Coinbase Global Beneish M-Score Historical Data
The historical data trend for Coinbase Global'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.
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Coinbase Global Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
1.59 |
-1.91 |
-2.79 |
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Coinbase Global Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
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-1.91 |
-1.50 |
-0.99 |
-1.39 |
-2.79 |
Competitive Comparison
For the Financial Data & Stock Exchanges subindustry, Coinbase Global'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.
Coinbase Global Beneish M-Score Distribution
For the Capital Markets industry and Financial Services sector, Coinbase Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coinbase Global's Beneish M-Score falls into.
Coinbase Global 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 Coinbase Global 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 * 0.9406 | + | 0.528 * 0.9285 | + | 0.404 * 0.4729 | + | 0.892 * 0.9731 | + | 0.115 * 0.9628 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6688 | + | 4.679 * -0.004354 | - | 0.327 * 1.0326 |
| = | -2.79 |
* 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 $425 Mil.
Revenue was 953.795 + 674.148 + 707.911 + 772.529 = $3,108 Mil.
Gross Profit was 828.236 + 583.571 + 599.711 + 676.16 = $2,688 Mil.
Total Current Assets was $203,467 Mil.
Total Assets was $206,983 Mil.
Property, Plant and Equipment(Net PPE) was $205 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $1,374 Mil.
Total Current Liabilities was $197,714 Mil.
Long-Term Debt & Capital Lease Obligation was $2,984 Mil.
Net Income was 273.437 + -2.265 + -97.405 + -78.896 = $95 Mil.
Non Operating Income was 79.075 + 141.299 + 17.599 + -164.754 = $73 Mil.
Cash Flow from Operations was -5.186 + 313.935 + 151.124 + 463.078 = $923 Mil.
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Total Receivables was $465 Mil.
Revenue was 629.108 + 590.339 + 808.325 + 1166.436 = $3,194 Mil.
Gross Profit was 546.117 + 488.463 + 641.138 + 888.61 = $2,564 Mil.
Total Current Assets was $86,448 Mil.
Total Assets was $89,725 Mil.
Property, Plant and Equipment(Net PPE) was $241 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $2,111 Mil.
Total Current Liabilities was $80,815 Mil.
Long-Term Debt & Capital Lease Obligation was $3,435 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) |
| = | (425.441 / 3108.383) | / | (464.817 / 3194.208) |
| = | 0.136869 | / | 0.145519 |
| | = | 0.9406 |
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) |
| = | (2564.328 / 3194.208) | / | (2687.678 / 3108.383) |
| = | 0.802806 | / | 0.864655 |
| | = | 0.9285 |
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 - (203466.531 + 205.287) / 206982.953) | / | (1 - (86448.215 + 241.21) / 89724.873) |
| = | 0.015997 | / | 0.033831 |
| | = | 0.4729 |
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 |
| = | 3108.383 | / | 3194.208 |
| | = | 0.9731 |
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)) |
| = | (154.069 / (154.069 + 241.21)) | / | (139.642 / (139.642 + 205.287)) |
| = | 0.389773 | / | 0.404843 |
| | = | 0.9628 |
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) |
| = | (1373.62 / 3108.383) | / | (2110.675 / 3194.208) |
| = | 0.441908 | / | 0.660782 |
| | = | 0.6688 |
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) |
| = | ((2983.778 + 197714.131) / 206982.953) | / | ((3435.492 + 80815.293) / 89724.873) |
| = | 0.969635 | / | 0.93899 |
| | = | 1.0326 |
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 |
| = | (94.871 - 73.219 | - | 922.951) | / | 206982.953 |
| | = | -0.004354 |
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.
Coinbase Global has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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