Vasta Platform Beneish M-Score Historical Data
The historical data trend for Vasta Platform'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.
Vasta Platform Beneish M-Score Chart
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Vasta Platform Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.75 |
-2.52 |
-2.34 |
-2.54 |
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Vasta Platform Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.52 |
-2.36 |
-2.30 |
-2.54 |
-2.57 |
Competitive Comparison of Vasta Platform's Beneish M-Score
For the Education & Training Services subindustry, Vasta Platform'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.
Vasta Platform's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Vasta Platform's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vasta Platform's Beneish M-Score falls into.
Vasta Platform 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 Vasta Platform 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 * 0.886 | + | 0.528 * 0.9567 | + | 0.404 * 1 | + | 0.892 * 1.269 | + | 0.115 * 0.8715 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9247 | + | 4.679 * -0.038098 | - | 0.327 * 1.0672 |
| = | -2.57 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $165.9 Mil.
Revenue was 92.517 + 113.088 + 52.227 + 55.915 = $313.7 Mil.
Gross Profit was 64.387 + 73.2 + 31.744 + 31.361 = $200.7 Mil.
Total Current Assets was $302.4 Mil.
Total Assets was $1,487.7 Mil.
Property, Plant and Equipment(Net PPE) was $27.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $58.3 Mil.
Selling, General, & Admin. Expense(SGA) was $151.7 Mil.
Total Current Liabilities was $289.4 Mil.
Long-Term Debt & Capital Lease Obligation was $63.9 Mil.
Net Income was 4.452 + 12.271 + -12.633 + -16.324 = $-12.2 Mil.
Non Operating Income was -3.266 + -0.4 + -3.695 + 1.455 = $-5.9 Mil.
Cash Flow from Operations was 8.87 + 11.215 + 3.215 + 27.051 = $50.4 Mil.
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Total Receivables was $147.5 Mil.
Revenue was 77.34 + 96.278 + 35.991 + 37.632 = $247.2 Mil.
Gross Profit was 47.558 + 63.473 + 18.474 + 21.79 = $151.3 Mil.
Total Current Assets was $284.7 Mil.
Total Assets was $1,448.7 Mil.
Property, Plant and Equipment(Net PPE) was $36.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.1 Mil.
Selling, General, & Admin. Expense(SGA) was $129.3 Mil.
Total Current Liabilities was $156.4 Mil.
Long-Term Debt & Capital Lease Obligation was $166.0 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) |
| = | (165.875 / 313.747) | / | (147.53 / 247.241) |
| = | 0.52869 | / | 0.596705 |
| | = | 0.886 |
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) |
| = | (151.295 / 247.241) | / | (200.692 / 313.747) |
| = | 0.611933 | / | 0.639662 |
| | = | 0.9567 |
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 - (302.358 + 27.633) / 1487.718) | / | (1 - (284.657 + 36.707) / 1448.707) |
| = | 0.77819 | / | 0.778172 |
| | = | 1 |
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 |
| = | 313.747 | / | 247.241 |
| | = | 1.269 |
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)) |
| = | (53.081 / (53.081 + 36.707)) | / | (58.27 / (58.27 + 27.633)) |
| = | 0.591181 | / | 0.678323 |
| | = | 0.8715 |
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) |
| = | (151.695 / 313.747) | / | (129.279 / 247.241) |
| = | 0.483495 | / | 0.522887 |
| | = | 0.9247 |
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) |
| = | ((63.854 + 289.429) / 1487.718) | / | ((165.997 + 156.356) / 1448.707) |
| = | 0.237466 | / | 0.222511 |
| | = | 1.0672 |
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 |
| = | (-12.234 - -5.906 | - | 50.351) | / | 1487.718 |
| | = | -0.038098 |
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.
Vasta Platform has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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