Xerox Holdings Beneish M-Score Historical Data
The historical data trend for Xerox Holdings'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.
Xerox Holdings Beneish M-Score Chart
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Xerox Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.67 |
-2.61 |
-2.46 |
-2.77 |
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Xerox Holdings Quarterly Data
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Jun19 |
Sep19 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.43 |
-2.48 |
-2.57 |
-2.77 |
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Competitive Comparison of Xerox Holdings's Beneish M-Score
For the Information Technology Services subindustry, Xerox Holdings'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.
Xerox Holdings's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Xerox Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xerox Holdings's Beneish M-Score falls into.
Xerox Holdings 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 Xerox Holdings 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 * 0.9402 | + | 0.528 * 1.0227 | + | 0.404 * 0.9889 | + | 0.892 * 0.9328 | + | 0.115 * 0.968 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0558 | + | 4.679 * -0.028359 | - | 0.327 * 1.1172 |
| = | -2.77 |
* 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 $1,696 Mil.
Revenue was 1502 + 1765 + 1652 + 1754 = $6,673 Mil.
Gross Profit was 443 + 592 + 536 + 597 = $2,168 Mil.
Total Current Assets was $3,348 Mil.
Total Assets was $9,944 Mil.
Property, Plant and Equipment(Net PPE) was $502 Mil.
Depreciation, Depletion and Amortization(DDA) was $246 Mil.
Selling, General, & Admin. Expense(SGA) was $1,686 Mil.
Total Current Liabilities was $2,438 Mil.
Long-Term Debt & Capital Lease Obligation was $3,199 Mil.
Net Income was -113 + -58 + 49 + -61 = $-183 Mil.
Non Operating Income was -114 + -149 + 11 + -178 = $-430 Mil.
Cash Flow from Operations was -79 + 389 + 124 + 95 = $529 Mil.
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Total Receivables was $1,934 Mil.
Revenue was 1715 + 1941 + 1751 + 1747 = $7,154 Mil.
Gross Profit was 589 + 675 + 556 + 557 = $2,377 Mil.
Total Current Assets was $3,640 Mil.
Total Assets was $11,046 Mil.
Property, Plant and Equipment(Net PPE) was $561 Mil.
Depreciation, Depletion and Amortization(DDA) was $262 Mil.
Selling, General, & Admin. Expense(SGA) was $1,712 Mil.
Total Current Liabilities was $2,879 Mil.
Long-Term Debt & Capital Lease Obligation was $2,726 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) |
| = | (1696 / 6673) | / | (1934 / 7154) |
| = | 0.254159 | / | 0.270338 |
| | = | 0.9402 |
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) |
| = | (2377 / 7154) | / | (2168 / 6673) |
| = | 0.332262 | / | 0.324891 |
| | = | 1.0227 |
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 - (3348 + 502) / 9944) | / | (1 - (3640 + 561) / 11046) |
| = | 0.612832 | / | 0.619681 |
| | = | 0.9889 |
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 |
| = | 6673 | / | 7154 |
| | = | 0.9328 |
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)) |
| = | (262 / (262 + 561)) | / | (246 / (246 + 502)) |
| = | 0.318348 | / | 0.328877 |
| | = | 0.968 |
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) |
| = | (1686 / 6673) | / | (1712 / 7154) |
| = | 0.25266 | / | 0.239307 |
| | = | 1.0558 |
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) |
| = | ((3199 + 2438) / 9944) | / | ((2726 + 2879) / 11046) |
| = | 0.566874 | / | 0.507424 |
| | = | 1.1172 |
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 |
| = | (-183 - -430 | - | 529) | / | 9944 |
| | = | -0.028359 |
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.
Xerox Holdings has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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