HireRight Holdings Beneish M-Score Historical Data
The historical data trend for HireRight Holdings'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.
HireRight Holdings Beneish M-Score Chart
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HireRight Holdings Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.39 |
-2.97 |
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HireRight Holdings Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.64 |
-2.63 |
-2.93 |
-2.97 |
Competitive Comparison of HireRight Holdings's Beneish M-Score
For the Staffing & Employment Services subindustry, HireRight Holdings'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.
HireRight Holdings's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, HireRight Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HireRight Holdings's Beneish M-Score falls into.
HireRight Holdings 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 HireRight Holdings 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 * 0.9872 | + | 0.528 * 0.9597 | + | 0.404 * 1.0392 | + | 0.892 * 0.8949 | + | 0.115 * 0.9347 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1937 | + | 4.679 * -0.063879 | - | 0.327 * 1.12 |
| = | -2.97 |
* 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 $120.7 Mil.
Revenue was 166.044 + 188.262 + 192.124 + 175.447 = $721.9 Mil.
Gross Profit was 81.495 + 93.84 + 93.548 + 76.996 = $345.9 Mil.
Total Current Assets was $263.7 Mil.
Total Assets was $1,548.3 Mil.
Property, Plant and Equipment(Net PPE) was $12.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $86.5 Mil.
Selling, General, & Admin. Expense(SGA) was $214.6 Mil.
Total Current Liabilities was $147.4 Mil.
Long-Term Debt & Capital Lease Obligation was $726.8 Mil.
Net Income was -4.506 + -1.655 + 2.512 + -7.911 = $-11.6 Mil.
Non Operating Income was -1.45 + -0.881 + -0.242 + -0.306 = $-2.9 Mil.
Cash Flow from Operations was 39.594 + 38.056 + 17.587 + -5.015 = $90.2 Mil.
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Total Receivables was $136.7 Mil.
Revenue was 175.362 + 210.303 + 222.292 + 198.711 = $806.7 Mil.
Gross Profit was 82.863 + 99.455 + 102.302 + 86.308 = $370.9 Mil.
Total Current Assets was $318.8 Mil.
Total Assets was $1,605.7 Mil.
Property, Plant and Equipment(Net PPE) was $17.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $77.6 Mil.
Selling, General, & Admin. Expense(SGA) was $200.9 Mil.
Total Current Liabilities was $126.2 Mil.
Long-Term Debt & Capital Lease Obligation was $683.2 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) |
| = | (120.724 / 721.877) | / | (136.656 / 806.668) |
| = | 0.167236 | / | 0.169408 |
| | = | 0.9872 |
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) |
| = | (370.928 / 806.668) | / | (345.879 / 721.877) |
| = | 0.459827 | / | 0.479138 |
| | = | 0.9597 |
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 - (263.696 + 12.543) / 1548.29) | / | (1 - (318.803 + 17.468) / 1605.747) |
| = | 0.821584 | / | 0.790583 |
| | = | 1.0392 |
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 |
| = | 721.877 | / | 806.668 |
| | = | 0.8949 |
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)) |
| = | (77.622 / (77.622 + 17.468)) | / | (86.457 / (86.457 + 12.543)) |
| = | 0.8163 | / | 0.873303 |
| | = | 0.9347 |
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) |
| = | (214.559 / 721.877) | / | (200.853 / 806.668) |
| = | 0.297224 | / | 0.248991 |
| | = | 1.1937 |
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) |
| = | ((726.767 + 147.351) / 1548.29) | / | ((683.206 + 126.204) / 1605.747) |
| = | 0.56457 | / | 0.504071 |
| | = | 1.12 |
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 |
| = | (-11.56 - -2.879 | - | 90.222) | / | 1548.29 |
| | = | -0.063879 |
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.
HireRight Holdings has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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