Equifax Beneish M-Score Historical Data
The historical data trend for Equifax'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.
Equifax Beneish M-Score Chart
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Equifax Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.97 |
-2.59 |
-2.47 |
-2.35 |
-2.61 |
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Equifax Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.62 |
-2.65 |
-2.56 |
-2.61 |
-2.62 |
Competitive Comparison of Equifax's Beneish M-Score
For the Consulting Services subindustry, Equifax'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.
Equifax's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Equifax's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Equifax's Beneish M-Score falls into.
Equifax 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 Equifax 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 * 1.0346 | + | 0.528 * 1.0173 | + | 0.404 * 0.9904 | + | 0.892 * 1.0576 | + | 0.115 * 1.0188 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9717 | + | 4.679 * -0.055782 | - | 0.327 * 0.937 |
| = | -2.62 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,006 Mil.
Revenue was 1389.4 + 1326.5 + 1319.1 + 1317.6 = $5,353 Mil.
Gross Profit was 761.7 + 744.9 + 733.9 + 729.6 = $2,970 Mil.
Total Current Assets was $1,450 Mil.
Total Assets was $12,251 Mil.
Property, Plant and Equipment(Net PPE) was $1,850 Mil.
Depreciation, Depletion and Amortization(DDA) was $634 Mil.
Selling, General, & Admin. Expense(SGA) was $1,392 Mil.
Total Current Liabilities was $1,974 Mil.
Long-Term Debt & Capital Lease Obligation was $4,745 Mil.
Net Income was 124.9 + 132.4 + 162.2 + 138.3 = $558 Mil.
Non Operating Income was 1.6 + -2 + 7.1 + 15.9 = $23 Mil.
Cash Flow from Operations was 252.7 + 322.1 + 381.7 + 262.1 = $1,219 Mil.
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Total Receivables was $920 Mil.
Revenue was 1302 + 1197.9 + 1244.3 + 1316.7 = $5,061 Mil.
Gross Profit was 721.6 + 658.7 + 701.8 + 774.6 = $2,857 Mil.
Total Current Assets was $1,384 Mil.
Total Assets was $11,584 Mil.
Property, Plant and Equipment(Net PPE) was $1,655 Mil.
Depreciation, Depletion and Amortization(DDA) was $582 Mil.
Selling, General, & Admin. Expense(SGA) was $1,355 Mil.
Total Current Liabilities was $1,792 Mil.
Long-Term Debt & Capital Lease Obligation was $4,988 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) |
| = | (1006.1 / 5352.6) | / | (919.5 / 5060.9) |
| = | 0.187965 | / | 0.181687 |
| | = | 1.0346 |
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) |
| = | (2856.7 / 5060.9) | / | (2970.1 / 5352.6) |
| = | 0.564465 | / | 0.554889 |
| | = | 1.0173 |
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 - (1449.5 + 1850.2) / 12251.3) | / | (1 - (1383.6 + 1654.5) / 11583.9) |
| = | 0.730665 | / | 0.737731 |
| | = | 0.9904 |
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 |
| = | 5352.6 | / | 5060.9 |
| | = | 1.0576 |
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)) |
| = | (581.5 / (581.5 + 1654.5)) | / | (634.2 / (634.2 + 1850.2)) |
| = | 0.260063 | / | 0.255273 |
| | = | 1.0188 |
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) |
| = | (1392.2 / 5352.6) | / | (1354.7 / 5060.9) |
| = | 0.260098 | / | 0.26768 |
| | = | 0.9717 |
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) |
| = | ((4745.3 + 1973.8) / 12251.3) | / | ((4987.9 + 1792.1) / 11583.9) |
| = | 0.54844 | / | 0.585295 |
| | = | 0.937 |
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 |
| = | (557.8 - 22.6 | - | 1218.6) | / | 12251.3 |
| | = | -0.055782 |
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.
Equifax has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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