NetScout Systems Beneish M-Score Historical Data
The historical data trend for NetScout 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.
NetScout Systems Beneish M-Score Chart
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NetScout Systems Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.58 |
-2.86 |
-2.81 |
-3.15 |
-2.54 |
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NetScout Systems Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-2.54 |
-2.60 |
-2.42 |
-2.49 |
Competitive Comparison of NetScout Systems's Beneish M-Score
For the Software - Infrastructure subindustry, NetScout 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.
NetScout Systems's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, NetScout Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NetScout Systems's Beneish M-Score falls into.
NetScout 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 NetScout 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 * 1.1048 | + | 0.528 * 0.9748 | + | 0.404 * 1.0026 | + | 0.892 * 0.9292 | + | 0.115 * 0.9607 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0722 | + | 4.679 * -0.012411 | - | 0.327 * 0.8507 |
| = | -2.49 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $221.6 Mil.
Revenue was 218.072 + 196.802 + 211.138 + 208.093 = $834.1 Mil.
Gross Profit was 174.448 + 153.75 + 160.742 + 157.152 = $646.1 Mil.
Total Current Assets was $609.3 Mil.
Total Assets was $2,589.8 Mil.
Property, Plant and Equipment(Net PPE) was $72.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $78.5 Mil.
Selling, General, & Admin. Expense(SGA) was $378.4 Mil.
Total Current Liabilities was $382.3 Mil.
Long-Term Debt & Capital Lease Obligation was $140.9 Mil.
Net Income was -132.577 + 21.462 + -4.2 + -3.221 = $-118.5 Mil.
Non Operating Income was -166.314 + 4.653 + -0.834 + -1.858 = $-164.4 Mil.
Cash Flow from Operations was 13.964 + -26.363 + -22.368 + 112.727 = $78.0 Mil.
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Total Receivables was $215.8 Mil.
Revenue was 269.544 + 228.081 + 208.812 + 191.191 = $897.6 Mil.
Gross Profit was 212.742 + 170.44 + 151.098 + 143.529 = $677.8 Mil.
Total Current Assets was $681.9 Mil.
Total Assets was $2,904.1 Mil.
Property, Plant and Equipment(Net PPE) was $88.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $88.0 Mil.
Selling, General, & Admin. Expense(SGA) was $379.8 Mil.
Total Current Liabilities was $440.0 Mil.
Long-Term Debt & Capital Lease Obligation was $249.6 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) |
| = | (221.574 / 834.105) | / | (215.838 / 897.628) |
| = | 0.265643 | / | 0.240454 |
| | = | 1.1048 |
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) |
| = | (677.809 / 897.628) | / | (646.092 / 834.105) |
| = | 0.755111 | / | 0.774593 |
| | = | 0.9748 |
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 - (609.318 + 72.932) / 2589.799) | / | (1 - (681.947 + 88.686) / 2904.112) |
| = | 0.736563 | / | 0.734641 |
| | = | 1.0026 |
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 |
| = | 834.105 | / | 897.628 |
| | = | 0.9292 |
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)) |
| = | (88.039 / (88.039 + 88.686)) | / | (78.544 / (78.544 + 72.932)) |
| = | 0.498169 | / | 0.518524 |
| | = | 0.9607 |
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) |
| = | (378.449 / 834.105) | / | (379.83 / 897.628) |
| = | 0.453719 | / | 0.423149 |
| | = | 1.0722 |
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) |
| = | ((140.898 + 382.252) / 2589.799) | / | ((249.582 + 440.009) / 2904.112) |
| = | 0.202004 | / | 0.237453 |
| | = | 0.8507 |
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 |
| = | (-118.536 - -164.353 | - | 77.96) | / | 2589.799 |
| | = | -0.012411 |
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.
NetScout Systems has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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