Maximus Beneish M-Score Historical Data
The historical data trend for Maximus'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.
|
Maximus Annual Data
|
|
Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.23 |
-2.45 |
-2.66 |
-2.58 |
-2.65 |
|
Maximus Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.28 |
-2.83 |
-2.72 |
-2.65 |
-2.95 |
Competitive Comparison
For the Specialty Business Services subindustry, Maximus'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.
Maximus Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Maximus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Maximus's Beneish M-Score falls into.
Maximus 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 Maximus 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 * 0.8166 | + | 0.528 * 0.9296 | + | 0.404 * 1.0356 | + | 0.892 * 1.0535 | + | 0.115 * 0.8957 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1286 | + | 4.679 * -0.070589 | - | 0.327 * 0.896 |
| = | -2.95 |
* 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 $876 Mil.
Revenue was 1327.041 + 1259.953 + 1188.677 + 1206.852 = $4,983 Mil.
Gross Profit was 300.054 + 290.894 + 264.364 + 228.603 = $1,084 Mil.
Total Current Assets was $1,110 Mil.
Total Assets was $4,017 Mil.
Property, Plant and Equipment(Net PPE) was $190 Mil.
Depreciation, Depletion and Amortization(DDA) was $145 Mil.
Selling, General, & Admin. Expense(SGA) was $662 Mil.
Total Current Liabilities was $658 Mil.
Long-Term Debt & Capital Lease Obligation was $1,341 Mil.
Net Income was 64.148 + 59.146 + 30.863 + 31.788 = $186 Mil.
Non Operating Income was -0.488 + -0.442 + -1.005 + 0.818 = $-1 Mil.
Cash Flow from Operations was 21.608 + 144.589 + -5.286 + 309.696 = $471 Mil.
|
Total Receivables was $1,019 Mil.
Revenue was 1249.246 + 1177.031 + 1125.785 + 1177.326 = $4,729 Mil.
Gross Profit was 244.747 + 272.983 + 210.221 + 228.451 = $956 Mil.
Total Current Assets was $1,256 Mil.
Total Assets was $4,235 Mil.
Property, Plant and Equipment(Net PPE) was $212 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $557 Mil.
Total Current Liabilities was $746 Mil.
Long-Term Debt & Capital Lease Obligation was $1,606 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) |
| = | (876.259 / 4982.523) | / | (1018.532 / 4729.388) |
| = | 0.175867 | / | 0.215362 |
| | = | 0.8166 |
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) |
| = | (956.402 / 4729.388) | / | (1083.915 / 4982.523) |
| = | 0.202225 | / | 0.217543 |
| | = | 0.9296 |
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 - (1109.619 + 189.905) / 4016.861) | / | (1 - (1256.087 + 212.47) / 4234.915) |
| = | 0.676483 | / | 0.653226 |
| | = | 1.0356 |
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 |
| = | 4982.523 | / | 4729.388 |
| | = | 1.0535 |
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)) |
| = | (134.823 / (134.823 + 212.47)) | / | (145.278 / (145.278 + 189.905)) |
| = | 0.388211 | / | 0.433429 |
| | = | 0.8957 |
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) |
| = | (661.966 / 4982.523) | / | (556.724 / 4729.388) |
| = | 0.132858 | / | 0.117716 |
| | = | 1.1286 |
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) |
| = | ((1340.837 + 658.366) / 4016.861) | / | ((1606.056 + 746.222) / 4234.915) |
| = | 0.497703 | / | 0.555449 |
| | = | 0.896 |
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 |
| = | (185.945 - -1.117 | - | 470.607) | / | 4016.861 |
| | = | -0.070589 |
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.
Maximus has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
MMS has been successfully added to your