Victory Capital Holdings Beneish M-Score Historical Data
The historical data trend for Victory Capital 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.
Victory Capital Holdings Beneish M-Score Chart
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Victory Capital Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.10 |
-2.45 |
-2.46 |
-2.64 |
-2.79 |
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Victory Capital Holdings 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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-2.64 |
-2.47 |
-2.32 |
-2.20 |
-2.79 |
Competitive Comparison of Victory Capital Holdings's Beneish M-Score
For the Asset Management subindustry, Victory Capital 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.
Victory Capital Holdings's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Victory Capital Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Victory Capital Holdings's Beneish M-Score falls into.
Victory Capital 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 Victory Capital 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 * 1.0793 | + | 0.528 * 0.9571 | + | 0.404 * 0.9648 | + | 0.892 * 0.9605 | + | 0.115 * 0.987 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8333 | + | 4.679 * -0.03661 | - | 0.327 * 0.9963 |
| = | -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 $87.6 Mil.
Revenue was 205.794 + 209.688 + 204.226 + 201.32 = $821.0 Mil.
Gross Profit was 16.164 + 151.033 + 111.942 + 139.209 = $418.3 Mil.
Total Current Assets was $216.9 Mil.
Total Assets was $2,542.6 Mil.
Property, Plant and Equipment(Net PPE) was $19.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $41.6 Mil.
Selling, General, & Admin. Expense(SGA) was $24.2 Mil.
Total Current Liabilities was $273.7 Mil.
Long-Term Debt & Capital Lease Obligation was $989.3 Mil.
Net Income was 55.206 + 52.007 + 56.671 + 49.273 = $213.2 Mil.
Non Operating Income was -4.403 + -10.698 + -1.516 + -7.431 = $-24.0 Mil.
Cash Flow from Operations was 97.101 + 91.628 + 77.406 + 64.156 = $330.3 Mil.
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Total Receivables was $84.5 Mil.
Revenue was 201.515 + 207.26 + 216.006 + 230.019 = $854.8 Mil.
Gross Profit was -10.949 + 147.534 + 117.556 + 162.723 = $416.9 Mil.
Total Current Assets was $131.1 Mil.
Total Assets was $2,540.9 Mil.
Property, Plant and Equipment(Net PPE) was $21.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.2 Mil.
Selling, General, & Admin. Expense(SGA) was $13.7 Mil.
Total Current Liabilities was $281.3 Mil.
Long-Term Debt & Capital Lease Obligation was $985.5 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) |
| = | (87.57 / 821.028) | / | (84.473 / 854.8) |
| = | 0.106659 | / | 0.098822 |
| | = | 1.0793 |
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) |
| = | (416.864 / 854.8) | / | (418.348 / 821.028) |
| = | 0.487674 | / | 0.509542 |
| | = | 0.9571 |
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 - (216.902 + 19.578) / 2542.616) | / | (1 - (131.087 + 21.146) / 2540.899) |
| = | 0.906993 | / | 0.940087 |
| | = | 0.9648 |
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 |
| = | 821.028 | / | 854.8 |
| | = | 0.9605 |
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)) |
| = | (43.201 / (43.201 + 21.146)) | / | (41.647 / (41.647 + 19.578)) |
| = | 0.671376 | / | 0.680229 |
| | = | 0.987 |
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) |
| = | (24.195 / 821.028) | / | (13.74 / 854.8) |
| = | 0.029469 | / | 0.016074 |
| | = | 1.8333 |
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) |
| = | ((989.269 + 273.677) / 2542.616) | / | ((985.514 + 281.262) / 2540.899) |
| = | 0.496711 | / | 0.498554 |
| | = | 0.9963 |
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 |
| = | (213.157 - -24.048 | - | 330.291) | / | 2542.616 |
| | = | -0.03661 |
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.
Victory Capital Holdings has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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