Adecco Group AG Beneish M-Score Historical Data
The historical data trend for Adecco Group AG'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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Adecco Group AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-3.04 |
-2.60 |
-2.25 |
-2.64 |
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Adecco Group AG 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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-2.25 |
-2.50 |
-2.64 |
-2.66 |
-2.64 |
Competitive Comparison
For the Staffing & Employment Services subindustry, Adecco Group AG'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.
Adecco Group AG Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Adecco Group AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adecco Group AG's Beneish M-Score falls into.
Adecco Group AG 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 Adecco Group AG 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 * 0.9293 | + | 0.528 * 1.0147 | + | 0.404 * 1.0233 | + | 0.892 * 1.0398 | + | 0.115 * 1.0913 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9711 | + | 4.679 * -0.019135 | - | 0.327 * 1.0115 |
| = | -2.57 |
* 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 $4,870 Mil.
Revenue was 6661.941 + 6358.591 + 6498.375 + 6308.351 = $25,827 Mil.
Gross Profit was 1344.602 + 1325.507 + 1343.445 + 1342.612 = $5,356 Mil.
Total Current Assets was $5,985 Mil.
Total Assets was $13,555 Mil.
Property, Plant and Equipment(Net PPE) was $1,130 Mil.
Depreciation, Depletion and Amortization(DDA) was $277 Mil.
Selling, General, & Admin. Expense(SGA) was $4,591 Mil.
Total Current Liabilities was $5,664 Mil.
Long-Term Debt & Capital Lease Obligation was $3,215 Mil.
Net Income was 74.155 + 109.925 + 67.172 + 98.501 = $350 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 345.692 + 300.961 + 86.674 + -124.197 = $609 Mil.
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Total Receivables was $5,040 Mil.
Revenue was 6580.508 + 5984.158 + 6276.956 + 5997.797 = $24,839 Mil.
Gross Profit was 1379.237 + 1254.455 + 1325.581 + 1267.621 = $5,227 Mil.
Total Current Assets was $6,487 Mil.
Total Assets was $14,042 Mil.
Property, Plant and Equipment(Net PPE) was $1,035 Mil.
Depreciation, Depletion and Amortization(DDA) was $283 Mil.
Selling, General, & Admin. Expense(SGA) was $4,547 Mil.
Total Current Liabilities was $5,506 Mil.
Long-Term Debt & Capital Lease Obligation was $3,587 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) |
| = | (4870.229 / 25827.258) | / | (5040.254 / 24839.419) |
| = | 0.188569 | / | 0.202914 |
| | = | 0.9293 |
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) |
| = | (5226.894 / 24839.419) | / | (5356.166 / 25827.258) |
| = | 0.210427 | / | 0.207384 |
| | = | 1.0147 |
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 - (5984.733 + 1129.771) / 13555.071) | / | (1 - (6487.288 + 1034.958) / 14042.373) |
| = | 0.475141 | / | 0.464318 |
| | = | 1.0233 |
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 |
| = | 25827.258 | / | 24839.419 |
| | = | 1.0398 |
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)) |
| = | (283.313 / (283.313 + 1034.958)) | / | (277.064 / (277.064 + 1129.771)) |
| = | 0.214913 | / | 0.196941 |
| | = | 1.0913 |
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) |
| = | (4590.74 / 25827.258) | / | (4546.758 / 24839.419) |
| = | 0.177748 | / | 0.183046 |
| | = | 0.9711 |
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) |
| = | ((3214.831 + 5664.122) / 13555.071) | / | ((3586.864 + 5506.356) / 14042.373) |
| = | 0.655028 | / | 0.647556 |
| | = | 1.0115 |
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 |
| = | (349.753 - 0 | - | 609.13) | / | 13555.071 |
| | = | -0.019135 |
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.
Adecco Group AG has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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