Motorola Solutions Beneish M-Score Historical Data
The historical data trend for Motorola 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.
Motorola Solutions Beneish M-Score Chart
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Motorola Solutions Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.77 |
-2.63 |
-2.51 |
-2.47 |
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Motorola Solutions Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.42 |
-2.41 |
-2.44 |
-2.47 |
-2.49 |
Competitive Comparison of Motorola Solutions's Beneish M-Score
For the Communication Equipment subindustry, Motorola 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.
Motorola Solutions's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Motorola Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Motorola Solutions's Beneish M-Score falls into.
Motorola 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 Motorola 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 * 1.0815 | + | 0.528 * 0.9364 | + | 0.404 * 0.9551 | + | 0.892 * 1.0465 | + | 0.115 * 1.277 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9989 | + | 4.679 * -0.026733 | - | 0.327 * 0.9885 |
| = | -2.50 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €2,616 Mil.
Revenue was 2197.88 + 2612.533 + 2394.972 + 2217.969 = €9,423 Mil.
Gross Profit was 1096.64 + 1334.235 + 1199.36 + 1097.447 = €4,728 Mil.
Total Current Assets was €5,079 Mil.
Total Assets was €12,260 Mil.
Property, Plant and Equipment(Net PPE) was €1,372 Mil.
Depreciation, Depletion and Amortization(DDA) was €315 Mil.
Selling, General, & Admin. Expense(SGA) was €1,371 Mil.
Total Current Liabilities was €4,256 Mil.
Long-Term Debt & Capital Lease Obligation was €5,926 Mil.
Net Income was -35.88 + 546.532 + 434.768 + 342.433 = €1,288 Mil.
Non Operating Income was -566.72 + -36.68 + -23.425 + -5.538 = €-632 Mil.
Cash Flow from Operations was 351.44 + 1141.665 + 669.018 + 85.839 = €2,248 Mil.
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Total Receivables was €2,312 Mil.
Revenue was 2027.714 + 2555.408 + 2396.73 + 2024.44 = €9,004 Mil.
Gross Profit was 976.964 + 1275.344 + 1041.31 + 936.54 = €4,230 Mil.
Total Current Assets was €4,507 Mil.
Total Assets was €11,538 Mil.
Property, Plant and Equipment(Net PPE) was €1,307 Mil.
Depreciation, Depletion and Amortization(DDA) was €409 Mil.
Selling, General, & Admin. Expense(SGA) was €1,312 Mil.
Total Current Liabilities was €3,704 Mil.
Long-Term Debt & Capital Lease Obligation was €5,989 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) |
| = | (2616.48 / 9423.354) | / | (2311.65 / 9004.292) |
| = | 0.277659 | / | 0.256728 |
| | = | 1.0815 |
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) |
| = | (4230.158 / 9004.292) | / | (4727.682 / 9423.354) |
| = | 0.469794 | / | 0.501698 |
| | = | 0.9364 |
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 - (5079.32 + 1371.72) / 12259.92) | / | (1 - (4507.484 + 1306.666) / 11537.702) |
| = | 0.473811 | / | 0.496074 |
| | = | 0.9551 |
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 |
| = | 9423.354 | / | 9004.292 |
| | = | 1.0465 |
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)) |
| = | (409.46 / (409.46 + 1306.666)) | / | (315.188 / (315.188 + 1371.72)) |
| = | 0.238596 | / | 0.186844 |
| | = | 1.277 |
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) |
| = | (1371.239 / 9423.354) | / | (1311.714 / 9004.292) |
| = | 0.145515 | / | 0.145677 |
| | = | 0.9989 |
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) |
| = | ((5925.72 + 4255.92) / 12259.92) | / | ((5988.808 + 3704.244) / 11537.702) |
| = | 0.830482 | / | 0.84012 |
| | = | 0.9885 |
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 |
| = | (1287.853 - -632.363 | - | 2247.962) | / | 12259.92 |
| | = | -0.026733 |
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.
Motorola Solutions has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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