Ebix Beneish M-Score Historical Data
The historical data trend for Ebix'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.
|
Ebix Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
|
|
|
|
|
-2.10 |
-2.31 |
-2.32 |
-1.91 |
-2.64 |
|
Ebix Quarterly Data
|
|
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.59 |
-2.64 |
-2.68 |
-2.73 |
-2.68 |
Competitive Comparison
For the Software - Application subindustry, Ebix'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.
Ebix Beneish M-Score Distribution
For the Software industry and Technology sector, Ebix's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ebix's Beneish M-Score falls into.
Ebix 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 Ebix 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 * 1.527 | + | 0.528 * 0.644 | + | 0.404 * 0.9999 | + | 0.892 * 0.6928 | + | 0.115 * 0.874 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7805 | + | 4.679 * -0.013681 | - | 0.327 * 1.033 |
| = | -2.68 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $172.5 Mil.
Revenue was 119.228 + 118.43 + 242.761 + 255.208 = $735.6 Mil.
Gross Profit was 86.57 + 84.673 + 86.282 + 88.131 = $345.7 Mil.
Total Current Assets was $358.9 Mil.
Total Assets was $1,562.0 Mil.
Property, Plant and Equipment(Net PPE) was $60.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.6 Mil.
Selling, General, & Admin. Expense(SGA) was $172.6 Mil.
Total Current Liabilities was $865.4 Mil.
Long-Term Debt & Capital Lease Obligation was $5.3 Mil.
Net Income was -10.296 + 0.308 + 7.073 + 7.861 = $4.9 Mil.
Non Operating Income was -2.626 + -4.487 + -1.55 + -0.925 = $-9.6 Mil.
Cash Flow from Operations was -5.009 + 1.269 + 7.17 + 32.474 = $35.9 Mil.
|
Total Receivables was $163.0 Mil.
Revenue was 257.904 + 250.781 + 286.253 + 266.827 = $1,061.8 Mil.
Gross Profit was 83.639 + 81.451 + 75.41 + 80.797 = $321.3 Mil.
Total Current Assets was $336.3 Mil.
Total Assets was $1,504.9 Mil.
Property, Plant and Equipment(Net PPE) was $68.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.8 Mil.
Selling, General, & Admin. Expense(SGA) was $139.9 Mil.
Total Current Liabilities was $805.3 Mil.
Long-Term Debt & Capital Lease Obligation was $6.8 Mil.
|
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) |
| = | (172.459 / 735.627) | / | (163.016 / 1061.765) |
| = | 0.234438 | / | 0.153533 |
| | = | 1.527 |
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) |
| = | (321.297 / 1061.765) | / | (345.656 / 735.627) |
| = | 0.302607 | / | 0.469879 |
| | = | 0.644 |
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 - (358.881 + 60.874) / 1561.991) | / | (1 - (336.276 + 68.022) / 1504.938) |
| = | 0.731269 | / | 0.731352 |
| | = | 0.9999 |
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 |
| = | 735.627 | / | 1061.765 |
| | = | 0.6928 |
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)) |
| = | (23.76 / (23.76 + 68.022)) | / | (25.618 / (25.618 + 60.874)) |
| = | 0.258874 | / | 0.296189 |
| | = | 0.874 |
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) |
| = | (172.625 / 735.627) | / | (139.936 / 1061.765) |
| = | 0.234664 | / | 0.131796 |
| | = | 1.7805 |
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) |
| = | ((5.334 + 865.351) / 1561.991) | / | ((6.765 + 805.327) / 1504.938) |
| = | 0.55742 | / | 0.539618 |
| | = | 1.033 |
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 |
| = | (4.946 - -9.588 | - | 35.904) | / | 1561.991 |
| | = | -0.013681 |
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.
Ebix has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
EBIXQ has been successfully added to your