Osaic Financial Services Beneish M-Score Historical Data
The historical data trend for Osaic Financial Services'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.
Osaic Financial Services Beneish M-Score Chart
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Osaic Financial Services Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-1.98 |
-2.27 |
-1.96 |
-2.69 |
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Osaic Financial Services Quarterly Data
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Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
| Beneish M-Score |
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-2.69 |
-2.46 |
-1.24 |
0.11 |
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Competitive Comparison of Osaic Financial Services's Beneish M-Score
For the Capital Markets subindustry, Osaic Financial Services'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.
Osaic Financial Services's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Osaic Financial Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Osaic Financial Services's Beneish M-Score falls into.
Osaic Financial Services 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 Osaic Financial Services 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 * 0.9971 | + | 0.528 * 0.9794 | + | 0.404 * 0.8551 | + | 0.892 * 1.0562 | + | 0.115 * 1.4021 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0084 | + | 4.679 * 0.091689 | - | 0.327 * 1.1124 |
| = | -2.06 |
* 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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $181.51 Mil.
Revenue was 395.735 + 374.532 + 363.58 + 335.455 = $1,469.30 Mil.
Gross Profit was 116.6 + 111.068 + 104.869 + 97.152 = $429.69 Mil.
Total Current Assets was $431.05 Mil.
Total Assets was $829.94 Mil.
Property, Plant and Equipment(Net PPE) was $64.32 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.90 Mil.
Selling, General, & Admin. Expense(SGA) was $246.92 Mil.
Total Current Liabilities was $159.76 Mil.
Long-Term Debt & Capital Lease Obligation was $348.95 Mil.
Net Income was 0.492 + 11.356 + 7.488 + 3.431 = $22.77 Mil.
Non Operating Income was -39.256 + -21.287 + -22.616 + -24.187 = $-107.35 Mil.
Cash Flow from Operations was 12.05 + 25.8 + 36.313 + -20.146 = $54.02 Mil.
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Total Receivables was $172.35 Mil.
Revenue was 355.121 + 348.875 + 357.756 + 329.384 = $1,391.14 Mil.
Gross Profit was 109.819 + 95.469 + 100.41 + 92.754 = $398.45 Mil.
Total Current Assets was $361.63 Mil.
Total Assets was $740.90 Mil.
Property, Plant and Equipment(Net PPE) was $29.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.04 Mil.
Selling, General, & Admin. Expense(SGA) was $231.83 Mil.
Total Current Liabilities was $154.17 Mil.
Long-Term Debt & Capital Lease Obligation was $254.07 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) |
| = | (181.51 / 1469.302) | / | (172.353 / 1391.136) |
| = | 0.123535 | / | 0.123894 |
| | = | 0.9971 |
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) |
| = | (398.452 / 1391.136) | / | (429.689 / 1469.302) |
| = | 0.286422 | / | 0.292444 |
| | = | 0.9794 |
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 - (431.052 + 64.321) / 829.936) | / | (1 - (361.634 + 29.994) / 740.904) |
| = | 0.403119 | / | 0.471419 |
| | = | 0.8551 |
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 |
| = | 1469.302 | / | 1391.136 |
| | = | 1.0562 |
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)) |
| = | (24.039 / (24.039 + 29.994)) | / | (29.897 / (29.897 + 64.321)) |
| = | 0.444895 | / | 0.317317 |
| | = | 1.4021 |
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) |
| = | (246.923 / 1469.302) | / | (231.831 / 1391.136) |
| = | 0.168055 | / | 0.166649 |
| | = | 1.0084 |
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) |
| = | ((348.953 + 159.757) / 829.936) | / | ((254.072 + 154.17) / 740.904) |
| = | 0.612951 | / | 0.551005 |
| | = | 1.1124 |
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 |
| = | (22.767 - -107.346 | - | 54.017) | / | 829.936 |
| | = | 0.091689 |
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.
Osaic Financial Services has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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