Fair Isaac Beneish M-Score Historical Data
The historical data trend for Fair Isaac'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.
Fair Isaac Beneish M-Score Chart
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Fair Isaac Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.63 |
-2.57 |
-3.07 |
-3.04 |
-2.43 |
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Fair Isaac 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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-2.66 |
-2.49 |
-2.30 |
-2.43 |
-2.47 |
Competitive Comparison of Fair Isaac's Beneish M-Score
For the Software - Application subindustry, Fair Isaac'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.
Fair Isaac's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Fair Isaac's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fair Isaac's Beneish M-Score falls into.
Fair Isaac 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 Fair Isaac 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 * 1.0761 | + | 0.528 * 0.9797 | + | 0.404 * 0.9859 | + | 0.892 * 1.1079 | + | 0.115 * 0.9413 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9815 | + | 4.679 * -0.03462 | - | 0.327 * 0.9343 |
| = | -2.47 |
* 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 $367 Mil.
Revenue was 382.059 + 389.733 + 398.688 + 380.266 = $1,551 Mil.
Gross Profit was 298.598 + 306.901 + 326.842 + 300.46 = $1,233 Mil.
Total Current Assets was $565 Mil.
Total Assets was $1,594 Mil.
Property, Plant and Equipment(Net PPE) was $29 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $412 Mil.
Total Current Liabilities was $433 Mil.
Long-Term Debt & Capital Lease Obligation was $1,821 Mil.
Net Income was 121.065 + 101.424 + 128.758 + 101.55 = $453 Mil.
Non Operating Income was 3.393 + -0.93 + 5.301 + 1.605 = $9 Mil.
Cash Flow from Operations was 122.12 + 164.049 + 122.622 + 89.804 = $499 Mil.
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Total Receivables was $308 Mil.
Revenue was 344.87 + 348.748 + 348.966 + 357.195 = $1,400 Mil.
Gross Profit was 268.301 + 266.262 + 270.275 + 285.401 = $1,090 Mil.
Total Current Assets was $484 Mil.
Total Assets was $1,459 Mil.
Property, Plant and Equipment(Net PPE) was $47 Mil.
Depreciation, Depletion and Amortization(DDA) was $20 Mil.
Selling, General, & Admin. Expense(SGA) was $379 Mil.
Total Current Liabilities was $355 Mil.
Long-Term Debt & Capital Lease Obligation was $1,853 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) |
| = | (367.478 / 1550.746) | / | (308.234 / 1399.779) |
| = | 0.236969 | / | 0.220202 |
| | = | 1.0761 |
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) |
| = | (1090.239 / 1399.779) | / | (1232.801 / 1550.746) |
| = | 0.778865 | / | 0.794973 |
| | = | 0.9797 |
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 - (565.263 + 29.322) / 1593.518) | / | (1 - (483.822 + 47.342) / 1458.693) |
| = | 0.626873 | / | 0.635863 |
| | = | 0.9859 |
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 |
| = | 1550.746 | / | 1399.779 |
| | = | 1.1079 |
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)) |
| = | (19.518 / (19.518 + 47.342)) | / | (13.182 / (13.182 + 29.322)) |
| = | 0.291923 | / | 0.310136 |
| | = | 0.9413 |
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) |
| = | (411.899 / 1550.746) | / | (378.81 / 1399.779) |
| = | 0.265613 | / | 0.270621 |
| | = | 0.9815 |
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) |
| = | ((1820.554 + 433.109) / 1593.518) | / | ((1853.066 + 354.988) / 1458.693) |
| = | 1.414269 | / | 1.513721 |
| | = | 0.9343 |
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 |
| = | (452.797 - 9.369 | - | 498.595) | / | 1593.518 |
| | = | -0.03462 |
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.
Fair Isaac has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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