Roper Technologies Beneish M-Score Historical Data
The historical data trend for Roper Technologies'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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Roper Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.83 |
-2.68 |
-1.61 |
-2.48 |
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Roper Technologies 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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-1.61 |
-2.11 |
-1.95 |
-1.99 |
-2.48 |
Competitive Comparison
For the Software - Application subindustry, Roper Technologies'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.
Roper Technologies Beneish M-Score Distribution
For the Software industry and Technology sector, Roper Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roper Technologies's Beneish M-Score falls into.
Roper Technologies 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 Roper Technologies 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 * 0.9756 | + | 0.528 * 1.002 | + | 0.404 * 1.0194 | + | 0.892 * 1.15 | + | 0.115 * 1.024 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9998 | + | 4.679 * -0.028881 | - | 0.327 * 0.9513 |
| = | -2.48 |
* 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 $984 Mil.
Revenue was 1613.5 + 1563.4 + 1531.2 + 1469.7 = $6,178 Mil.
Gross Profit was 1125.2 + 1096.3 + 1067.1 + 1018.6 = $4,307 Mil.
Total Current Assets was $1,481 Mil.
Total Assets was $28,168 Mil.
Property, Plant and Equipment(Net PPE) was $120 Mil.
Depreciation, Depletion and Amortization(DDA) was $755 Mil.
Selling, General, & Admin. Expense(SGA) was $2,562 Mil.
Total Current Liabilities was $2,963 Mil.
Long-Term Debt & Capital Lease Obligation was $5,831 Mil.
Net Income was 389 + 347.2 + 364.9 + 283.1 = $1,384 Mil.
Non Operating Income was 64 + 38.9 + 63.2 + -3.5 = $163 Mil.
Cash Flow from Operations was 621.8 + 630 + 319.6 + 463.7 = $2,035 Mil.
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Total Receivables was $877 Mil.
Revenue was 1430.9 + 1350.3 + 1310.8 + 1279.8 = $5,372 Mil.
Gross Profit was 1002.3 + 941.8 + 911.5 + 897.2 = $3,753 Mil.
Total Current Assets was $1,932 Mil.
Total Assets was $26,981 Mil.
Property, Plant and Equipment(Net PPE) was $85 Mil.
Depreciation, Depletion and Amortization(DDA) was $650 Mil.
Selling, General, & Admin. Expense(SGA) was $2,228 Mil.
Total Current Liabilities was $2,893 Mil.
Long-Term Debt & Capital Lease Obligation was $5,963 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) |
| = | (984 / 6177.8) | / | (877 / 5371.8) |
| = | 0.15928 | / | 0.16326 |
| | = | 0.9756 |
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) |
| = | (3752.8 / 5371.8) | / | (4307.2 / 6177.8) |
| = | 0.698611 | / | 0.697206 |
| | = | 1.002 |
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 - (1481.4 + 119.6) / 28167.5) | / | (1 - (1932.4 + 85.3) / 26980.8) |
| = | 0.943161 | / | 0.925217 |
| | = | 1.0194 |
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 |
| = | 6177.8 | / | 5371.8 |
| | = | 1.15 |
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)) |
| = | (650.1 / (650.1 + 85.3)) | / | (755.2 / (755.2 + 119.6)) |
| = | 0.884009 | / | 0.863283 |
| | = | 1.024 |
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) |
| = | (2562 / 6177.8) | / | (2228.3 / 5371.8) |
| = | 0.414711 | / | 0.414814 |
| | = | 0.9998 |
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) |
| = | ((5830.6 + 2963.2) / 28167.5) | / | ((5962.5 + 2892.5) / 26980.8) |
| = | 0.312197 | / | 0.328196 |
| | = | 0.9513 |
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 |
| = | (1384.2 - 162.6 | - | 2035.1) | / | 28167.5 |
| | = | -0.028881 |
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.
Roper Technologies has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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