TRYT Beneish M-Score Historical Data
The historical data trend for TRYT'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.
TRYT Beneish M-Score Chart
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TRYT Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.42 |
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TRYT Quarterly Data
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Dec20 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.42 |
Competitive Comparison of TRYT's Beneish M-Score
For the Staffing & Employment Services subindustry, TRYT'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.
TRYT's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, TRYT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TRYT's Beneish M-Score falls into.
TRYT 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 TRYT 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 * 1.0044 | + | 0.528 * 1.0246 | + | 0.404 * 0.9539 | + | 0.892 * 1.1939 | + | 0.115 * 1.0785 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9492 | + | 4.679 * -0.031008 | - | 0.327 * 0.9401 |
| = | -2.42 |
* 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 円4,070 Mil.
Revenue was 11554 + 12077 + 18473 + 10661 = 円52,765 Mil.
Gross Profit was 6759 + 7544 + 14147 + 6519 = 円34,969 Mil.
Total Current Assets was 円10,011 Mil.
Total Assets was 円79,947 Mil.
Property, Plant and Equipment(Net PPE) was 円11,688 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,345 Mil.
Selling, General, & Admin. Expense(SGA) was 円27,581 Mil.
Total Current Liabilities was 円12,373 Mil.
Long-Term Debt & Capital Lease Obligation was 円39,800 Mil.
Net Income was 55 + 173 + 4973 + -300 = 円4,901 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 263 + 657 + 5569 + 891 = 円7,380 Mil.
|
Total Receivables was 円3,394 Mil.
Revenue was 9990 + 10133 + 15364 + 8707 = 円44,194 Mil.
Gross Profit was 6033 + 6515 + 11991 + 5471 = 円30,010 Mil.
Total Current Assets was 円6,497 Mil.
Total Assets was 円74,638 Mil.
Property, Plant and Equipment(Net PPE) was 円11,130 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,394 Mil.
Selling, General, & Admin. Expense(SGA) was 円24,336 Mil.
Total Current Liabilities was 円10,538 Mil.
Long-Term Debt & Capital Lease Obligation was 円41,273 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) |
| = | (4070 / 52765) | / | (3394 / 44194) |
| = | 0.077134 | / | 0.076798 |
| | = | 1.0044 |
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) |
| = | (30010 / 44194) | / | (34969 / 52765) |
| = | 0.679051 | / | 0.662731 |
| | = | 1.0246 |
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 - (10011 + 11688) / 79947) | / | (1 - (6497 + 11130) / 74638) |
| = | 0.728583 | / | 0.763833 |
| | = | 0.9539 |
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 |
| = | 52765 | / | 44194 |
| | = | 1.1939 |
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)) |
| = | (1394 / (1394 + 11130)) | / | (1345 / (1345 + 11688)) |
| = | 0.111306 | / | 0.1032 |
| | = | 1.0785 |
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) |
| = | (27581 / 52765) | / | (24336 / 44194) |
| = | 0.522714 | / | 0.550663 |
| | = | 0.9492 |
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) |
| = | ((39800 + 12373) / 79947) | / | ((41273 + 10538) / 74638) |
| = | 0.652595 | / | 0.694164 |
| | = | 0.9401 |
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 |
| = | (4901 - 0 | - | 7380) | / | 79947 |
| | = | -0.031008 |
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.
TRYT has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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