Cisco Systems Beneish M-Score Historical Data
The historical data trend for Cisco Systems'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.
Cisco Systems Beneish M-Score Chart
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Cisco Systems Annual Data
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| Beneish M-Score |
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-2.60 |
-2.60 |
-2.65 |
-2.52 |
-2.90 |
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Cisco Systems Quarterly Data
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| Beneish M-Score |
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-2.79 |
-2.84 |
-2.90 |
-2.74 |
-2.56 |
Competitive Comparison of Cisco Systems's Beneish M-Score
For the Communication Equipment subindustry, Cisco Systems'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.
Cisco Systems's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Cisco Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cisco Systems's Beneish M-Score falls into.
Cisco Systems 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 Cisco Systems 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 * 0.8841 | + | 0.528 * 0.9643 | + | 0.404 * 0.976 | + | 0.892 * 1.0748 | + | 0.115 * 1.0322 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0281 | + | 4.679 * -0.00154 | - | 0.327 * 1.0187 |
| = | -2.56 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was HK$65,345 Mil.
Revenue was 99979.572 + 114771.233 + 118820.567 + 114376.522 = HK$447,948 Mil.
Gross Profit was 64227.359 + 74779.702 + 76186.469 + 72467.507 = HK$287,661 Mil.
Total Current Assets was HK$329,281 Mil.
Total Assets was HK$790,816 Mil.
Property, Plant and Equipment(Net PPE) was HK$15,672 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$13,275 Mil.
Selling, General, & Admin. Expense(SGA) was HK$99,506 Mil.
Total Current Liabilities was HK$241,144 Mil.
Long-Term Debt & Capital Lease Obligation was HK$52,128 Mil.
Net Income was 20588.398 + 28465.895 + 30934.145 + 25212.915 = HK$105,201 Mil.
Non Operating Income was -1180.276 + -1611.868 + -1453.702 + -1797.558 = HK$-6,043 Mil.
Cash Flow from Operations was 6315.651 + 18552.127 + 46627.87 + 40967.062 = HK$112,463 Mil.
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Total Receivables was HK$68,773 Mil.
Revenue was 106294.877 + 107008.474 + 102837.598 + 100644.369 = HK$416,785 Mil.
Gross Profit was 65902.511 + 65514.431 + 62988.225 + 63680.009 = HK$258,085 Mil.
Total Current Assets was HK$301,203 Mil.
Total Assets was HK$749,507 Mil.
Property, Plant and Equipment(Net PPE) was HK$15,359 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$13,806 Mil.
Selling, General, & Admin. Expense(SGA) was HK$90,050 Mil.
Total Current Liabilities was HK$213,122 Mil.
Long-Term Debt & Capital Lease Obligation was HK$59,724 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) |
| = | (65345.104 / 447947.894) | / | (68772.598 / 416785.318) |
| = | 0.145877 | / | 0.165007 |
| | = | 0.8841 |
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) |
| = | (258085.176 / 416785.318) | / | (287661.037 / 447947.894) |
| = | 0.619228 | / | 0.642175 |
| | = | 0.9643 |
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 - (329281.483 + 15671.882) / 790816.453) | / | (1 - (301202.706 + 15359.266) / 749507.136) |
| = | 0.563801 | / | 0.57764 |
| | = | 0.976 |
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 |
| = | 447947.894 | / | 416785.318 |
| | = | 1.0748 |
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)) |
| = | (13806.261 / (13806.261 + 15359.266)) | / | (13274.539 / (13274.539 + 15671.882)) |
| = | 0.473376 | / | 0.45859 |
| | = | 1.0322 |
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) |
| = | (99506.298 / 447947.894) | / | (90050.433 / 416785.318) |
| = | 0.222138 | / | 0.21606 |
| | = | 1.0281 |
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) |
| = | ((52127.572 + 241143.756) / 790816.453) | / | ((59724.395 + 213121.541) / 749507.136) |
| = | 0.370846 | / | 0.364034 |
| | = | 1.0187 |
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 |
| = | (105201.353 - -6043.404 | - | 112462.71) | / | 790816.453 |
| | = | -0.00154 |
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.
Cisco Systems has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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