VMware Beneish M-Score Historical Data
The historical data trend for VMware'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.
VMware Beneish M-Score Chart
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VMware Annual Data
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| Beneish M-Score |
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-2.46 |
-1.76 |
-2.84 |
-3.00 |
-2.73 |
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VMware Quarterly Data
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Jul23 |
| Beneish M-Score |
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-2.75 |
-2.71 |
-2.73 |
-3.00 |
-2.98 |
Competitive Comparison of VMware's Beneish M-Score
For the Software - Infrastructure subindustry, VMware'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.
VMware's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, VMware's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VMware's Beneish M-Score falls into.
VMware 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 VMware 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 * 1.0694 | + | 0.528 * 1.008 | + | 0.404 * 0.8834 | + | 0.892 * 1.0356 | + | 0.115 * 0.9633 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0387 | + | 4.679 * -0.121867 | - | 0.327 * 0.9266 |
| = | -2.98 |
* 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 (Jul23) TTM: | Last Year (Jul22) TTM: |
Total Receivables was $3,699 Mil.
Revenue was 3408 + 3277 + 3715 + 3211 = $13,611 Mil.
Gross Profit was 2769 + 2633 + 3057 + 2592 = $11,051 Mil.
Total Current Assets was $11,019 Mil.
Total Assets was $32,199 Mil.
Property, Plant and Equipment(Net PPE) was $1,644 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,310 Mil.
Selling, General, & Admin. Expense(SGA) was $5,724 Mil.
Total Current Liabilities was $12,735 Mil.
Long-Term Debt & Capital Lease Obligation was $10,234 Mil.
Net Income was 477 + 224 + 494 + 231 = $1,426 Mil.
Non Operating Income was 93 + 70 + 89 + 6 = $258 Mil.
Cash Flow from Operations was 444 + 1750 + 1633 + 1265 = $5,092 Mil.
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Total Receivables was $3,340 Mil.
Revenue was 3336 + 3088 + 3531 + 3188 = $13,143 Mil.
Gross Profit was 2732 + 2486 + 2924 + 2614 = $10,756 Mil.
Total Current Assets was $7,218 Mil.
Total Assets was $27,993 Mil.
Property, Plant and Equipment(Net PPE) was $1,550 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,156 Mil.
Selling, General, & Admin. Expense(SGA) was $5,321 Mil.
Total Current Liabilities was $9,481 Mil.
Long-Term Debt & Capital Lease Obligation was $12,070 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) |
| = | (3699 / 13611) | / | (3340 / 13143) |
| = | 0.271765 | / | 0.254128 |
| | = | 1.0694 |
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) |
| = | (10756 / 13143) | / | (11051 / 13611) |
| = | 0.818382 | / | 0.811917 |
| | = | 1.008 |
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 - (11019 + 1644) / 32199) | / | (1 - (7218 + 1550) / 27993) |
| = | 0.606727 | / | 0.686779 |
| | = | 0.8834 |
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 |
| = | 13611 | / | 13143 |
| | = | 1.0356 |
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)) |
| = | (1156 / (1156 + 1550)) | / | (1310 / (1310 + 1644)) |
| = | 0.427199 | / | 0.443466 |
| | = | 0.9633 |
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) |
| = | (5724 / 13611) | / | (5321 / 13143) |
| = | 0.420542 | / | 0.404854 |
| | = | 1.0387 |
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) |
| = | ((10234 + 12735) / 32199) | / | ((12070 + 9481) / 27993) |
| = | 0.713345 | / | 0.769871 |
| | = | 0.9266 |
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 |
| = | (1426 - 258 | - | 5092) | / | 32199 |
| | = | -0.121867 |
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.
VMware has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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