Unity Software Beneish M-Score Historical Data
The historical data trend for Unity Software'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.
Unity Software Beneish M-Score Chart
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Unity Software Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.99 |
-2.18 |
-3.03 |
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Unity Software Quarterly Data
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Dec18 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.18 |
-2.20 |
-2.20 |
-2.28 |
-3.03 |
Competitive Comparison of Unity Software's Beneish M-Score
For the Software - Application subindustry, Unity Software'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.
Unity Software's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Unity Software's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Unity Software's Beneish M-Score falls into.
Unity Software 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 Unity Software 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 * 0.6138 | + | 0.528 * 1.0261 | + | 0.404 * 0.9663 | + | 0.892 * 1.5725 | + | 0.115 * 0.7931 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8999 | + | 4.679 * -0.145885 | - | 0.327 * 1.0491 |
| = | -3.03 |
* 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 $612 Mil.
Revenue was 609.268 + 544.21 + 533.478 + 500.361 = $2,187 Mil.
Gross Profit was 347.686 + 392.861 + 374.651 + 338.397 = $1,454 Mil.
Total Current Assets was $2,325 Mil.
Total Assets was $7,243 Mil.
Property, Plant and Equipment(Net PPE) was $141 Mil.
Depreciation, Depletion and Amortization(DDA) was $564 Mil.
Selling, General, & Admin. Expense(SGA) was $1,233 Mil.
Total Current Liabilities was $894 Mil.
Long-Term Debt & Capital Lease Obligation was $2,712 Mil.
Net Income was -252.749 + -124.071 + -192.16 + -253.031 = $-822 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 72.103 + 120.053 + 47.643 + -5.099 = $235 Mil.
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Total Receivables was $634 Mil.
Revenue was 450.974 + 322.881 + 297.043 + 320.126 = $1,391 Mil.
Gross Profit was 311.046 + 210.978 + 200.207 + 226.293 = $949 Mil.
Total Current Assets was $2,365 Mil.
Total Assets was $7,834 Mil.
Property, Plant and Equipment(Net PPE) was $122 Mil.
Depreciation, Depletion and Amortization(DDA) was $212 Mil.
Selling, General, & Admin. Expense(SGA) was $871 Mil.
Total Current Liabilities was $1,010 Mil.
Long-Term Debt & Capital Lease Obligation was $2,707 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) |
| = | (611.723 / 2187.317) | / | (633.775 / 1391.024) |
| = | 0.279668 | / | 0.455618 |
| | = | 0.6138 |
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) |
| = | (948.524 / 1391.024) | / | (1453.595 / 2187.317) |
| = | 0.681889 | / | 0.664556 |
| | = | 1.0261 |
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 - (2324.891 + 140.887) / 7243.441) | / | (1 - (2364.64 + 121.863) / 7833.985) |
| = | 0.659585 | / | 0.6826 |
| | = | 0.9663 |
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 |
| = | 2187.317 | / | 1391.024 |
| | = | 1.5725 |
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)) |
| = | (211.576 / (211.576 + 121.863)) | / | (563.916 / (563.916 + 140.887)) |
| = | 0.634527 | / | 0.800104 |
| | = | 0.7931 |
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) |
| = | (1232.801 / 2187.317) | / | (871.246 / 1391.024) |
| = | 0.563613 | / | 0.626334 |
| | = | 0.8999 |
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) |
| = | ((2711.75 + 894.103) / 7243.441) | / | ((2707.171 + 1010.284) / 7833.985) |
| = | 0.497809 | / | 0.474529 |
| | = | 1.0491 |
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 |
| = | (-822.011 - 0 | - | 234.7) | / | 7243.441 |
| | = | -0.145885 |
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.
Unity Software has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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