Dropbox Beneish M-Score Historical Data
The historical data trend for Dropbox'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.
Dropbox Beneish M-Score Chart
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Dropbox Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.05 |
-3.25 |
-2.99 |
-2.10 |
-3.02 |
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Dropbox Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.10 |
-1.95 |
-1.95 |
-1.93 |
-3.02 |
Competitive Comparison of Dropbox's Beneish M-Score
For the Software - Infrastructure subindustry, Dropbox'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.
Dropbox's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Dropbox's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dropbox's Beneish M-Score falls into.
Dropbox 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 Dropbox 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 * 1.1867 | + | 0.528 * 1.0003 | + | 0.404 * 0.9657 | + | 0.892 * 1.076 | + | 0.115 * 0.8438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0334 | + | 4.679 * -0.161421 | - | 0.327 * 0.964 |
| = | -3.02 |
* 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 $69 Mil.
Revenue was 635 + 633 + 622.5 + 611.1 = $2,502 Mil.
Gross Profit was 513 + 513.4 + 502.4 + 494.3 = $2,023 Mil.
Total Current Assets was $1,517 Mil.
Total Assets was $2,984 Mil.
Property, Plant and Equipment(Net PPE) was $493 Mil.
Depreciation, Depletion and Amortization(DDA) was $170 Mil.
Selling, General, & Admin. Expense(SGA) was $703 Mil.
Total Current Liabilities was $1,202 Mil.
Long-Term Debt & Capital Lease Obligation was $1,857 Mil.
Net Income was 227.3 + 114.1 + 43.2 + 69 = $454 Mil.
Non Operating Income was 155.5 + -0.2 + -3.4 + -0.4 = $152 Mil.
Cash Flow from Operations was 200.3 + 255.9 + 187.6 + 139.9 = $784 Mil.
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Total Receivables was $54 Mil.
Revenue was 598.8 + 591 + 572.7 + 562.4 = $2,325 Mil.
Gross Profit was 483 + 481.3 + 466.9 + 449.5 = $1,881 Mil.
Total Current Assets was $1,490 Mil.
Total Assets was $3,110 Mil.
Property, Plant and Equipment(Net PPE) was $569 Mil.
Depreciation, Depletion and Amortization(DDA) was $157 Mil.
Selling, General, & Admin. Expense(SGA) was $632 Mil.
Total Current Liabilities was $1,197 Mil.
Long-Term Debt & Capital Lease Obligation was $2,111 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) |
| = | (68.7 / 2501.6) | / | (53.8 / 2324.9) |
| = | 0.027462 | / | 0.023141 |
| | = | 1.1867 |
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) |
| = | (1880.7 / 2324.9) | / | (2023.1 / 2501.6) |
| = | 0.808938 | / | 0.808722 |
| | = | 1.0003 |
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 - (1516.6 + 493) / 2983.5) | / | (1 - (1489.8 + 569) / 3110.1) |
| = | 0.326429 | / | 0.338028 |
| | = | 0.9657 |
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 |
| = | 2501.6 | / | 2324.9 |
| | = | 1.076 |
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)) |
| = | (157.1 / (157.1 + 569)) | / | (170 / (170 + 493)) |
| = | 0.216361 | / | 0.25641 |
| | = | 0.8438 |
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) |
| = | (703.1 / 2501.6) | / | (632.3 / 2324.9) |
| = | 0.28106 | / | 0.271969 |
| | = | 1.0334 |
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) |
| = | ((1857 + 1201.5) / 2983.5) | / | ((2110.9 + 1196.5) / 3110.1) |
| = | 1.025138 | / | 1.063438 |
| | = | 0.964 |
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 |
| = | (453.6 - 151.5 | - | 783.7) | / | 2983.5 |
| | = | -0.161421 |
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.
Dropbox has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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