Robinhood Markets Beneish M-Score Historical Data
The historical data trend for Robinhood Markets'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.
Robinhood Markets Beneish M-Score Chart
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Robinhood Markets Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.15 |
-2.77 |
-2.87 |
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Robinhood Markets Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.67 |
-2.64 |
-2.34 |
-2.87 |
-2.46 |
Competitive Comparison of Robinhood Markets's Beneish M-Score
For the Capital Markets subindustry, Robinhood Markets'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.
Robinhood Markets's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Robinhood Markets's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Robinhood Markets's Beneish M-Score falls into.
Robinhood Markets 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 Robinhood Markets 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 * 1.036 | + | 0.528 * 0.5996 | + | 0.404 * 0.5518 | + | 0.892 * 1.3138 | + | 0.115 * 0.9473 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4427 | + | 4.679 * 0.008992 | - | 0.327 * 1.1437 |
| = | -2.47 |
* 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 €4,149 Mil.
Revenue was 568.56 + 431.907 + 437.579 + 448.578 = €1,887 Mil.
Gross Profit was 477.48 + 0 + 345.753 + 353.509 = €1,177 Mil.
Total Current Assets was €41,901 Mil.
Total Assets was €42,401 Mil.
Property, Plant and Equipment(Net PPE) was €112 Mil.
Depreciation, Depletion and Amortization(DDA) was €63 Mil.
Selling, General, & Admin. Expense(SGA) was €713 Mil.
Total Current Liabilities was €35,984 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 144.44 + 27.51 + -79.645 + 23.075 = €115 Mil.
Non Operating Income was 1.84 + -0.917 + -1.874 + 1.846 = €1 Mil.
Cash Flow from Operations was -573.16 + 880.32 + -915.449 + 341.51 = €-267 Mil.
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Total Receivables was €3,049 Mil.
Revenue was 411.894 + 358.72 + 364.61 + 300.828 = €1,436 Mil.
Gross Profit was 323.164 + -253.936 + 262.6 + 205.282 = €537 Mil.
Total Current Assets was €25,394 Mil.
Total Assets was €25,951 Mil.
Property, Plant and Equipment(Net PPE) was €128 Mil.
Depreciation, Depletion and Amortization(DDA) was €66 Mil.
Selling, General, & Admin. Expense(SGA) was €1,225 Mil.
Total Current Liabilities was €19,256 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (4149.2 / 1886.624) | / | (3048.576 / 1436.052) |
| = | 2.199272 | / | 2.122887 |
| | = | 1.036 |
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) |
| = | (537.11 / 1436.052) | / | (1176.742 / 1886.624) |
| = | 0.374018 | / | 0.623729 |
| | = | 0.5996 |
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 - (41901.4 + 112.24) / 42400.96) | / | (1 - (25393.592 + 127.958) / 25951.19) |
| = | 0.009135 | / | 0.016556 |
| | = | 0.5518 |
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 |
| = | 1886.624 | / | 1436.052 |
| | = | 1.3138 |
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)) |
| = | (65.96 / (65.96 + 127.958)) | / | (62.877 / (62.877 + 112.24)) |
| = | 0.340144 | / | 0.359057 |
| | = | 0.9473 |
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) |
| = | (712.659 / 1886.624) | / | (1225.35 / 1436.052) |
| = | 0.377743 | / | 0.853277 |
| | = | 0.4427 |
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) |
| = | ((0 + 35983.96) / 42400.96) | / | ((0 + 19256.278) / 25951.19) |
| = | 0.848659 | / | 0.742019 |
| | = | 1.1437 |
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 |
| = | (115.38 - 0.895 | - | -266.779) | / | 42400.96 |
| | = | 0.008992 |
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.
Robinhood Markets has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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