Robert Half Beneish M-Score Historical Data
The historical data trend for Robert Half'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.
Robert Half Beneish M-Score Chart
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Robert Half Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-3.25 |
-2.33 |
-2.31 |
-3.09 |
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Robert Half 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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-2.55 |
-2.93 |
-3.07 |
-3.09 |
-3.09 |
Competitive Comparison of Robert Half's Beneish M-Score
For the Staffing & Employment Services subindustry, Robert Half'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.
Robert Half's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Robert Half's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Robert Half's Beneish M-Score falls into.
Robert Half 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 Robert Half 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 * 1.0124 | + | 0.528 * 1.0605 | + | 0.404 * 1.0728 | + | 0.892 * 0.8305 | + | 0.115 * 1.0231 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1183 | + | 4.679 * -0.106702 | - | 0.327 * 1.0553 |
| = | -3.09 |
* 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 €793 Mil.
Revenue was 1357.862 + 1350.642 + 1465.292 + 1513.238 = €5,687 Mil.
Gross Profit was 517.773 + 535.678 + 600.56 + 609.336 = €2,263 Mil.
Total Current Assets was €2,012 Mil.
Total Assets was €2,659 Mil.
Property, Plant and Equipment(Net PPE) was €290 Mil.
Depreciation, Depletion and Amortization(DDA) was €50 Mil.
Selling, General, & Admin. Expense(SGA) was €1,919 Mil.
Total Current Liabilities was €1,085 Mil.
Long-Term Debt & Capital Lease Obligation was €152 Mil.
Net Income was 58.605 + 80.058 + 89.526 + 98.108 = €326 Mil.
Non Operating Income was 39.906 + 42.784 + -13.376 + 26.164 = €95 Mil.
Cash Flow from Operations was -14.645 + 105.118 + 164.579 + 259.437 = €514 Mil.
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Total Receivables was €943 Mil.
Revenue was 1603.057 + 1630.313 + 1851.79 + 1762.234 = €6,847 Mil.
Gross Profit was 644.21 + 678.78 + 795.485 + 771.507 = €2,890 Mil.
Total Current Assets was €2,104 Mil.
Total Assets was €2,720 Mil.
Property, Plant and Equipment(Net PPE) was €276 Mil.
Depreciation, Depletion and Amortization(DDA) was €49 Mil.
Selling, General, & Admin. Expense(SGA) was €2,066 Mil.
Total Current Liabilities was €1,073 Mil.
Long-Term Debt & Capital Lease Obligation was €127 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) |
| = | (792.534 / 5687.034) | / | (942.585 / 6847.394) |
| = | 0.139358 | / | 0.137656 |
| | = | 1.0124 |
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) |
| = | (2889.982 / 6847.394) | / | (2263.347 / 5687.034) |
| = | 0.422056 | / | 0.397984 |
| | = | 1.0605 |
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 - (2011.723 + 290.306) / 2658.526) | / | (1 - (2103.669 + 276.275) / 2719.933) |
| = | 0.134096 | / | 0.124999 |
| | = | 1.0728 |
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 |
| = | 5687.034 | / | 6847.394 |
| | = | 0.8305 |
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)) |
| = | (48.87 / (48.87 + 276.275)) | / | (49.994 / (49.994 + 290.306)) |
| = | 0.150302 | / | 0.146912 |
| | = | 1.0231 |
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) |
| = | (1919.265 / 5687.034) | / | (2066.336 / 6847.394) |
| = | 0.337481 | / | 0.30177 |
| | = | 1.1183 |
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) |
| = | ((152.102 + 1085.177) / 2658.526) | / | ((126.95 + 1072.522) / 2719.933) |
| = | 0.4654 | / | 0.440993 |
| | = | 1.0553 |
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 |
| = | (326.297 - 95.478 | - | 514.489) | / | 2658.526 |
| | = | -0.106702 |
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.
Robert Half has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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