TMX Group Beneish M-Score Historical Data
The historical data trend for TMX Group'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.
TMX Group Beneish M-Score Chart
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TMX Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.54 |
-2.50 |
-2.24 |
-2.35 |
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TMX Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.24 |
-2.41 |
-2.36 |
-2.24 |
-2.35 |
Competitive Comparison of TMX Group's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, TMX Group'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.
TMX Group's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, TMX Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TMX Group's Beneish M-Score falls into.
TMX Group 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 TMX Group 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 * 1.1284 | + | 0.528 * 1.0288 | + | 0.404 * 0.9059 | + | 0.892 * 1.0709 | + | 0.115 * 1.0024 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0572 | + | 4.679 * -0.002655 | - | 0.327 * 1.0113 |
| = | -2.35 |
* 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$203 Mil.
Revenue was 301.5 + 287.3 + 306.2 + 299.1 = C$1,194 Mil.
Gross Profit was 190.4 + 186.6 + 204.3 + 198.8 = C$780 Mil.
Total Current Assets was C$58,388 Mil.
Total Assets was C$64,337 Mil.
Property, Plant and Equipment(Net PPE) was C$139 Mil.
Depreciation, Depletion and Amortization(DDA) was C$113 Mil.
Selling, General, & Admin. Expense(SGA) was C$128 Mil.
Total Current Liabilities was C$58,565 Mil.
Long-Term Debt & Capital Lease Obligation was C$534 Mil.
Net Income was 84.4 + 85.3 + 97.3 + 89 = C$356 Mil.
Non Operating Income was 2.3 + 1.7 + -0.6 + -3 = C$0 Mil.
Cash Flow from Operations was 140.1 + 117 + 172.7 + 96.6 = C$526 Mil.
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Total Receivables was C$168 Mil.
Revenue was 275.7 + 266.8 + 285.1 + 287.4 = C$1,115 Mil.
Gross Profit was 179.8 + 176.4 + 197.1 + 196.1 = C$749 Mil.
Total Current Assets was C$50,263 Mil.
Total Assets was C$55,983 Mil.
Property, Plant and Equipment(Net PPE) was C$140 Mil.
Depreciation, Depletion and Amortization(DDA) was C$114 Mil.
Selling, General, & Admin. Expense(SGA) was C$113 Mil.
Total Current Liabilities was C$50,012 Mil.
Long-Term Debt & Capital Lease Obligation was C$835 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) |
| = | (202.9 / 1194.1) | / | (167.9 / 1115) |
| = | 0.169919 | / | 0.150583 |
| | = | 1.1284 |
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) |
| = | (749.4 / 1115) | / | (780.1 / 1194.1) |
| = | 0.672108 | / | 0.653295 |
| | = | 1.0288 |
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 - (58388.4 + 139.4) / 64337.4) | / | (1 - (50262.5 + 140.4) / 55983.1) |
| = | 0.090299 | / | 0.099677 |
| | = | 0.9059 |
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 |
| = | 1194.1 | / | 1115 |
| | = | 1.0709 |
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)) |
| = | (113.8 / (113.8 + 140.4)) | / | (112.5 / (112.5 + 139.4)) |
| = | 0.447679 | / | 0.446606 |
| | = | 1.0024 |
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) |
| = | (127.6 / 1194.1) | / | (112.7 / 1115) |
| = | 0.106859 | / | 0.101076 |
| | = | 1.0572 |
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) |
| = | ((533.6 + 58564.7) / 64337.4) | / | ((835.4 + 50012.4) / 55983.1) |
| = | 0.918568 | / | 0.908271 |
| | = | 1.0113 |
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 |
| = | (356 - 0.4 | - | 526.4) | / | 64337.4 |
| | = | -0.002655 |
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.
TMX Group has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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