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Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.
The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Raymond James Financial's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Raymond James Financial was -1.92. The lowest was -2.89. And the median was -2.36.
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 Raymond James Financial 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 * 1.0938 | + | 0.528 * 1 | + | 0.404 * 0.999 | + | 0.892 * 1.0878 | + | 0.115 * 1.0363 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0193 | + | 4.679 * -0.00222 | - | 0.327 * 0.9472 | |||||||
= | -2.31 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $4,731 Mil. Revenue was 3180 + 3074 + 2973 + 3012 = $12,239 Mil. Gross Profit was 3180 + 3074 + 2973 + 3012 = $12,239 Mil. Total Current Assets was $0 Mil. Total Assets was $80,628 Mil. Property, Plant and Equipment(Net PPE) was $1,180 Mil. Depreciation, Depletion and Amortization(DDA) was $174 Mil. Selling, General, & Admin. Expense(SGA) was $7,946 Mil. Total Current Liabilities was $0 Mil. Long-Term Debt & Capital Lease Obligation was $3,088 Mil. Net Income was 492 + 476 + 498 + 434 = $1,900 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil. Cash Flow from Operations was 711 + 391 + 543 + 434 = $2,079 Mil. |
Total Receivables was $3,976 Mil. Revenue was 2867 + 2837 + 2752 + 2795 = $11,251 Mil. Gross Profit was 2867 + 2837 + 2752 + 2795 = $11,251 Mil. Total Current Assets was $0 Mil. Total Assets was $77,633 Mil. Property, Plant and Equipment(Net PPE) was $1,061 Mil. Depreciation, Depletion and Amortization(DDA) was $163 Mil. Selling, General, & Admin. Expense(SGA) was $7,166 Mil. Total Current Liabilities was $0 Mil. Long-Term Debt & Capital Lease Obligation was $3,139 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) |
= | (4731 / 12239) | / | (3976 / 11251) | |
= | 0.386551 | / | 0.353391 | |
= | 1.0938 |
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) | |
= | (11251 / 11251) | / | (12239 / 12239) | |
= | 1 | / | 1 | |
= | 1 |
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 - (0 + 1180) / 80628) | / | (1 - (0 + 1061) / 77633) | |
= | 0.985365 | / | 0.986333 | |
= | 0.999 |
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 | |
= | 12239 | / | 11251 | |
= | 1.0878 |
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)) |
= | (163 / (163 + 1061)) | / | (174 / (174 + 1180)) | |
= | 0.13317 | / | 0.128508 | |
= | 1.0363 |
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) |
= | (7946 / 12239) | / | (7166 / 11251) | |
= | 0.649236 | / | 0.636921 | |
= | 1.0193 |
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) |
= | ((3088 + 0) / 80628) | / | ((3139 + 0) / 77633) | |
= | 0.038299 | / | 0.040434 | |
= | 0.9472 |
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 | |
= | (1900 - 0 | - | 2079) | / | 80628 | |
= | -0.00222 |
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.
Raymond James Financial has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Raymond James Financial's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tashtego S Elwyn | officer: President - RJA | 880 CARILLON PARKWAY, ST PETERSBURG FL 33716 |
Bella Loykhter Allaire | officer: Executive Vice President-RJA | 880 CARILLON PARKWAY, ST. PETERSBURG FL 33716 |
James E Bunn | officer: Co-Pres-GlobEq&Inv Banking-RJA | 880 CARILLON PARKWAY, SAINT PETERSBURG FL 33716 |
Steven M Raney | officer: President & CEO RJBank | 880 CARILLON PARKWAY, ST. PETERSBURG FL 33716 |
Art A Garcia | director | 11690 N.W. 105TH STREET, MIAMI FL 33178 |
Jonathan N Santelli | officer: EVP, Gen Counsel, Secy | 880 CARILLON PARKWAY, SAINT PETERSBURG FL 33716 |
Paul C Reilly | director | 880 CARILLON PARKWAY, ST. PETERSBURG FL 33716 |
Jeffrey A Dowdle | officer: President, AMS - RJA | 880 CARILLON PARKWAY, ST. PETERSBURG FL 33716 |
Horace Carter | officer: President, Fixed Income | 1100 RIDGEWAY LOOP ROAD, MEMPHIS TN 38120 |
Raymond W Mcdaniel | director | 7 WORLD TRADE CENTER, 250 GREENWICH STREET, NEW YORK NY 10007 |
Jodi Perry | officer: President, ICD for RJFS | 880 CARILLON PARKWAY, SAINT PETERSBURG FL 33716 |
George Catanese | officer: Executive Vice President | 880 CARILLON PARKWAY, ST. PETERSBURG X1 33716 |
Thomas A James | director, 10 percent owner, officer: Chairman/CEO | 880 CARILLON PARKWAY, ST. PETERSBURG FL 33772 |
Christopher S Aisenbrey | officer: Chief Human Resources Officer | 880 CARILLON PARKWAY, SAINT PETERSBURG FL 33716 |
Coulter James Robert Edward | officer: Director & CEO, RJ Ltd. | 40 KING STREET W, SUITE 5400, TORONTO A6 M5H 3Y2 |
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