Intuit Beneish M-Score Historical Data
The historical data trend for Intuit'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.
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Intuit Annual Data
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Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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|
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-2.97 |
-2.93 |
0.39 |
-2.27 |
-2.83 |
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Intuit Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.35 |
-2.07 |
-2.83 |
-2.80 |
-2.77 |
Competitive Comparison
For the Software - Application subindustry, Intuit'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.
Intuit Beneish M-Score Distribution
For the Software industry and Technology sector, Intuit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intuit's Beneish M-Score falls into.
Intuit 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 Intuit 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 * 0.9813 | + | 0.528 * 1.0119 | + | 0.404 * 0.9114 | + | 0.892 * 1.103 | + | 0.115 * 1.0782 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9087 | + | 4.679 * -0.073228 | - | 0.327 * 1.0574 |
| = | -2.77 |
* 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 $2,076 Mil.
Revenue was 3386 + 2978 + 2712 + 6018 = $15,094 Mil.
Gross Profit was 2531 + 2218 + 1999 + 5037 = $11,785 Mil.
Total Current Assets was $7,300 Mil.
Total Assets was $29,688 Mil.
Property, Plant and Equipment(Net PPE) was $1,493 Mil.
Depreciation, Depletion and Amortization(DDA) was $771 Mil.
Selling, General, & Admin. Expense(SGA) was $5,191 Mil.
Total Current Liabilities was $6,216 Mil.
Long-Term Debt & Capital Lease Obligation was $6,423 Mil.
Net Income was 353 + 241 + 89 + 2087 = $2,770 Mil.
Non Operating Income was 0 + 0 + 0 + -6 = $-6 Mil.
Cash Flow from Operations was 613 + -97 + 842 + 3592 = $4,950 Mil.
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Total Receivables was $1,918 Mil.
Revenue was 3041 + 2597 + 2414 + 5632 = $13,684 Mil.
Gross Profit was 2268 + 1921 + 1814 + 4808 = $10,811 Mil.
Total Current Assets was $4,756 Mil.
Total Assets was $27,202 Mil.
Property, Plant and Equipment(Net PPE) was $1,439 Mil.
Depreciation, Depletion and Amortization(DDA) was $835 Mil.
Selling, General, & Admin. Expense(SGA) was $5,179 Mil.
Total Current Liabilities was $3,862 Mil.
Long-Term Debt & Capital Lease Obligation was $7,090 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) |
| = | (2076 / 15094) | / | (1918 / 13684) |
| = | 0.137538 | / | 0.140164 |
| | = | 0.9813 |
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) |
| = | (10811 / 13684) | / | (11785 / 15094) |
| = | 0.790047 | / | 0.780774 |
| | = | 1.0119 |
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 - (7300 + 1493) / 29688) | / | (1 - (4756 + 1439) / 27202) |
| = | 0.70382 | / | 0.772259 |
| | = | 0.9114 |
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 |
| = | 15094 | / | 13684 |
| | = | 1.103 |
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)) |
| = | (835 / (835 + 1439)) | / | (771 / (771 + 1493)) |
| = | 0.367194 | / | 0.340548 |
| | = | 1.0782 |
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) |
| = | (5191 / 15094) | / | (5179 / 13684) |
| = | 0.343911 | / | 0.378471 |
| | = | 0.9087 |
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) |
| = | ((6423 + 6216) / 29688) | / | ((7090 + 3862) / 27202) |
| = | 0.425728 | / | 0.402617 |
| | = | 1.0574 |
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 |
| = | (2770 - -6 | - | 4950) | / | 29688 |
| | = | -0.073228 |
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.
Intuit has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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