Broadridge Financial Solutions Beneish M-Score Historical Data
The historical data trend for Broadridge Financial Solutions'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.
Broadridge Financial Solutions Beneish M-Score Chart
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Broadridge Financial Solutions Annual Data
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Trend |
Jun14 |
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Jun19 |
Jun20 |
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Jun23 |
| Beneish M-Score |
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-2.59 |
-2.54 |
-2.40 |
-2.30 |
-2.55 |
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Broadridge Financial Solutions Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-2.33 |
-2.37 |
-2.55 |
-2.57 |
-2.65 |
Competitive Comparison of Broadridge Financial Solutions's Beneish M-Score
For the Information Technology Services subindustry, Broadridge Financial Solutions'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.
Broadridge Financial Solutions's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Broadridge Financial Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Broadridge Financial Solutions's Beneish M-Score falls into.
Broadridge Financial Solutions 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 Broadridge Financial Solutions 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 * 0.9571 | + | 0.528 * 0.9337 | + | 0.404 * 0.9901 | + | 0.892 * 1.0837 | + | 0.115 * 0.9667 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9566 | + | 4.679 * -0.043414 | - | 0.327 * 0.9057 |
| = | -2.65 |
* 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 $892 Mil.
Revenue was 1405 + 1431.1 + 1839 + 1645.7 = $6,321 Mil.
Gross Profit was 347.8 + 355.8 + 679.9 + 508 = $1,892 Mil.
Total Current Assets was $1,364 Mil.
Total Assets was $8,000 Mil.
Property, Plant and Equipment(Net PPE) was $327 Mil.
Depreciation, Depletion and Amortization(DDA) was $307 Mil.
Selling, General, & Admin. Expense(SGA) was $878 Mil.
Total Current Liabilities was $971 Mil.
Long-Term Debt & Capital Lease Obligation was $3,836 Mil.
Net Income was 70.3 + 90.9 + 324.1 + 198.5 = $684 Mil.
Non Operating Income was -0.4 + -2.1 + -0.7 + 1.8 = $-1 Mil.
Cash Flow from Operations was 189.8 + -62 + 729.2 + 175.5 = $1,033 Mil.
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Total Receivables was $860 Mil.
Revenue was 1292.9 + 1283.3 + 1722.9 + 1533.7 = $5,833 Mil.
Gross Profit was 304.7 + 292.9 + 576.1 + 456.1 = $1,630 Mil.
Total Current Assets was $1,283 Mil.
Total Assets was $8,051 Mil.
Property, Plant and Equipment(Net PPE) was $355 Mil.
Depreciation, Depletion and Amortization(DDA) was $312 Mil.
Selling, General, & Admin. Expense(SGA) was $847 Mil.
Total Current Liabilities was $1,019 Mil.
Long-Term Debt & Capital Lease Obligation was $4,323 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) |
| = | (892.2 / 6320.8) | / | (860.2 / 5832.8) |
| = | 0.141153 | / | 0.147476 |
| | = | 0.9571 |
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) |
| = | (1629.8 / 5832.8) | / | (1891.5 / 6320.8) |
| = | 0.27942 | / | 0.29925 |
| | = | 0.9337 |
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 - (1363.6 + 326.5) / 7999.8) | / | (1 - (1282.7 + 354.8) / 8051.3) |
| = | 0.788732 | / | 0.796617 |
| | = | 0.9901 |
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 |
| = | 6320.8 | / | 5832.8 |
| | = | 1.0837 |
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)) |
| = | (312.3 / (312.3 + 354.8)) | / | (306.6 / (306.6 + 326.5)) |
| = | 0.468146 | / | 0.484284 |
| | = | 0.9667 |
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) |
| = | (877.6 / 6320.8) | / | (846.6 / 5832.8) |
| = | 0.138843 | / | 0.145145 |
| | = | 0.9566 |
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) |
| = | ((3835.9 + 971.1) / 7999.8) | / | ((4322.5 + 1018.9) / 8051.3) |
| = | 0.60089 | / | 0.663421 |
| | = | 0.9057 |
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 |
| = | (683.8 - -1.4 | - | 1032.5) | / | 7999.8 |
| | = | -0.043414 |
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.
Broadridge Financial Solutions has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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