PC Connection Beneish M-Score Historical Data
The historical data trend for PC Connection'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.
PC Connection Beneish M-Score Chart
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PC Connection Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.10 |
-2.34 |
-2.44 |
-2.23 |
-3.03 |
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PC Connection Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.56 |
-3.01 |
-3.12 |
-3.03 |
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Competitive Comparison of PC Connection's Beneish M-Score
For the Electronics & Computer Distribution subindustry, PC Connection'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.
PC Connection's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, PC Connection's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PC Connection's Beneish M-Score falls into.
PC Connection 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 PC Connection 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 * 0.9697 | + | 0.528 * 0.9221 | + | 0.404 * 0.9532 | + | 0.892 * 0.8667 | + | 0.115 * 0.898 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1023 | + | 4.679 * -0.138868 | - | 0.327 * 0.8724 |
| = | -3.32 |
* 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 €488 Mil.
Revenue was 581.463 + 638.659 + 649.422 + 677.064 = €2,547 Mil.
Gross Profit was 108.626 + 119.004 + 123.579 + 117.938 = €469 Mil.
Total Current Assets was €941 Mil.
Total Assets was €1,068 Mil.
Property, Plant and Equipment(Net PPE) was €55 Mil.
Depreciation, Depletion and Amortization(DDA) was €12 Mil.
Selling, General, & Admin. Expense(SGA) was €357 Mil.
Total Current Liabilities was €267 Mil.
Long-Term Debt & Capital Lease Obligation was €3 Mil.
Net Income was 12.102 + 21.804 + 23.985 + 18.18 = €76 Mil.
Non Operating Income was 0 + 3.772 + 2.477 + 0.118 = €6 Mil.
Cash Flow from Operations was 52.702 + 11.269 + 47.056 + 107.013 = €218 Mil.
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Total Receivables was €581 Mil.
Revenue was 679.527 + 691.434 + 783.449 + 783.77 = €2,938 Mil.
Gross Profit was 114.224 + 117.381 + 137.992 + 129.508 = €499 Mil.
Total Current Assets was €910 Mil.
Total Assets was €1,044 Mil.
Property, Plant and Equipment(Net PPE) was €61 Mil.
Depreciation, Depletion and Amortization(DDA) was €12 Mil.
Selling, General, & Admin. Expense(SGA) was €374 Mil.
Total Current Liabilities was €297 Mil.
Long-Term Debt & Capital Lease Obligation was €4 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) |
| = | (488.131 / 2546.608) | / | (580.802 / 2938.18) |
| = | 0.191679 | / | 0.197674 |
| | = | 0.9697 |
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) |
| = | (499.105 / 2938.18) | / | (469.147 / 2546.608) |
| = | 0.169869 | / | 0.184224 |
| | = | 0.9221 |
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 - (941.488 + 54.785) / 1068.18) | / | (1 - (909.824 + 60.694) / 1044.265) |
| = | 0.067317 | / | 0.070621 |
| | = | 0.9532 |
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 |
| = | 2546.608 | / | 2938.18 |
| | = | 0.8667 |
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)) |
| = | (11.559 / (11.559 + 60.694)) | / | (11.876 / (11.876 + 54.785)) |
| = | 0.15998 | / | 0.178155 |
| | = | 0.898 |
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) |
| = | (357.192 / 2546.608) | / | (373.853 / 2938.18) |
| = | 0.140262 | / | 0.12724 |
| | = | 1.1023 |
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) |
| = | ((2.539 + 266.623) / 1068.18) | / | ((4.318 + 297.301) / 1044.265) |
| = | 0.251982 | / | 0.288834 |
| | = | 0.8724 |
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 |
| = | (76.071 - 6.367 | - | 218.04) | / | 1068.18 |
| | = | -0.138868 |
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.
PC Connection has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
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