Zscaler Beneish M-Score Historical Data
The historical data trend for Zscaler'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.
Zscaler Beneish M-Score Chart
|
Zscaler Annual Data
|
|
Trend |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
-2.55 |
-2.80 |
-2.67 |
-3.10 |
-2.92 |
|
Zscaler Quarterly Data
|
|
Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.19 |
-3.07 |
-2.92 |
-3.07 |
-3.05 |
Competitive Comparison of Zscaler's Beneish M-Score
For the Software - Infrastructure subindustry, Zscaler'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.
Zscaler's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Zscaler's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zscaler's Beneish M-Score falls into.
Zscaler 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 Zscaler 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 * 0.9511 | + | 0.528 * 1.0068 | + | 0.404 * 0.8944 | + | 0.892 * 1.4062 | + | 0.115 * 1.089 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8401 | + | 4.679 * -0.197287 | - | 0.327 * 0.8962 |
| = | -3.05 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $480 Mil.
Revenue was 524.999 + 496.703 + 455.006 + 418.8 = $1,896 Mil.
Gross Profit was 407.8 + 385.309 + 352.324 + 322.951 = $1,468 Mil.
Total Current Assets was $3,143 Mil.
Total Assets was $3,934 Mil.
Property, Plant and Equipment(Net PPE) was $382 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $1,227 Mil.
Total Current Liabilities was $1,584 Mil.
Long-Term Debt & Capital Lease Obligation was $1,189 Mil.
Net Income was -28.469 + -33.483 + -30.674 + -46.046 = $-139 Mil.
Non Operating Income was 0.172 + -1.212 + -1.63 + -7.11 = $-10 Mil.
Cash Flow from Operations was 142.069 + 260.806 + 135.936 + 108.469 = $647 Mil.
|
Total Receivables was $359 Mil.
Revenue was 387.598 + 355.548 + 318.059 + 286.807 = $1,348 Mil.
Gross Profit was 299.994 + 278.851 + 249.751 + 222.785 = $1,051 Mil.
Total Current Assets was $2,416 Mil.
Total Assets was $3,040 Mil.
Property, Plant and Equipment(Net PPE) was $270 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $1,039 Mil.
Total Current Liabilities was $1,204 Mil.
Long-Term Debt & Capital Lease Obligation was $1,187 Mil.
|
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) |
| = | (479.611 / 1895.508) | / | (358.614 / 1348.012) |
| = | 0.253025 | / | 0.266032 |
| | = | 0.9511 |
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) |
| = | (1051.381 / 1348.012) | / | (1468.384 / 1895.508) |
| = | 0.779949 | / | 0.774665 |
| | = | 1.0068 |
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 - (3142.708 + 382.299) / 3934.226) | / | (1 - (2416.109 + 270.316) / 3039.956) |
| = | 0.104015 | / | 0.116295 |
| | = | 0.8944 |
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 |
| = | 1895.508 | / | 1348.012 |
| | = | 1.4062 |
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)) |
| = | (56.348 / (56.348 + 270.316)) | / | (71.952 / (71.952 + 382.299)) |
| = | 0.172495 | / | 0.158397 |
| | = | 1.089 |
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) |
| = | (1227.079 / 1895.508) | / | (1038.689 / 1348.012) |
| = | 0.647362 | / | 0.770534 |
| | = | 0.8401 |
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) |
| = | ((1188.917 + 1583.905) / 3934.226) | / | ((1186.749 + 1204.004) / 3039.956) |
| = | 0.704795 | / | 0.786443 |
| | = | 0.8962 |
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 |
| = | (-138.672 - -9.78 | - | 647.28) | / | 3934.226 |
| | = | -0.197287 |
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.
Zscaler has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ZS has been successfully added to your