Intercontinental Exchange Beneish M-Score Historical Data
The historical data trend for Intercontinental Exchange'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.
|
Intercontinental Exchange Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.48 |
-2.20 |
-2.73 |
-0.52 |
-2.34 |
|
Intercontinental Exchange Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-0.52 |
-2.64 |
-2.64 |
-2.61 |
-2.34 |
Competitive Comparison
For the Financial Data & Stock Exchanges subindustry, Intercontinental Exchange'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.
Intercontinental Exchange Beneish M-Score Distribution
For the Capital Markets industry and Financial Services sector, Intercontinental Exchange's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intercontinental Exchange's Beneish M-Score falls into.
Intercontinental Exchange 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 Intercontinental Exchange 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 * 0.7295 | + | 0.528 * 0.9447 | + | 0.404 * 1.9718 | + | 0.892 * 1.0277 | + | 0.115 * 0.9517 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0637 | + | 4.679 * -0.004365 | - | 0.327 * 0.9 |
| = | -2.34 |
* 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 $2,950 Mil.
Revenue was 2666 + 2429 + 2336 + 2472 = $9,903 Mil.
Gross Profit was 1504 + 1419 + 1364 + 1372 = $5,659 Mil.
Total Current Assets was $84,973 Mil.
Total Assets was $136,084 Mil.
Property, Plant and Equipment(Net PPE) was $1,923 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,215 Mil.
Selling, General, & Admin. Expense(SGA) was $481 Mil.
Total Current Liabilities was $84,626 Mil.
Long-Term Debt & Capital Lease Obligation was $20,958 Mil.
Net Income was 373 + 541 + 799 + 655 = $2,368 Mil.
Non Operating Income was -258 + -206 + -60 + -56 = $-580 Mil.
Cash Flow from Operations was 969 + 768 + 1152 + 653 = $3,542 Mil.
|
Total Receivables was $3,935 Mil.
Revenue was 2377 + 2387 + 2413 + 2459 = $9,636 Mil.
Gross Profit was 1249 + 1298 + 1290 + 1365 = $5,202 Mil.
Total Current Assets was $156,947 Mil.
Total Assets was $194,338 Mil.
Property, Plant and Equipment(Net PPE) was $1,767 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,031 Mil.
Selling, General, & Admin. Expense(SGA) was $440 Mil.
Total Current Liabilities was $149,171 Mil.
Long-Term Debt & Capital Lease Obligation was $18,372 Mil.
|
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) |
| = | (2950 / 9903) | / | (3935 / 9636) |
| = | 0.29789 | / | 0.408364 |
| | = | 0.7295 |
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) |
| = | (5202 / 9636) | / | (5659 / 9903) |
| = | 0.539851 | / | 0.571443 |
| | = | 0.9447 |
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 - (84973 + 1923) / 136084) | / | (1 - (156947 + 1767) / 194338) |
| = | 0.361453 | / | 0.183309 |
| | = | 1.9718 |
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 |
| = | 9903 | / | 9636 |
| | = | 1.0277 |
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)) |
| = | (1031 / (1031 + 1767)) | / | (1215 / (1215 + 1923)) |
| = | 0.368477 | / | 0.387189 |
| | = | 0.9517 |
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) |
| = | (481 / 9903) | / | (440 / 9636) |
| = | 0.048571 | / | 0.045662 |
| | = | 1.0637 |
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) |
| = | ((20958 + 84626) / 136084) | / | ((18372 + 149171) / 194338) |
| = | 0.775874 | / | 0.862122 |
| | = | 0.9 |
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 |
| = | (2368 - -580 | - | 3542) | / | 136084 |
| | = | -0.004365 |
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.
Intercontinental Exchange has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ICE has been successfully added to your