Elastic NV Beneish M-Score Historical Data
The historical data trend for Elastic NV'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.
Elastic NV Beneish M-Score Chart
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Elastic NV Annual Data
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Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-2.82 |
-1.71 |
-3.08 |
-2.96 |
-3.05 |
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Elastic NV Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
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Jan24 |
| Beneish M-Score |
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-2.92 |
-3.05 |
-3.25 |
-3.01 |
-2.41 |
Competitive Comparison of Elastic NV's Beneish M-Score
For the Software - Application subindustry, Elastic NV'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.
Elastic NV's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Elastic NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Elastic NV's Beneish M-Score falls into.
Elastic NV 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 Elastic NV 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 * 0.9715 | + | 0.528 * 0.9706 | + | 0.404 * 1.2097 | + | 0.892 * 1.1788 | + | 0.115 * 1.1115 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9181 | + | 4.679 * -0.042654 | - | 0.327 * 0.8636 |
| = | -2.41 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $230 Mil.
Revenue was 327.957 + 310.612 + 293.753 + 279.941 = $1,212 Mil.
Gross Profit was 243.315 + 230.523 + 216.276 + 206.259 = $896 Mil.
Total Current Assets was $1,362 Mil.
Total Assets was $2,059 Mil.
Property, Plant and Equipment(Net PPE) was $29 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $689 Mil.
Total Current Liabilities was $728 Mil.
Long-Term Debt & Capital Lease Obligation was $584 Mil.
Net Income was 176.124 + -24.796 + -48.508 + -46.731 = $56 Mil.
Non Operating Income was 8.568 + 8.21 + 6.575 + 5.188 = $29 Mil.
Cash Flow from Operations was 52.389 + -2.387 + 37.812 + 27.555 = $115 Mil.
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Total Receivables was $201 Mil.
Revenue was 274.566 + 264.401 + 250.081 + 239.355 = $1,028 Mil.
Gross Profit was 199.358 + 189.644 + 177.102 + 171.991 = $738 Mil.
Total Current Assets was $1,165 Mil.
Total Assets was $1,628 Mil.
Property, Plant and Equipment(Net PPE) was $26 Mil.
Depreciation, Depletion and Amortization(DDA) was $21 Mil.
Selling, General, & Admin. Expense(SGA) was $636 Mil.
Total Current Liabilities was $617 Mil.
Long-Term Debt & Capital Lease Obligation was $584 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) |
| = | (229.946 / 1212.263) | / | (200.79 / 1028.403) |
| = | 0.189683 | / | 0.195244 |
| | = | 0.9715 |
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) |
| = | (738.095 / 1028.403) | / | (896.373 / 1212.263) |
| = | 0.71771 | / | 0.739421 |
| | = | 0.9706 |
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 - (1362.123 + 28.6) / 2058.922) | / | (1 - (1164.728 + 26.474) / 1627.969) |
| = | 0.324538 | / | 0.26829 |
| | = | 1.2097 |
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 |
| = | 1212.263 | / | 1028.403 |
| | = | 1.1788 |
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)) |
| = | (20.645 / (20.645 + 26.474)) | / | (18.611 / (18.611 + 28.6)) |
| = | 0.438146 | / | 0.394209 |
| | = | 1.1115 |
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) |
| = | (688.708 / 1212.263) | / | (636.372 / 1028.403) |
| = | 0.568118 | / | 0.618796 |
| | = | 0.9181 |
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) |
| = | ((583.638 + 728.272) / 2058.922) | / | ((584.008 + 617.109) / 1627.969) |
| = | 0.637183 | / | 0.737801 |
| | = | 0.8636 |
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 |
| = | (56.089 - 28.541 | - | 115.369) | / | 2058.922 |
| | = | -0.042654 |
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.
Elastic NV has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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