Robert Half Beneish M-Score Historical Data
The historical data trend for Robert Half'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.
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Robert Half Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-3.25 |
-2.33 |
-2.31 |
-3.09 |
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Robert Half 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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-2.31 |
-2.55 |
-2.93 |
-3.07 |
-3.09 |
Competitive Comparison
For the Staffing & Employment Services subindustry, Robert Half'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.
Robert Half Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Robert Half's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Robert Half's Beneish M-Score falls into.
Robert Half 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 Robert Half 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 * 0.9573 | + | 0.528 * 1.0612 | + | 0.404 * 1.0593 | + | 0.892 * 0.8832 | + | 0.115 * 0.9335 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1271 | + | 4.679 * -0.10421 | - | 0.327 * 1.0052 |
| = | -3.09 |
* 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 $861 Mil.
Revenue was 1472.892 + 1563.812 + 1639.478 + 1716.335 = $6,393 Mil.
Gross Profit was 584.164 + 640.939 + 660.169 + 689.732 = $2,575 Mil.
Total Current Assets was $2,297 Mil.
Total Assets was $3,011 Mil.
Property, Plant and Equipment(Net PPE) was $318 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $2,108 Mil.
Total Current Liabilities was $1,235 Mil.
Long-Term Debt & Capital Lease Obligation was $161 Mil.
Net Income was 87.304 + 95.545 + 106.292 + 122.005 = $411 Mil.
Non Operating Income was 46.657 + -14.275 + 28.347 + 27.291 = $88 Mil.
Cash Flow from Operations was 114.633 + 175.645 + 281.08 + 65.523 = $637 Mil.
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Total Receivables was $1,018 Mil.
Revenue was 1727.026 + 1833.455 + 1862.827 + 1814.834 = $7,238 Mil.
Gross Profit was 719.047 + 787.609 + 815.547 + 771.846 = $3,094 Mil.
Total Current Assets was $2,285 Mil.
Total Assets was $2,964 Mil.
Property, Plant and Equipment(Net PPE) was $312 Mil.
Depreciation, Depletion and Amortization(DDA) was $49 Mil.
Selling, General, & Admin. Expense(SGA) was $2,117 Mil.
Total Current Liabilities was $1,216 Mil.
Long-Term Debt & Capital Lease Obligation was $152 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) |
| = | (860.872 / 6392.517) | / | (1018.287 / 7238.142) |
| = | 0.134669 | / | 0.140683 |
| | = | 0.9573 |
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) |
| = | (3094.049 / 7238.142) | / | (2575.004 / 6392.517) |
| = | 0.427465 | / | 0.402815 |
| | = | 1.0612 |
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 - (2297.139 + 318.065) / 3010.789) | / | (1 - (2285.112 + 311.685) / 2964.488) |
| = | 0.131389 | / | 0.124032 |
| | = | 1.0593 |
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 |
| = | 6392.517 | / | 7238.142 |
| | = | 0.8832 |
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)) |
| = | (49.065 / (49.065 + 311.685)) | / | (54.247 / (54.247 + 318.065)) |
| = | 0.136008 | / | 0.145703 |
| | = | 0.9335 |
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) |
| = | (2107.531 / 6392.517) | / | (2117.296 / 7238.142) |
| = | 0.329687 | / | 0.292519 |
| | = | 1.1271 |
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) |
| = | ((161.44 + 1235.111) / 3010.789) | / | ((151.768 + 1216.202) / 2964.488) |
| = | 0.463849 | / | 0.461452 |
| | = | 1.0052 |
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 |
| = | (411.146 - 88.02 | - | 636.881) | / | 3010.789 |
| | = | -0.10421 |
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.
Robert Half has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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