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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Team's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Team was -1.26. The lowest was -3.51. And the median was -2.80.
The historical data trend for Team'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.
Team Annual Data | |||||||||||||||||||||
Trend | May14 | May15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.98 | -3.51 | -3.20 | -1.26 | -3.06 |
Team Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.26 | -1.61 | -1.47 | -1.07 | -3.06 |
For the Specialty Business Services subindustry, Team'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.
For the Business Services industry and Industrials sector, Team's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Team's Beneish M-Score falls into.
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 Team 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 * 0.9498 | + | 0.528 * 0.9803 | + | 0.404 * 1.0049 | + | 0.892 * 1.0267 | + | 0.115 * 0.9097 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9056 | + | 4.679 * -0.109677 | - | 0.327 * 1.1309 | |||||||
= | -3.06 |
* 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 $220.8 Mil. Revenue was 214.131 + 206.715 + 239.492 + 202.277 = $862.6 Mil. Gross Profit was 50.449 + 52.787 + 60.916 + 47.002 = $211.2 Mil. Total Current Assets was $322.1 Mil. Total Assets was $565.7 Mil. Property, Plant and Equipment(Net PPE) was $167.6 Mil. Depreciation, Depletion and Amortization(DDA) was $37.9 Mil. Selling, General, & Admin. Expense(SGA) was $224.4 Mil. Total Current Liabilities was $174.9 Mil. Long-Term Debt & Capital Lease Obligation was $336.2 Mil. Net Income was -23.124 + -12.134 + -15.753 + -24.711 = $-75.7 Mil. Non Operating Income was -2.016 + 0.263 + -1.569 + 0.635 = $-2.7 Mil. Cash Flow from Operations was 11.083 + 1.548 + -5.854 + -17.763 = $-11.0 Mil. |
Total Receivables was $226.5 Mil. Revenue was 211.291 + 218.339 + 221.54 + 189.036 = $840.2 Mil. Gross Profit was 52.35 + 56.017 + 52.114 + 41.128 = $201.6 Mil. Total Current Assets was $347.6 Mil. Total Assets was $616.6 Mil. Property, Plant and Equipment(Net PPE) was $186.6 Mil. Depreciation, Depletion and Amortization(DDA) was $37.6 Mil. Selling, General, & Admin. Expense(SGA) was $241.4 Mil. Total Current Liabilities was $448.9 Mil. Long-Term Debt & Capital Lease Obligation was $43.8 Mil. |
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) |
= | (220.829 / 862.615) | / | (226.468 / 840.206) | |
= | 0.255999 | / | 0.269539 | |
= | 0.9498 |
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) | |
= | (201.609 / 840.206) | / | (211.154 / 862.615) | |
= | 0.239952 | / | 0.244784 | |
= | 0.9803 |
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 - (322.101 + 167.555) / 565.744) | / | (1 - (347.553 + 186.561) / 616.645) | |
= | 0.134492 | / | 0.133839 | |
= | 1.0049 |
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 | |
= | 862.615 | / | 840.206 | |
= | 1.0267 |
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)) |
= | (37.595 / (37.595 + 186.561)) | / | (37.872 / (37.872 + 167.555)) | |
= | 0.167718 | / | 0.184357 | |
= | 0.9097 |
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) |
= | (224.43 / 862.615) | / | (241.396 / 840.206) | |
= | 0.260174 | / | 0.287306 | |
= | 0.9056 |
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) |
= | ((336.176 + 174.938) / 565.744) | / | ((43.761 + 448.864) / 616.645) | |
= | 0.903437 | / | 0.798879 | |
= | 1.1309 |
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 | |
= | (-75.722 - -2.687 | - | -10.986) | / | 565.744 | |
= | -0.109677 |
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.
Team has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Team's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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