Intercontinental Exchange Beneish M-Score Historical Data
The historical data trend for Intercontinental Exchange'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.
Intercontinental Exchange Beneish M-Score Chart
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Intercontinental Exchange Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.20 |
-2.73 |
-0.52 |
-2.34 |
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Intercontinental Exchange Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.64 |
-2.64 |
-2.61 |
-2.34 |
-2.27 |
Competitive Comparison of Intercontinental Exchange's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, Intercontinental Exchange'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.
Intercontinental Exchange's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Intercontinental Exchange's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intercontinental Exchange's Beneish M-Score falls into.
Intercontinental Exchange 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 Intercontinental Exchange 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 * 0.984 | + | 0.528 * 0.9346 | + | 0.404 * 1.5892 | + | 0.892 * 1.0604 | + | 0.115 * 0.9256 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0473 | + | 4.679 * -0.007382 | - | 0.327 * 0.9315 |
| = | -2.27 |
* 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 $3,701 Mil.
Revenue was 2801 + 2666 + 2429 + 2336 = $10,232 Mil.
Gross Profit was 1623 + 1504 + 1419 + 1364 = $5,910 Mil.
Total Current Assets was $80,542 Mil.
Total Assets was $131,397 Mil.
Property, Plant and Equipment(Net PPE) was $1,960 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,336 Mil.
Selling, General, & Admin. Expense(SGA) was $502 Mil.
Total Current Liabilities was $80,048 Mil.
Long-Term Debt & Capital Lease Obligation was $20,393 Mil.
Net Income was 767 + 373 + 541 + 799 = $2,480 Mil.
Non Operating Income was 76 + -258 + -206 + -60 = $-448 Mil.
Cash Flow from Operations was 1009 + 969 + 768 + 1152 = $3,898 Mil.
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Total Receivables was $3,547 Mil.
Revenue was 2472 + 2377 + 2387 + 2413 = $9,649 Mil.
Gross Profit was 1372 + 1249 + 1298 + 1290 = $5,209 Mil.
Total Current Assets was $114,336 Mil.
Total Assets was $151,550 Mil.
Property, Plant and Equipment(Net PPE) was $1,727 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,037 Mil.
Selling, General, & Admin. Expense(SGA) was $452 Mil.
Total Current Liabilities was $106,006 Mil.
Long-Term Debt & Capital Lease Obligation was $18,356 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) |
| = | (3701 / 10232) | / | (3547 / 9649) |
| = | 0.361708 | / | 0.367603 |
| | = | 0.984 |
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) |
| = | (5209 / 9649) | / | (5910 / 10232) |
| = | 0.539849 | / | 0.5776 |
| | = | 0.9346 |
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 - (80542 + 1960) / 131397) | / | (1 - (114336 + 1727) / 151550) |
| = | 0.372117 | / | 0.23416 |
| | = | 1.5892 |
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 |
| = | 10232 | / | 9649 |
| | = | 1.0604 |
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)) |
| = | (1037 / (1037 + 1727)) | / | (1336 / (1336 + 1960)) |
| = | 0.375181 | / | 0.40534 |
| | = | 0.9256 |
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) |
| = | (502 / 10232) | / | (452 / 9649) |
| = | 0.049062 | / | 0.046844 |
| | = | 1.0473 |
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) |
| = | ((20393 + 80048) / 131397) | / | ((18356 + 106006) / 151550) |
| = | 0.764409 | / | 0.8206 |
| | = | 0.9315 |
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 |
| = | (2480 - -448 | - | 3898) | / | 131397 |
| | = | -0.007382 |
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.
Intercontinental Exchange has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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