Instructure Holdings Beneish M-Score Historical Data
The historical data trend for Instructure 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.
Instructure Holdings Beneish M-Score Chart
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Instructure Holdings Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.67 |
-2.59 |
-2.99 |
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Instructure Holdings Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.28 |
-2.70 |
-2.65 |
-2.99 |
Competitive Comparison of Instructure Holdings's Beneish M-Score
For the Software - Application subindustry, Instructure 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.
Instructure Holdings's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Instructure Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Instructure Holdings's Beneish M-Score falls into.
Instructure 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 Instructure 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 * 0.8431 | + | 0.528 * 0.9828 | + | 0.404 * 0.9189 | + | 0.892 * 1.1158 | + | 0.115 * 0.9733 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9583 | + | 4.679 * -0.092337 | - | 0.327 * 1.0041 |
| = | -2.99 |
* 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 $67.2 Mil.
Revenue was 135.376 + 134.921 + 131.07 + 128.843 = $530.2 Mil.
Gross Profit was 87.609 + 87.494 + 85.781 + 83.011 = $343.9 Mil.
Total Current Assets was $438.8 Mil.
Total Assets was $2,158.0 Mil.
Property, Plant and Equipment(Net PPE) was $22.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $147.8 Mil.
Selling, General, & Admin. Expense(SGA) was $259.0 Mil.
Total Current Liabilities was $350.7 Mil.
Long-Term Debt & Capital Lease Obligation was $491.6 Mil.
Net Income was -5.767 + -5.481 + -10.973 + -11.857 = $-34.1 Mil.
Non Operating Income was 3.133 + -2.443 + 0.402 + 0.076 = $1.2 Mil.
Cash Flow from Operations was 36.968 + 182.808 + 25.158 + -80.918 = $164.0 Mil.
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Total Receivables was $71.4 Mil.
Revenue was 124.726 + 122.429 + 114.577 + 113.462 = $475.2 Mil.
Gross Profit was 79.914 + 78.356 + 72.179 + 72.451 = $302.9 Mil.
Total Current Assets was $285.0 Mil.
Total Assets was $2,153.5 Mil.
Property, Plant and Equipment(Net PPE) was $26.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $141.2 Mil.
Selling, General, & Admin. Expense(SGA) was $242.2 Mil.
Total Current Liabilities was $334.1 Mil.
Long-Term Debt & Capital Lease Obligation was $503.1 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) |
| = | (67.193 / 530.21) | / | (71.428 / 475.194) |
| = | 0.126729 | / | 0.150313 |
| | = | 0.8431 |
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) |
| = | (302.9 / 475.194) | / | (343.895 / 530.21) |
| = | 0.637424 | / | 0.648601 |
| | = | 0.9828 |
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 - (438.824 + 22.481) / 2157.978) | / | (1 - (285.036 + 25.955) / 2153.489) |
| = | 0.786233 | / | 0.855587 |
| | = | 0.9189 |
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 |
| = | 530.21 | / | 475.194 |
| | = | 1.1158 |
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)) |
| = | (141.208 / (141.208 + 25.955)) | / | (147.753 / (147.753 + 22.481)) |
| = | 0.844732 | / | 0.867941 |
| | = | 0.9733 |
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) |
| = | (258.951 / 530.21) | / | (242.191 / 475.194) |
| = | 0.488393 | / | 0.509668 |
| | = | 0.9583 |
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) |
| = | ((491.633 + 350.659) / 2157.978) | / | ((503.081 + 334.057) / 2153.489) |
| = | 0.390315 | / | 0.388736 |
| | = | 1.0041 |
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 |
| = | (-34.078 - 1.168 | - | 164.016) | / | 2157.978 |
| | = | -0.092337 |
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.
Instructure Holdings has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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