Blue Owl Capital Beneish M-Score Historical Data
The historical data trend for Blue Owl Capital'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.
Blue Owl Capital Beneish M-Score Chart
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Blue Owl Capital Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-4.20 |
-3.04 |
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Blue Owl Capital Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-4.20 |
-3.91 |
-2.74 |
-3.02 |
-3.04 |
Competitive Comparison of Blue Owl Capital's Beneish M-Score
For the Asset Management subindustry, Blue Owl Capital'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.
Blue Owl Capital's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Blue Owl Capital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Blue Owl Capital's Beneish M-Score falls into.
Blue Owl Capital 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 Blue Owl Capital 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 * 0.8191 | + | 0.528 * 0.6975 | + | 0.404 * 0.978 | + | 0.892 * 1.2642 | + | 0.115 * 1.0939 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8706 | + | 4.679 * -0.099447 | - | 0.327 * 1.0837 |
| = | -3.04 |
* 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 $383 Mil.
Revenue was 494.035 + 429.65 + 416.937 + 390.986 = $1,732 Mil.
Gross Profit was 243.268 + 215.674 + 208.656 + 193.368 = $861 Mil.
Total Current Assets was $494 Mil.
Total Assets was $8,818 Mil.
Property, Plant and Equipment(Net PPE) was $417 Mil.
Depreciation, Depletion and Amortization(DDA) was $311 Mil.
Selling, General, & Admin. Expense(SGA) was $243 Mil.
Total Current Liabilities was $344 Mil.
Long-Term Debt & Capital Lease Obligation was $1,796 Mil.
Net Income was 18.058 + 15.109 + 12.859 + 8.317 = $54 Mil.
Non Operating Income was -20.052 + -5.316 + 11.752 + -4.296 = $-18 Mil.
Cash Flow from Operations was 308.349 + 281.702 + 238.085 + 121.009 = $949 Mil.
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Total Receivables was $370 Mil.
Revenue was 395.513 + 370.986 + 327.246 + 275.977 = $1,370 Mil.
Gross Profit was 147.582 + 136.241 + 109.128 + 82.085 = $475 Mil.
Total Current Assets was $444 Mil.
Total Assets was $8,893 Mil.
Property, Plant and Equipment(Net PPE) was $296 Mil.
Depreciation, Depletion and Amortization(DDA) was $259 Mil.
Selling, General, & Admin. Expense(SGA) was $221 Mil.
Total Current Liabilities was $337 Mil.
Long-Term Debt & Capital Lease Obligation was $1,655 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) |
| = | (382.989 / 1731.608) | / | (369.856 / 1369.722) |
| = | 0.221175 | / | 0.270023 |
| | = | 0.8191 |
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) |
| = | (475.036 / 1369.722) | / | (860.966 / 1731.608) |
| = | 0.346812 | / | 0.497206 |
| | = | 0.6975 |
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 - (494.361 + 416.562) / 8817.621) | / | (1 - (444.034 + 295.601) / 8893.075) |
| = | 0.896693 | / | 0.91683 |
| | = | 0.978 |
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 |
| = | 1731.608 | / | 1369.722 |
| | = | 1.2642 |
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)) |
| = | (259.213 / (259.213 + 295.601)) | / | (310.567 / (310.567 + 416.562)) |
| = | 0.467207 | / | 0.427114 |
| | = | 1.0939 |
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) |
| = | (242.809 / 1731.608) | / | (220.61 / 1369.722) |
| = | 0.140222 | / | 0.161062 |
| | = | 0.8706 |
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) |
| = | ((1795.773 + 343.754) / 8817.621) | / | ((1654.615 + 336.559) / 8893.075) |
| = | 0.242642 | / | 0.223902 |
| | = | 1.0837 |
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 |
| = | (54.343 - -17.912 | - | 949.145) | / | 8817.621 |
| | = | -0.099447 |
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.
Blue Owl Capital has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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