Intercontinental Exchange Beneish M-Score Historical Data
The historical data trend for Intercontinental Exchange'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.
Intercontinental Exchange Beneish M-Score Chart
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Intercontinental Exchange Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.20 |
-2.73 |
-0.52 |
-2.34 |
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Intercontinental Exchange Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.52 |
-2.64 |
-2.64 |
-2.61 |
-2.34 |
Competitive Comparison of Intercontinental Exchange's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, Intercontinental Exchange'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.
Intercontinental Exchange's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Intercontinental Exchange's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intercontinental Exchange's Beneish M-Score falls into.
Intercontinental Exchange 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 Intercontinental Exchange 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 * 0.727 | + | 0.528 * 0.9446 | + | 0.404 * 1.9718 | + | 0.892 * 1.0017 | + | 0.115 * 0.9505 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0634 | + | 4.679 * -0.004375 | - | 0.327 * 0.9 |
| = | -2.37 |
* 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 €2,705 Mil.
Revenue was 2444.722 + 2275.973 + 2156.128 + 2308.848 = €9,186 Mil.
Gross Profit was 1379.168 + 1329.603 + 1258.972 + 1281.448 = €5,249 Mil.
Total Current Assets was €77,920 Mil.
Total Assets was €124,789 Mil.
Property, Plant and Equipment(Net PPE) was €1,763 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,126 Mil.
Selling, General, & Admin. Expense(SGA) was €446 Mil.
Total Current Liabilities was €77,602 Mil.
Long-Term Debt & Capital Lease Obligation was €19,218 Mil.
Net Income was 342.041 + 506.917 + 737.477 + 611.77 = €2,198 Mil.
Non Operating Income was -236.586 + -193.022 + -55.38 + -52.304 = €-537 Mil.
Cash Flow from Operations was 888.573 + 719.616 + 1063.296 + 609.902 = €3,281 Mil.
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Total Receivables was €3,715 Mil.
Revenue was 2243.888 + 2410.87 + 2282.698 + 2232.772 = €9,170 Mil.
Gross Profit was 1179.056 + 1310.98 + 1220.34 + 1239.42 = €4,950 Mil.
Total Current Assets was €148,158 Mil.
Total Assets was €183,455 Mil.
Property, Plant and Equipment(Net PPE) was €1,668 Mil.
Depreciation, Depletion and Amortization(DDA) was €982 Mil.
Selling, General, & Admin. Expense(SGA) was €419 Mil.
Total Current Liabilities was €140,817 Mil.
Long-Term Debt & Capital Lease Obligation was €17,343 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) |
| = | (2705.15 / 9185.671) | / | (3714.64 / 9170.228) |
| = | 0.294497 | / | 0.405076 |
| | = | 0.727 |
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) |
| = | (4949.796 / 9170.228) | / | (5249.191 / 9185.671) |
| = | 0.539768 | / | 0.571454 |
| | = | 0.9446 |
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 - (77920.241 + 1763.391) / 124789.028) | / | (1 - (148157.968 + 1668.048) / 183455.072) |
| = | 0.361453 | / | 0.183309 |
| | = | 1.9718 |
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 |
| = | 9185.671 | / | 9170.228 |
| | = | 1.0017 |
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)) |
| = | (981.66 / (981.66 + 1668.048)) | / | (1126.357 / (1126.357 + 1763.391)) |
| = | 0.370479 | / | 0.389777 |
| | = | 0.9505 |
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) |
| = | (446.053 / 9185.671) | / | (418.752 / 9170.228) |
| = | 0.04856 | / | 0.045664 |
| | = | 1.0634 |
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) |
| = | ((19218.486 + 77602.042) / 124789.028) | / | ((17343.168 + 140817.424) / 183455.072) |
| = | 0.775874 | / | 0.862122 |
| | = | 0.9 |
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 |
| = | (2198.205 - -537.292 | - | 3281.387) | / | 124789.028 |
| | = | -0.004375 |
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.
Intercontinental Exchange has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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