528 = $465.7 Mil.
Total Current Assets was $1,097.6 Mil.
Total Assets was $1,819.4 Mil.
Property, Plant and Equipment(Net PPE) was $23.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.2 Mil.
Selling, General, & Admin. Expense(SGA) was $427.8 Mil.
Total Current Liabilities was $452.5 Mil.
Long-Term Debt & Capital Lease Obligation was $569.3 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) |
| = | (186.472 / 751.888) | / | (120.817 / 591.71) |
| = | 0.248005 | / | 0.204183 |
| | = | 1.2146 |
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) |
| = | (465.664 / 591.71) | / | (595.757 / 751.888) |
| = | 0.78698 | / | 0.792348 |
| | = | 0.9932 |
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 - (1211.443 + 16.494) / 2022.208) | / | (1 - (1097.581 + 23.474) / 1819.401) |
| = | 0.392774 | / | 0.383833 |
| | = | 1.0233 |
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 |
| = | 751.888 | / | 591.71 |
| | = | 1.2707 |
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)) |
| = | (16.203 / (16.203 + 23.474)) | / | (19.25 / (19.25 + 16.494)) |
| = | 0.408373 | / | 0.538552 |
| | = | 0.7583 |
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) |
| = | (500.784 / 751.888) | / | (427.793 / 591.71) |
| = | 0.666035 | / | 0.722977 |
| | = | 0.9212 |
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) |
| = | ((0 + 1124.63) / 2022.208) | / | ((569.344 + 452.472) / 1819.401) |
| = | 0.55614 | / | 0.561622 |
| | = | 0.9902 |
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 |
| = | (-66.504 - 0 | - | 56.204) | / | 2022.208 |
| | = | -0.06068 |
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.
CyberArk Software has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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