Genpact Beneish M-Score Historical Data
The historical data trend for Genpact'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.
Genpact Beneish M-Score Chart
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Genpact Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.78 |
-2.83 |
-2.40 |
-2.18 |
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Genpact Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-2.50 |
-2.62 |
-2.49 |
-2.18 |
Competitive Comparison of Genpact's Beneish M-Score
For the Information Technology Services subindustry, Genpact'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.
Genpact's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Genpact's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Genpact's Beneish M-Score falls into.
Genpact 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 Genpact 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 * 1.1 | + | 0.528 * 1.0018 | + | 0.404 * 1.0012 | + | 0.892 * 1.0242 | + | 0.115 * 1.1587 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.95 | + | 4.679 * 0.024336 | - | 0.327 * 0.8662 |
| = | -2.18 |
* 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 $1,134 Mil.
Revenue was 1146.253 + 1135.792 + 1105.524 + 1089.319 = $4,477 Mil.
Gross Profit was 407.554 + 402.83 + 390.04 + 370.241 = $1,571 Mil.
Total Current Assets was $1,892 Mil.
Total Assets was $4,806 Mil.
Property, Plant and Equipment(Net PPE) was $394 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $913 Mil.
Total Current Liabilities was $1,318 Mil.
Long-Term Debt & Capital Lease Obligation was $1,000 Mil.
Net Income was 291.309 + 117.593 + 116.252 + 106.101 = $631 Mil.
Non Operating Income was 8.775 + 2.467 + 10.062 + 2.188 = $23 Mil.
Cash Flow from Operations was 191.906 + 161.524 + 171.446 + -34.064 = $491 Mil.
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Total Receivables was $1,006 Mil.
Revenue was 1102.545 + 1111.037 + 1089.147 + 1068.443 = $4,371 Mil.
Gross Profit was 385.208 + 393.818 + 374.891 + 382.481 = $1,536 Mil.
Total Current Assets was $1,779 Mil.
Total Assets was $4,589 Mil.
Property, Plant and Equipment(Net PPE) was $405 Mil.
Depreciation, Depletion and Amortization(DDA) was $130 Mil.
Selling, General, & Admin. Expense(SGA) was $938 Mil.
Total Current Liabilities was $1,103 Mil.
Long-Term Debt & Capital Lease Obligation was $1,451 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) |
| = | (1133.727 / 4476.888) | / | (1006.368 / 4371.172) |
| = | 0.25324 | / | 0.230228 |
| | = | 1.1 |
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) |
| = | (1536.398 / 4371.172) | / | (1570.665 / 4476.888) |
| = | 0.351484 | / | 0.350839 |
| | = | 1.0018 |
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 - (1891.509 + 393.736) / 4805.713) | / | (1 - (1779.492 + 405.482) / 4588.814) |
| = | 0.524473 | / | 0.523848 |
| | = | 1.0012 |
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 |
| = | 4476.888 | / | 4371.172 |
| | = | 1.0242 |
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)) |
| = | (129.516 / (129.516 + 405.482)) | / | (103.993 / (103.993 + 393.736)) |
| = | 0.242087 | / | 0.208935 |
| | = | 1.1587 |
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) |
| = | (913.061 / 4476.888) | / | (938.385 / 4371.172) |
| = | 0.20395 | / | 0.214676 |
| | = | 0.95 |
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) |
| = | ((999.609 + 1317.932) / 4805.713) | / | ((1451.353 + 1103.321) / 4588.814) |
| = | 0.482247 | / | 0.556718 |
| | = | 0.8662 |
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 |
| = | (631.255 - 23.492 | - | 490.812) | / | 4805.713 |
| | = | 0.024336 |
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.
Genpact has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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