Conduent Beneish M-Score Historical Data
The historical data trend for Conduent'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.
Conduent Beneish M-Score Chart
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Conduent Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.75 |
-2.77 |
-2.63 |
-2.75 |
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Conduent Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.62 |
-2.51 |
-2.75 |
-2.72 |
-2.82 |
Competitive Comparison of Conduent's Beneish M-Score
For the Information Technology Services subindustry, Conduent'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.
Conduent's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Conduent's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Conduent's Beneish M-Score falls into.
Conduent 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 Conduent 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 * 1.0025 | + | 0.528 * 1.0598 | + | 0.404 * 0.8941 | + | 0.892 * 0.9563 | + | 0.115 * 0.8169 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0595 | + | 4.679 * -0.058273 | - | 0.327 * 0.9767 |
| = | -2.82 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $789 Mil.
Revenue was 828 + 921 + 953 + 932 = $3,634 Mil.
Gross Profit was 151 + 186 + 213 + 208 = $758 Mil.
Total Current Assets was $1,352 Mil.
Total Assets was $2,780 Mil.
Property, Plant and Equipment(Net PPE) was $354 Mil.
Depreciation, Depletion and Amortization(DDA) was $259 Mil.
Selling, General, & Admin. Expense(SGA) was $460 Mil.
Total Current Liabilities was $819 Mil.
Long-Term Debt & Capital Lease Obligation was $933 Mil.
Net Income was 216 + 99 + 6 + -289 = $32 Mil.
Non Operating Income was 335 + 146 + -25 + -295 = $161 Mil.
Cash Flow from Operations was -41 + -37 + 122 + -11 = $33 Mil.
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Total Receivables was $823 Mil.
Revenue was 915 + 922 + 986 + 977 = $3,800 Mil.
Gross Profit was 211 + 202 + 204 + 223 = $840 Mil.
Total Current Assets was $1,517 Mil.
Total Assets was $3,453 Mil.
Property, Plant and Equipment(Net PPE) was $444 Mil.
Depreciation, Depletion and Amortization(DDA) was $234 Mil.
Selling, General, & Admin. Expense(SGA) was $454 Mil.
Total Current Liabilities was $795 Mil.
Long-Term Debt & Capital Lease Obligation was $1,433 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) |
| = | (789 / 3634) | / | (823 / 3800) |
| = | 0.217116 | / | 0.216579 |
| | = | 1.0025 |
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) |
| = | (840 / 3800) | / | (758 / 3634) |
| = | 0.221053 | / | 0.208586 |
| | = | 1.0598 |
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 - (1352 + 354) / 2780) | / | (1 - (1517 + 444) / 3453) |
| = | 0.386331 | / | 0.432088 |
| | = | 0.8941 |
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 |
| = | 3634 | / | 3800 |
| | = | 0.9563 |
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)) |
| = | (234 / (234 + 444)) | / | (259 / (259 + 354)) |
| = | 0.345133 | / | 0.422512 |
| | = | 0.8169 |
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) |
| = | (460 / 3634) | / | (454 / 3800) |
| = | 0.126582 | / | 0.119474 |
| | = | 1.0595 |
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) |
| = | ((933 + 819) / 2780) | / | ((1433 + 795) / 3453) |
| = | 0.630216 | / | 0.645236 |
| | = | 0.9767 |
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 |
| = | (32 - 161 | - | 33) | / | 2780 |
| | = | -0.058273 |
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.
Conduent has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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