Huron Consulting Group Beneish M-Score Historical Data
The historical data trend for Huron Consulting Group'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.
Huron Consulting Group Beneish M-Score Chart
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Huron Consulting Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-3.06 |
-1.94 |
-2.37 |
-2.48 |
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Huron Consulting Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.31 |
-2.51 |
-2.53 |
-2.48 |
-2.34 |
Competitive Comparison of Huron Consulting Group's Beneish M-Score
For the Consulting Services subindustry, Huron Consulting Group'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.
Huron Consulting Group's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Huron Consulting Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huron Consulting Group's Beneish M-Score falls into.
Huron Consulting Group 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 Huron Consulting Group 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 * 1.0537 | + | 0.528 * 0.9875 | + | 0.404 * 0.9467 | + | 0.892 * 1.1763 | + | 0.115 * 0.9906 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.026 | + | 4.679 * 0.002116 | - | 0.327 * 1.1285 |
| = | -2.34 |
* 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 $398 Mil.
Revenue was 363.385 + 350.005 + 367.466 + 354.899 = $1,436 Mil.
Gross Profit was 102.498 + 105.139 + 113.195 + 111.58 = $432 Mil.
Total Current Assets was $451 Mil.
Total Assets was $1,347 Mil.
Property, Plant and Equipment(Net PPE) was $47 Mil.
Depreciation, Depletion and Amortization(DDA) was $25 Mil.
Selling, General, & Admin. Expense(SGA) was $269 Mil.
Total Current Liabilities was $188 Mil.
Long-Term Debt & Capital Lease Obligation was $596 Mil.
Net Income was 18.006 + 2.832 + 21.516 + 24.712 = $67 Mil.
Non Operating Income was 0.442 + -25.826 + -6.402 + -0.637 = $-32 Mil.
Cash Flow from Operations was -130.724 + 80.368 + 68.774 + 78.221 = $97 Mil.
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Total Receivables was $321 Mil.
Revenue was 326.385 + 321.183 + 292.186 + 280.817 = $1,221 Mil.
Gross Profit was 89.378 + 97.728 + 91.901 + 84.008 = $363 Mil.
Total Current Assets was $362 Mil.
Total Assets was $1,239 Mil.
Property, Plant and Equipment(Net PPE) was $53 Mil.
Depreciation, Depletion and Amortization(DDA) was $27 Mil.
Selling, General, & Admin. Expense(SGA) was $223 Mil.
Total Current Liabilities was $148 Mil.
Long-Term Debt & Capital Lease Obligation was $490 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) |
| = | (397.561 / 1435.755) | / | (320.766 / 1220.571) |
| = | 0.2769 | / | 0.2628 |
| | = | 1.0537 |
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) |
| = | (363.015 / 1220.571) | / | (432.412 / 1435.755) |
| = | 0.297414 | / | 0.301174 |
| | = | 0.9875 |
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 - (450.958 + 47.476) / 1346.954) | / | (1 - (361.51 + 52.871) / 1238.545) |
| = | 0.629955 | / | 0.665429 |
| | = | 0.9467 |
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 |
| = | 1435.755 | / | 1220.571 |
| | = | 1.1763 |
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)) |
| = | (26.902 / (26.902 + 52.871)) | / | (24.503 / (24.503 + 47.476)) |
| = | 0.337232 | / | 0.340419 |
| | = | 0.9906 |
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) |
| = | (269.467 / 1435.755) | / | (223.275 / 1220.571) |
| = | 0.187683 | / | 0.182927 |
| | = | 1.026 |
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) |
| = | ((595.664 + 188.088) / 1346.954) | / | ((490.393 + 148.215) / 1238.545) |
| = | 0.58187 | / | 0.515611 |
| | = | 1.1285 |
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 |
| = | (67.066 - -32.423 | - | 96.639) | / | 1346.954 |
| | = | 0.002116 |
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.
Huron Consulting Group has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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