ePlus Beneish M-Score Historical Data
The historical data trend for ePlus'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.
ePlus Beneish M-Score Chart
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ePlus Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.21 |
-1.59 |
-2.63 |
-2.01 |
-1.82 |
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ePlus Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.80 |
-1.82 |
-1.90 |
-2.09 |
-2.88 |
Competitive Comparison of ePlus's Beneish M-Score
For the Software - Application subindustry, ePlus'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.
ePlus's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, ePlus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ePlus's Beneish M-Score falls into.
ePlus 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 ePlus 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 * 0.8341 | + | 0.528 * 0.9663 | + | 0.404 * 1.1568 | + | 0.892 * 1.0671 | + | 0.115 * 1.2456 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0308 | + | 4.679 * -0.093416 | - | 0.327 * 0.805 |
| = | -2.88 |
* 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 $758 Mil.
Revenue was 509.055 + 587.611 + 574.175 + 492.177 = $2,163 Mil.
Gross Profit was 133.81 + 144.365 + 142.273 + 132.325 = $553 Mil.
Total Current Assets was $1,219 Mil.
Total Assets was $1,596 Mil.
Property, Plant and Equipment(Net PPE) was $89 Mil.
Depreciation, Depletion and Amortization(DDA) was $24 Mil.
Selling, General, & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $631 Mil.
Long-Term Debt & Capital Lease Obligation was $12 Mil.
Net Income was 27.282 + 32.664 + 33.847 + 32.854 = $127 Mil.
Non Operating Income was 0.366 + 0.117 + 0.19 + -0.076 = $1 Mil.
Cash Flow from Operations was 133.156 + 31.236 + -20.9 + 131.613 = $275 Mil.
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Total Receivables was $851 Mil.
Revenue was 623.476 + 493.706 + 458.359 + 451.519 = $2,027 Mil.
Gross Profit was 138.372 + 133.304 + 113.523 + 115.351 = $501 Mil.
Total Current Assets was $1,293 Mil.
Total Assets was $1,598 Mil.
Property, Plant and Equipment(Net PPE) was $55 Mil.
Depreciation, Depletion and Amortization(DDA) was $20 Mil.
Selling, General, & Admin. Expense(SGA) was $325 Mil.
Total Current Liabilities was $794 Mil.
Long-Term Debt & Capital Lease Obligation was $7 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) |
| = | (757.762 / 2163.018) | / | (851.347 / 2027.06) |
| = | 0.350326 | / | 0.419991 |
| | = | 0.8341 |
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) |
| = | (500.55 / 2027.06) | / | (552.773 / 2163.018) |
| = | 0.246934 | / | 0.255556 |
| | = | 0.9663 |
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 - (1219.314 + 88.578) / 1595.597) | / | (1 - (1293.443 + 55.371) / 1597.865) |
| = | 0.180312 | / | 0.155865 |
| | = | 1.1568 |
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 |
| = | 2163.018 | / | 2027.06 |
| | = | 1.0671 |
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)) |
| = | (19.933 / (19.933 + 55.371)) | / | (23.902 / (23.902 + 88.578)) |
| = | 0.2647 | / | 0.2125 |
| | = | 1.2456 |
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) |
| = | (357.65 / 2163.018) | / | (325.165 / 2027.06) |
| = | 0.165348 | / | 0.160412 |
| | = | 1.0308 |
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) |
| = | ((12.233 + 631.463) / 1595.597) | / | ((7.172 + 793.577) / 1597.865) |
| = | 0.40342 | / | 0.501137 |
| | = | 0.805 |
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 |
| = | (126.647 - 0.597 | - | 275.105) | / | 1595.597 |
| | = | -0.093416 |
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.
ePlus has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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