BayCurrent Consulting Beneish M-Score Historical Data
The historical data trend for BayCurrent Consulting'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.
BayCurrent Consulting Beneish M-Score Chart
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BayCurrent Consulting Annual Data
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Feb24 |
| Beneish M-Score |
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-2.47 |
-2.70 |
-2.02 |
-2.17 |
-2.12 |
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BayCurrent Consulting Quarterly Data
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May19 |
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Feb24 |
| Beneish M-Score |
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-2.17 |
-2.26 |
-2.22 |
-2.18 |
-2.12 |
Competitive Comparison of BayCurrent Consulting's Beneish M-Score
For the Consulting Services subindustry, BayCurrent Consulting'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.
BayCurrent Consulting's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, BayCurrent Consulting's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BayCurrent Consulting's Beneish M-Score falls into.
BayCurrent Consulting 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 BayCurrent Consulting 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 * 1.0745 | + | 0.528 * 1.0212 | + | 0.404 * 0.753 | + | 0.892 * 1.2342 | + | 0.115 * 2.357 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1045 | + | 4.679 * 0.010352 | - | 0.327 * 1.0482 |
| = | -2.12 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was 円16,068 Mil.
Revenue was 26192 + 23991 + 22008 + 21718 = 円93,909 Mil.
Gross Profit was 14662 + 13085 + 11576 + 11943 = 円51,266 Mil.
Total Current Assets was 円64,011 Mil.
Total Assets was 円99,883 Mil.
Property, Plant and Equipment(Net PPE) was 円11,949 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,415 Mil.
Selling, General, & Admin. Expense(SGA) was 円17,048 Mil.
Total Current Liabilities was 円17,840 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,835 Mil.
Net Income was 7786 + 6322 + 5447 + 5827 = 円25,382 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 6668 + 7956 + 4413 + 5311 = 円24,348 Mil.
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Total Receivables was 円12,117 Mil.
Revenue was 21163 + 19932 + 17488 + 17507 = 円76,090 Mil.
Gross Profit was 12408 + 11280 + 9222 + 9511 = 円42,421 Mil.
Total Current Assets was 円49,705 Mil.
Total Assets was 円75,265 Mil.
Property, Plant and Equipment(Net PPE) was 円1,621 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,064 Mil.
Selling, General, & Admin. Expense(SGA) was 円12,506 Mil.
Total Current Liabilities was 円15,204 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,535 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) |
| = | (16068 / 93909) | / | (12117 / 76090) |
| = | 0.171102 | / | 0.159246 |
| | = | 1.0745 |
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) |
| = | (42421 / 76090) | / | (51266 / 93909) |
| = | 0.557511 | / | 0.545911 |
| | = | 1.0212 |
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 - (64011 + 11949) / 99883) | / | (1 - (49705 + 1621) / 75265) |
| = | 0.23951 | / | 0.318063 |
| | = | 0.753 |
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 |
| = | 93909 | / | 76090 |
| | = | 1.2342 |
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)) |
| = | (1064 / (1064 + 1621)) | / | (2415 / (2415 + 11949)) |
| = | 0.396276 | / | 0.168129 |
| | = | 2.357 |
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) |
| = | (17048 / 93909) | / | (12506 / 76090) |
| = | 0.181537 | / | 0.164358 |
| | = | 1.1045 |
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) |
| = | ((6835 + 17840) / 99883) | / | ((2535 + 15204) / 75265) |
| = | 0.247039 | / | 0.235687 |
| | = | 1.0482 |
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 |
| = | (25382 - 0 | - | 24348) | / | 99883 |
| | = | 0.010352 |
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.
BayCurrent Consulting has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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