Franklin Resources Beneish M-Score Historical Data
The historical data trend for Franklin Resources'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.
Franklin Resources Beneish M-Score Chart
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Franklin Resources Annual Data
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Trend |
Sep14 |
Sep15 |
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Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.12 |
-2.41 |
-2.35 |
-2.91 |
-2.47 |
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Franklin Resources Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.58 |
-2.60 |
-2.47 |
-2.42 |
Competitive Comparison of Franklin Resources's Beneish M-Score
For the Asset Management subindustry, Franklin Resources'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.
Franklin Resources's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Franklin Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Franklin Resources's Beneish M-Score falls into.
Franklin Resources 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 Franklin Resources 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 * 1.1586 | + | 0.528 * 1.0649 | + | 0.404 * 1.0091 | + | 0.892 * 0.9819 | + | 0.115 * 1.1285 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0385 | + | 4.679 * -0.018332 | - | 0.327 * 1.1002 |
| = | -2.42 |
* 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 $1,470 Mil.
Revenue was 1991.1 + 1986.1 + 1969 + 1927.2 = $7,873 Mil.
Gross Profit was 1219.4 + 748.7 + 721 + 673.3 = $3,362 Mil.
Total Current Assets was $5,349 Mil.
Total Assets was $29,866 Mil.
Property, Plant and Equipment(Net PPE) was $1,601 Mil.
Depreciation, Depletion and Amortization(DDA) was $449 Mil.
Selling, General, & Admin. Expense(SGA) was $1,248 Mil.
Total Current Liabilities was $1,621 Mil.
Long-Term Debt & Capital Lease Obligation was $11,752 Mil.
Net Income was 251.3 + 295.5 + 227.5 + 194.2 = $969 Mil.
Non Operating Income was 1.8 + 109.6 + 52.1 + 209.4 = $373 Mil.
Cash Flow from Operations was -251.9 + 773.4 + 655 + -33.4 = $1,143 Mil.
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Total Receivables was $1,292 Mil.
Revenue was 1967.1 + 1939 + 2031.3 + 2081 = $8,018 Mil.
Gross Profit was 1217.9 + 758.2 + 824.3 + 846.1 = $3,647 Mil.
Total Current Assets was $5,794 Mil.
Total Assets was $29,335 Mil.
Property, Plant and Equipment(Net PPE) was $1,236 Mil.
Depreciation, Depletion and Amortization(DDA) was $405 Mil.
Selling, General, & Admin. Expense(SGA) was $1,224 Mil.
Total Current Liabilities was $1,865 Mil.
Long-Term Debt & Capital Lease Obligation was $10,074 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) |
| = | (1469.6 / 7873.4) | / | (1291.8 / 8018.4) |
| = | 0.186654 | / | 0.161104 |
| | = | 1.1586 |
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) |
| = | (3646.5 / 8018.4) | / | (3362.4 / 7873.4) |
| = | 0.454767 | / | 0.427058 |
| | = | 1.0649 |
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 - (5349.2 + 1600.7) / 29865.8) | / | (1 - (5794 + 1235.6) / 29335.1) |
| = | 0.767296 | / | 0.760369 |
| | = | 1.0091 |
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 |
| = | 7873.4 | / | 8018.4 |
| | = | 0.9819 |
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)) |
| = | (405.4 / (405.4 + 1235.6)) | / | (448.6 / (448.6 + 1600.7)) |
| = | 0.247044 | / | 0.218904 |
| | = | 1.1285 |
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) |
| = | (1247.6 / 7873.4) | / | (1223.5 / 8018.4) |
| = | 0.158458 | / | 0.152587 |
| | = | 1.0385 |
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) |
| = | ((11751.9 + 1621.1) / 29865.8) | / | ((10074 + 1864.8) / 29335.1) |
| = | 0.44777 | / | 0.40698 |
| | = | 1.1002 |
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 |
| = | (968.5 - 372.9 | - | 1143.1) | / | 29865.8 |
| | = | -0.018332 |
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.
Franklin Resources has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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