Boyd Group Services Beneish M-Score Historical Data
The historical data trend for Boyd Group Services'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.
Boyd Group Services Beneish M-Score Chart
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Boyd Group Services Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.06 |
-2.94 |
-2.73 |
-2.65 |
-2.97 |
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Boyd Group Services Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.65 |
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-2.97 |
Competitive Comparison of Boyd Group Services's Beneish M-Score
For the Personal Services subindustry, Boyd Group Services'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.
Boyd Group Services's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Boyd Group Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Boyd Group Services's Beneish M-Score falls into.
Boyd Group Services 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 Boyd Group Services 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 * 0.8745 | + | 0.528 * 0.9827 | + | 0.404 * 0.9278 | + | 0.892 * 1.1961 | + | 0.115 * 1.1064 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.111958 | - | 0.327 * 1.0136 |
| = | -2.97 |
* 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 C$206 Mil.
Revenue was C$3,952 Mil.
Gross Profit was C$1,798 Mil.
Total Current Assets was C$397 Mil.
Total Assets was C$3,196 Mil.
Property, Plant and Equipment(Net PPE) was C$1,467 Mil.
Depreciation, Depletion and Amortization(DDA) was C$259 Mil.
Selling, General, & Admin. Expense(SGA) was C$0 Mil.
Total Current Liabilities was C$633 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,351 Mil.
Net Income was C$116 Mil.
Gross Profit was C$-6 Mil.
Cash Flow from Operations was C$480 Mil.
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Total Receivables was C$197 Mil.
Revenue was C$3,304 Mil.
Gross Profit was C$1,477 Mil.
Total Current Assets was C$374 Mil.
Total Assets was C$2,857 Mil.
Property, Plant and Equipment(Net PPE) was C$1,200 Mil.
Depreciation, Depletion and Amortization(DDA) was C$239 Mil.
Selling, General, & Admin. Expense(SGA) was C$0 Mil.
Total Current Liabilities was C$576 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,174 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) |
| = | (205.954 / 3952.338) | / | (196.89 / 3304.304) |
| = | 0.052109 | / | 0.059586 |
| | = | 0.8745 |
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) |
| = | (1477.124 / 3304.304) | / | (1797.83 / 3952.338) |
| = | 0.44703 | / | 0.454878 |
| | = | 0.9827 |
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 - (397.496 + 1466.809) / 3196.249) | / | (1 - (374 + 1199.557) / 2856.697) |
| = | 0.416721 | / | 0.449169 |
| | = | 0.9278 |
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 |
| = | 3952.338 | / | 3304.304 |
| | = | 1.1961 |
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)) |
| = | (238.578 / (238.578 + 1199.557)) | / | (258.729 / (258.729 + 1466.809)) |
| = | 0.165894 | / | 0.149941 |
| | = | 1.1064 |
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) |
| = | (0 / 3952.338) | / | (0 / 3304.304) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((1351.282 + 633.266) / 3196.249) | / | ((1173.557 + 576.403) / 2856.697) |
| = | 0.620899 | / | 0.612582 |
| | = | 1.0136 |
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 |
| = | (116.258 - -5.577 | - | 479.682) | / | 3196.249 |
| | = | -0.111958 |
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.
Boyd Group Services has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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