FactSet Research Systems Beneish M-Score Historical Data
The historical data trend for FactSet Research Systems'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.
FactSet Research Systems Beneish M-Score Chart
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FactSet Research Systems Annual Data
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Aug14 |
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Aug23 |
| Beneish M-Score |
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-2.79 |
-2.73 |
-2.77 |
-2.14 |
-2.48 |
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FactSet Research Systems Quarterly Data
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May19 |
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Feb24 |
| Beneish M-Score |
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-2.14 |
-2.54 |
-2.48 |
-2.58 |
-2.57 |
Competitive Comparison of FactSet Research Systems's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, FactSet Research Systems'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.
FactSet Research Systems's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, FactSet Research Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FactSet Research Systems's Beneish M-Score falls into.
FactSet Research Systems 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 FactSet Research Systems 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 * 1.0207 | + | 0.528 * 1.0103 | + | 0.404 * 1.0172 | + | 0.892 * 1.0282 | + | 0.115 * 1.0028 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9366 | + | 4.679 * -0.040923 | - | 0.327 * 0.9135 |
| = | -2.58 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was €252 Mil.
Revenue was 506.091 + 501.008 + 491.326 + 487.426 = €1,986 Mil.
Gross Profit was 269.574 + 268.51 + 249.524 + 265.072 = €1,053 Mil.
Total Current Assets was €763 Mil.
Total Assets was €3,700 Mil.
Property, Plant and Equipment(Net PPE) was €199 Mil.
Depreciation, Depletion and Amortization(DDA) was €129 Mil.
Selling, General, & Admin. Expense(SGA) was €421 Mil.
Total Current Liabilities was €426 Mil.
Long-Term Debt & Capital Lease Obligation was €1,553 Mil.
Net Income was 130.651 + 137.265 + 59.714 + 123.89 = €452 Mil.
Non Operating Income was 0.372 + -0.889 + -19.715 + 2.642 = €-18 Mil.
Cash Flow from Operations was 133.301 + 143.353 + 142.749 + 201.102 = €621 Mil.
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Total Receivables was €240 Mil.
Revenue was 481.089 + 495.224 + 492.806 + 462.358 = €1,931 Mil.
Gross Profit was 256.177 + 272.495 + 254.007 + 251.762 = €1,034 Mil.
Total Current Assets was €802 Mil.
Total Assets was €3,737 Mil.
Property, Plant and Equipment(Net PPE) was €217 Mil.
Depreciation, Depletion and Amortization(DDA) was €141 Mil.
Selling, General, & Admin. Expense(SGA) was €437 Mil.
Total Current Liabilities was €384 Mil.
Long-Term Debt & Capital Lease Obligation was €1,805 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) |
| = | (252.308 / 1985.851) | / | (240.419 / 1931.477) |
| = | 0.127053 | / | 0.124474 |
| | = | 1.0207 |
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) |
| = | (1034.441 / 1931.477) | / | (1052.68 / 1985.851) |
| = | 0.53557 | / | 0.53009 |
| | = | 1.0103 |
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 - (762.94 + 199.201) / 3699.533) | / | (1 - (801.983 + 216.654) / 3737.004) |
| = | 0.739929 | / | 0.727419 |
| | = | 1.0172 |
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 |
| = | 1985.851 | / | 1931.477 |
| | = | 1.0282 |
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)) |
| = | (140.925 / (140.925 + 216.654)) | / | (128.973 / (128.973 + 199.201)) |
| = | 0.394109 | / | 0.393002 |
| | = | 1.0028 |
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) |
| = | (420.723 / 1985.851) | / | (436.914 / 1931.477) |
| = | 0.21186 | / | 0.226207 |
| | = | 0.9366 |
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) |
| = | ((1552.954 + 426.19) / 3699.533) | / | ((1804.748 + 383.692) / 3737.004) |
| = | 0.534971 | / | 0.585614 |
| | = | 0.9135 |
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 |
| = | (451.52 - -17.59 | - | 620.505) | / | 3699.533 |
| | = | -0.040923 |
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.
FactSet Research Systems has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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