EverCommerce Beneish M-Score Historical Data
The historical data trend for EverCommerce'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.
EverCommerce Beneish M-Score Chart
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EverCommerce Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.21 |
-2.67 |
-2.95 |
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EverCommerce Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.74 |
-2.85 |
-2.88 |
-2.95 |
-2.91 |
Competitive Comparison of EverCommerce's Beneish M-Score
For the Software - Infrastructure subindustry, EverCommerce'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.
EverCommerce's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, EverCommerce's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EverCommerce's Beneish M-Score falls into.
EverCommerce 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 EverCommerce 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 * 0.9561 | + | 0.528 * 0.985 | + | 0.404 * 0.9727 | + | 0.892 * 1.0721 | + | 0.115 * 0.9795 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9276 | + | 4.679 * -0.091163 | - | 0.327 * 1.0529 |
| = | -2.91 |
* 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 $64.4 Mil.
Revenue was 170.113 + 169.44 + 174.741 + 170.052 = $684.3 Mil.
Gross Profit was 113.32 + 114.035 + 113.27 + 111.867 = $452.5 Mil.
Total Current Assets was $194.6 Mil.
Total Assets was $1,482.5 Mil.
Property, Plant and Equipment(Net PPE) was $8.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $101.2 Mil.
Selling, General, & Admin. Expense(SGA) was $253.5 Mil.
Total Current Liabilities was $113.9 Mil.
Long-Term Debt & Capital Lease Obligation was $525.6 Mil.
Net Income was -16.324 + -23.335 + -0.614 + -0.896 = $-41.2 Mil.
Non Operating Income was -11.221 + 0 + 0 + 0 = $-11.2 Mil.
Cash Flow from Operations was 13.297 + 36.018 + 27.441 + 28.446 = $105.2 Mil.
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Total Receivables was $62.8 Mil.
Revenue was 161.136 + 161.798 + 158.126 + 157.246 = $638.3 Mil.
Gross Profit was 105.19 + 107.926 + 100.471 + 102.143 = $415.7 Mil.
Total Current Assets was $163.3 Mil.
Total Assets was $1,550.6 Mil.
Property, Plant and Equipment(Net PPE) was $11.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $109.4 Mil.
Selling, General, & Admin. Expense(SGA) was $254.9 Mil.
Total Current Liabilities was $105.3 Mil.
Long-Term Debt & Capital Lease Obligation was $529.9 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) |
| = | (64.359 / 684.346) | / | (62.786 / 638.306) |
| = | 0.094045 | / | 0.098363 |
| | = | 0.9561 |
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) |
| = | (415.73 / 638.306) | / | (452.492 / 684.346) |
| = | 0.651302 | / | 0.661204 |
| | = | 0.985 |
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 - (194.61 + 8.25) / 1482.516) | / | (1 - (163.276 + 11.391) / 1550.573) |
| = | 0.863165 | / | 0.887353 |
| | = | 0.9727 |
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 |
| = | 684.346 | / | 638.306 |
| | = | 1.0721 |
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)) |
| = | (109.36 / (109.36 + 11.391)) | / | (101.202 / (101.202 + 8.25)) |
| = | 0.905665 | / | 0.924624 |
| | = | 0.9795 |
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) |
| = | (253.529 / 684.346) | / | (254.933 / 638.306) |
| = | 0.370469 | / | 0.39939 |
| | = | 0.9276 |
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) |
| = | ((525.628 + 113.865) / 1482.516) | / | ((529.886 + 105.338) / 1550.573) |
| = | 0.431357 | / | 0.40967 |
| | = | 1.0529 |
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 |
| = | (-41.169 - -11.221 | - | 105.202) | / | 1482.516 |
| | = | -0.091163 |
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.
EverCommerce has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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