Simulations Plus Beneish M-Score Historical Data
The historical data trend for Simulations Plus'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.
Simulations Plus Beneish M-Score Chart
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Simulations Plus Annual Data
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Aug14 |
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Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.73 |
-2.29 |
-3.11 |
-2.20 |
-3.02 |
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Simulations Plus Quarterly Data
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May19 |
Aug19 |
Nov19 |
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Feb24 |
| Beneish M-Score |
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-2.91 |
-3.46 |
-3.02 |
-2.57 |
-2.59 |
Competitive Comparison of Simulations Plus's Beneish M-Score
For the Health Information Services subindustry, Simulations Plus'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.
Simulations Plus's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Simulations Plus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Simulations Plus's Beneish M-Score falls into.
Simulations Plus 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 Simulations Plus 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 * 0.968 | + | 0.528 * 1.0733 | + | 0.404 * 1.4414 | + | 0.892 * 1.1886 | + | 0.115 * 0.9332 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9959 | + | 4.679 * -0.02836 | - | 0.327 * 2.0024 |
| = | -2.59 |
* 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.
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) |
| = | (13.114 / 64.668) | / | (11.398 / 54.407) |
| = | 0.20279 | / | 0.209495 |
| | = | 0.968 |
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) |
| = | (43.88 / 54.407) | / | (48.593 / 64.668) |
| = | 0.806514 | / | 0.751423 |
| | = | 1.0733 |
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 - (127.957 + 1.905) / 193.973) | / | (1 - (131.474 + 2.012) / 173.201) |
| = | 0.330515 | / | 0.2293 |
| | = | 1.4414 |
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 |
| = | 64.668 | / | 54.407 |
| | = | 1.1886 |
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)) |
| = | (3.592 / (3.592 + 2.012)) | / | (4.178 / (4.178 + 1.905)) |
| = | 0.640971 | / | 0.686832 |
| | = | 0.9332 |
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) |
| = | (34.828 / 64.668) | / | (29.421 / 54.407) |
| = | 0.538566 | / | 0.540758 |
| | = | 0.9959 |
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) |
| = | ((0.607 + 14.528) / 193.973) | / | ((0.747 + 6.002) / 173.201) |
| = | 0.078026 | / | 0.038966 |
| | = | 2.0024 |
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 |
| = | (10.516 - -1.563 | - | 17.58) | / | 193.973 |
| | = | -0.02836 |
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.
Simulations Plus has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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