Onex Beneish M-Score Historical Data
The historical data trend for Onex'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.
Onex Beneish M-Score Chart
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Onex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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4.41 |
8.69 |
-0.16 |
1.62 |
-1.44 |
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Onex Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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2.89 |
-1.69 |
0.21 |
-1.44 |
-0.97 |
Competitive Comparison of Onex's Beneish M-Score
For the Asset Management subindustry, Onex'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.
Onex's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Onex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Onex's Beneish M-Score falls into.
Onex 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 Onex 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 * 0.3426 | + | 0.528 * 0.2501 | + | 0.404 * 0.9498 | + | 0.892 * 3.4118 | + | 0.115 * 1.5926 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.228 | + | 4.679 * 0.050844 | - | 0.327 * 1.0759 |
| = | -0.86 |
* 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 $4,870 Mil.
Revenue was 97 + 452 + 349 + 262 = $1,160 Mil.
Gross Profit was 35 + 386 + 290 + 203 = $914 Mil.
Total Current Assets was $5,117 Mil.
Total Assets was $13,099 Mil.
Property, Plant and Equipment(Net PPE) was $106 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $63 Mil.
Total Current Liabilities was $265 Mil.
Long-Term Debt & Capital Lease Obligation was $4,242 Mil.
Net Income was 10 + 373 + 256 + 132 = $771 Mil.
Non Operating Income was 3 + -6 + 3 + -15 = $-15 Mil.
Cash Flow from Operations was -77 + -50 + 156 + 91 = $120 Mil.
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Total Receivables was $4,166 Mil.
Revenue was 59 + 576 + -88 + -207 = $340 Mil.
Gross Profit was -14 + 510 + -159 + -270 = $67 Mil.
Total Current Assets was $4,250 Mil.
Total Assets was $11,923 Mil.
Property, Plant and Equipment(Net PPE) was $125 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $-81 Mil.
Total Current Liabilities was $179 Mil.
Long-Term Debt & Capital Lease Obligation was $3,634 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) |
| = | (4870 / 1160) | / | (4166 / 340) |
| = | 4.198276 | / | 12.252941 |
| | = | 0.3426 |
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) |
| = | (67 / 340) | / | (914 / 1160) |
| = | 0.197059 | / | 0.787931 |
| | = | 0.2501 |
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 - (5117 + 106) / 13099) | / | (1 - (4250 + 125) / 11923) |
| = | 0.601267 | / | 0.633062 |
| | = | 0.9498 |
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 |
| = | 1160 | / | 340 |
| | = | 3.4118 |
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)) |
| = | (65 / (65 + 125)) | / | (29 / (29 + 106)) |
| = | 0.342105 | / | 0.214815 |
| | = | 1.5926 |
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) |
| = | (63 / 1160) | / | (-81 / 340) |
| = | 0.05431 | / | -0.238235 |
| | = | -0.228 |
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) |
| = | ((4242 + 265) / 13099) | / | ((3634 + 179) / 11923) |
| = | 0.344072 | / | 0.319802 |
| | = | 1.0759 |
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 |
| = | (771 - -15 | - | 120) | / | 13099 |
| | = | 0.050844 |
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.
Onex has a M-score of -0.86 signals that the company is likely to be a manipulator.
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