Microsoft Beneish M-Score Historical Data
The historical data trend for Microsoft'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.
Microsoft Beneish M-Score Chart
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Microsoft Annual Data
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| Beneish M-Score |
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-2.50 |
-2.65 |
-2.45 |
-2.41 |
-2.52 |
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Microsoft Quarterly Data
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| Beneish M-Score |
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-2.50 |
-2.52 |
-2.54 |
-2.35 |
-2.39 |
Competitive Comparison of Microsoft's Beneish M-Score
For the Software - Infrastructure subindustry, Microsoft'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.
Microsoft's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Microsoft's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Microsoft's Beneish M-Score falls into.
Microsoft 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 Microsoft 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 * 1.0303 | + | 0.528 * 0.9794 | + | 0.404 * 1.3633 | + | 0.892 * 1.1383 | + | 0.115 * 0.9634 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9191 | + | 4.679 * -0.046995 | - | 0.327 * 0.985 |
| = | -2.40 |
* 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 HK$344,439 Mil.
Revenue was 483915.134 + 484363.796 + 442443.334 + 440128.437 = HK$1,850,851 Mil.
Gross Profit was 339150.519 + 331112.091 + 314823.127 + 308573.202 = HK$1,293,659 Mil.
Total Current Assets was HK$1,151,389 Mil.
Total Assets was HK$3,788,483 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,085,410 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$154,728 Mil.
Selling, General, & Admin. Expense(SGA) was HK$245,686 Mil.
Total Current Liabilities was HK$927,221 Mil.
Long-Term Debt & Capital Lease Obligation was HK$446,905 Mil.
Net Income was 171628.797 + 170800.326 + 174505.093 + 157294.473 = HK$674,229 Mil.
Non Operating Income was -5264.879 + -2585.044 + -1972.782 + 391.65 = HK$-9,431 Mil.
Cash Flow from Operations was 249686.691 + 147238.159 + 239419.015 + 225355.41 = HK$861,699 Mil.
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Total Receivables was HK$293,698 Mil.
Revenue was 414858.736 + 410656.494 + 393427.627 + 407041.706 = HK$1,625,985 Mil.
Gross Profit was 288274.902 + 274505.419 + 272138.698 + 278105.272 = HK$1,113,024 Mil.
Total Current Assets was HK$1,286,316 Mil.
Total Assets was HK$2,983,197 Mil.
Property, Plant and Equipment(Net PPE) was HK$800,654 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$109,384 Mil.
Selling, General, & Admin. Expense(SGA) was HK$234,843 Mil.
Total Current Liabilities was HK$672,563 Mil.
Long-Term Debt & Capital Lease Obligation was HK$426,004 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) |
| = | (344438.867 / 1850850.701) | / | (293698.354 / 1625984.563) |
| = | 0.186098 | / | 0.180628 |
| | = | 1.0303 |
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) |
| = | (1113024.291 / 1625984.563) | / | (1293658.939 / 1850850.701) |
| = | 0.684523 | / | 0.698954 |
| | = | 0.9794 |
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 - (1151389.14 + 1085409.958) / 3788483.325) | / | (1 - (1286315.594 + 800653.736) / 2983196.686) |
| = | 0.409579 | / | 0.300425 |
| | = | 1.3633 |
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 |
| = | 1850850.701 | / | 1625984.563 |
| | = | 1.1383 |
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)) |
| = | (109383.591 / (109383.591 + 800653.736)) | / | (154728.409 / (154728.409 + 1085409.958)) |
| = | 0.120197 | / | 0.124767 |
| | = | 0.9634 |
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) |
| = | (245685.593 / 1850850.701) | / | (234843.44 / 1625984.563) |
| = | 0.132742 | / | 0.144432 |
| | = | 0.9191 |
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) |
| = | ((446904.521 + 927221.075) / 3788483.325) | / | ((426003.89 + 672562.952) / 2983196.686) |
| = | 0.362711 | / | 0.368252 |
| | = | 0.985 |
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 |
| = | (674228.689 - -9431.055 | - | 861699.275) | / | 3788483.325 |
| | = | -0.046995 |
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.
Microsoft has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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