Rogers Beneish M-Score Historical Data
The historical data trend for Rogers'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.
Rogers Beneish M-Score Chart
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Rogers Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.71 |
-2.75 |
-2.57 |
-2.67 |
-2.62 |
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Rogers Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.73 |
-2.64 |
-2.63 |
-2.62 |
-2.74 |
Competitive Comparison of Rogers's Beneish M-Score
For the Electronic Components subindustry, Rogers'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.
Rogers's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Rogers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rogers's Beneish M-Score falls into.
Rogers 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 Rogers 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 * 0.9963 | + | 0.528 * 0.9687 | + | 0.404 * 1.0261 | + | 0.892 * 0.9082 | + | 0.115 * 1.0882 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9444 | + | 4.679 * -0.079231 | - | 0.327 * 0.4488 |
| = | -2.74 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $203.8 Mil.
Revenue was 213.4 + 204.584 + 229.148 + 230.821 = $878.0 Mil.
Gross Profit was 68.2 + 67.422 + 80.36 + 79.617 = $295.6 Mil.
Total Current Assets was $501.4 Mil.
Total Assets was $1,488.0 Mil.
Property, Plant and Equipment(Net PPE) was $382.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.8 Mil.
Selling, General, & Admin. Expense(SGA) was $189.7 Mil.
Total Current Liabilities was $117.0 Mil.
Long-Term Debt & Capital Lease Obligation was $15.1 Mil.
Net Income was 7.8 + 23.206 + 19.035 + 17.864 = $67.9 Mil.
Non Operating Income was 0.6 + 24.586 + 0.327 + 2.588 = $28.1 Mil.
Cash Flow from Operations was 28.1 + 71.878 + 41.981 + 15.741 = $157.7 Mil.
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Total Receivables was $225.2 Mil.
Revenue was 243.8 + 223.733 + 247.231 + 251.97 = $966.7 Mil.
Gross Profit was 79.7 + 71.024 + 78.064 + 86.518 = $315.3 Mil.
Total Current Assets was $611.9 Mil.
Total Assets was $1,611.5 Mil.
Property, Plant and Equipment(Net PPE) was $361.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.8 Mil.
Selling, General, & Admin. Expense(SGA) was $221.2 Mil.
Total Current Liabilities was $127.5 Mil.
Long-Term Debt & Capital Lease Obligation was $191.3 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) |
| = | (203.8 / 877.953) | / | (225.247 / 966.734) |
| = | 0.232131 | / | 0.232998 |
| | = | 0.9963 |
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) |
| = | (315.306 / 966.734) | / | (295.599 / 877.953) |
| = | 0.326156 | / | 0.336691 |
| | = | 0.9687 |
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 - (501.4 + 382) / 1488) | / | (1 - (611.881 + 361.527) / 1611.527) |
| = | 0.406317 | / | 0.395972 |
| | = | 1.0261 |
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 |
| = | 877.953 | / | 966.734 |
| | = | 0.9082 |
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)) |
| = | (49.776 / (49.776 + 361.527)) | / | (47.8 / (47.8 + 382)) |
| = | 0.12102 | / | 0.111215 |
| | = | 1.0882 |
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) |
| = | (189.715 / 877.953) | / | (221.195 / 966.734) |
| = | 0.216088 | / | 0.228806 |
| | = | 0.9444 |
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) |
| = | ((15.1 + 117) / 1488) | / | ((191.323 + 127.478) / 1611.527) |
| = | 0.088777 | / | 0.197825 |
| | = | 0.4488 |
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 |
| = | (67.905 - 28.101 | - | 157.7) | / | 1488 |
| | = | -0.079231 |
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.
Rogers has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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