Temenos AG Beneish M-Score Historical Data
The historical data trend for Temenos AG'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.
Temenos AG Beneish M-Score Chart
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Temenos AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-3.10 |
-3.09 |
-2.92 |
-3.04 |
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Temenos AG 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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-2.92 |
-3.04 |
-2.94 |
-3.04 |
-2.97 |
Competitive Comparison of Temenos AG's Beneish M-Score
For the Software - Application subindustry, Temenos AG'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.
Temenos AG's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Temenos AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Temenos AG's Beneish M-Score falls into.
Temenos AG 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 Temenos AG 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 * 0.9427 | + | 0.528 * 0.9443 | + | 0.404 * 0.9345 | + | 0.892 * 0.9815 | + | 0.115 * 0.9925 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0284 | + | 4.679 * -0.081995 | - | 0.327 * 0.9376 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was CHF288.6 Mil.
Revenue was 204.271 + 257.712 + 212.935 + 215.172 = CHF890.1 Mil.
Gross Profit was 119.752 + 221.997 + 115.723 + 176.145 = CHF633.6 Mil.
Total Current Assets was CHF557.3 Mil.
Total Assets was CHF2,185.7 Mil.
Property, Plant and Equipment(Net PPE) was CHF50.6 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF117.3 Mil.
Selling, General, & Admin. Expense(SGA) was CHF284.1 Mil.
Total Current Liabilities was CHF794.5 Mil.
Long-Term Debt & Capital Lease Obligation was CHF609.0 Mil.
Net Income was 28.671 + 37.967 + 19.687 + 34.496 = CHF120.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CHF0.0 Mil.
Cash Flow from Operations was 61.915 + 118.756 + 44.012 + 75.356 = CHF300.0 Mil.
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Total Receivables was CHF311.9 Mil.
Revenue was 209.67 + 258.986 + 207.16 + 231.01 = CHF906.8 Mil.
Gross Profit was 118.573 + 214.792 + 96.281 + 179.941 = CHF609.6 Mil.
Total Current Assets was CHF415.6 Mil.
Total Assets was CHF2,082.5 Mil.
Property, Plant and Equipment(Net PPE) was CHF58.2 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF131.6 Mil.
Selling, General, & Admin. Expense(SGA) was CHF281.4 Mil.
Total Current Liabilities was CHF841.5 Mil.
Long-Term Debt & Capital Lease Obligation was CHF584.7 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) |
| = | (288.558 / 890.09) | / | (311.861 / 906.826) |
| = | 0.32419 | / | 0.343904 |
| | = | 0.9427 |
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) |
| = | (609.587 / 906.826) | / | (633.617 / 890.09) |
| = | 0.67222 | / | 0.711857 |
| | = | 0.9443 |
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 - (557.32 + 50.593) / 2185.723) | / | (1 - (415.581 + 58.195) / 2082.535) |
| = | 0.721871 | / | 0.7725 |
| | = | 0.9345 |
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 |
| = | 890.09 | / | 906.826 |
| | = | 0.9815 |
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)) |
| = | (131.587 / (131.587 + 58.195)) | / | (117.277 / (117.277 + 50.593)) |
| = | 0.693359 | / | 0.698618 |
| | = | 0.9925 |
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) |
| = | (284.077 / 890.09) | / | (281.422 / 906.826) |
| = | 0.319155 | / | 0.310337 |
| | = | 1.0284 |
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) |
| = | ((608.955 + 794.546) / 2185.723) | / | ((584.736 + 841.548) / 2082.535) |
| = | 0.642122 | / | 0.684879 |
| | = | 0.9376 |
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 |
| = | (120.821 - 0 | - | 300.039) | / | 2185.723 |
| | = | -0.081995 |
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.
Temenos AG has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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