SS&C Technologies Holdings Beneish M-Score Historical Data
The historical data trend for SS&C Technologies 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.
SS&C Technologies Holdings Beneish M-Score Chart
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SS&C Technologies Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.83 |
-2.01 |
-3.03 |
-1.91 |
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SS&C Technologies Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.78 |
-1.91 |
-1.57 |
-1.72 |
-1.98 |
Competitive Comparison of SS&C Technologies Holdings's Beneish M-Score
For the Software - Application subindustry, SS&C Technologies 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.
SS&C Technologies Holdings's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, SS&C Technologies Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SS&C Technologies Holdings's Beneish M-Score falls into.
SS&C Technologies 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 SS&C Technologies 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 * 1.7345 | + | 0.528 * 0.9681 | + | 0.404 * 0.9226 | + | 0.892 * 1.0616 | + | 0.115 * 0.9617 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0198 | + | 4.679 * -0.035394 | - | 0.327 * 1.0359 |
| = | -1.98 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $3,063 Mil.
Revenue was 1465.8 + 1451.5 + 1435 + 1411.6 = $5,764 Mil.
Gross Profit was 704.2 + 698.3 + 707.2 + 719.3 = $2,829 Mil.
Total Current Assets was $3,891 Mil.
Total Assets was $18,438 Mil.
Property, Plant and Equipment(Net PPE) was $503 Mil.
Depreciation, Depletion and Amortization(DDA) was $674 Mil.
Selling, General, & Admin. Expense(SGA) was $1,010 Mil.
Total Current Liabilities was $3,220 Mil.
Long-Term Debt & Capital Lease Obligation was $7,331 Mil.
Net Income was 164.4 + 190.3 + 157.6 + 194.4 = $707 Mil.
Non Operating Income was 9.1 + -9.8 + 7.8 + 61.8 = $69 Mil.
Cash Flow from Operations was 336.6 + 384.9 + 180.5 + 388.4 = $1,290 Mil.
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Total Receivables was $1,663 Mil.
Revenue was 1365.9 + 1362.6 + 1362.7 + 1338.3 = $5,430 Mil.
Gross Profit was 654.4 + 641.1 + 637 + 647.4 = $2,580 Mil.
Total Current Assets was $2,268 Mil.
Total Assets was $16,180 Mil.
Property, Plant and Equipment(Net PPE) was $553 Mil.
Depreciation, Depletion and Amortization(DDA) was $678 Mil.
Selling, General, & Admin. Expense(SGA) was $933 Mil.
Total Current Liabilities was $1,989 Mil.
Long-Term Debt & Capital Lease Obligation was $6,948 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) |
| = | (3062.7 / 5763.9) | / | (1663.3 / 5429.5) |
| = | 0.531359 | / | 0.306345 |
| | = | 1.7345 |
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) |
| = | (2579.9 / 5429.5) | / | (2829 / 5763.9) |
| = | 0.475163 | / | 0.490814 |
| | = | 0.9681 |
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 - (3890.7 + 503.2) / 18438.4) | / | (1 - (2268.4 + 553) / 16180) |
| = | 0.761698 | / | 0.825624 |
| | = | 0.9226 |
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 |
| = | 5763.9 | / | 5429.5 |
| | = | 1.0616 |
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)) |
| = | (677.8 / (677.8 + 553)) | / | (674.3 / (674.3 + 503.2)) |
| = | 0.550699 | / | 0.572654 |
| | = | 0.9617 |
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) |
| = | (1010 / 5763.9) | / | (932.9 / 5429.5) |
| = | 0.175229 | / | 0.171821 |
| | = | 1.0198 |
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) |
| = | ((7331 + 3219.7) / 18438.4) | / | ((6948.2 + 1989.1) / 16180) |
| = | 0.572213 | / | 0.552367 |
| | = | 1.0359 |
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 |
| = | (706.7 - 68.9 | - | 1290.4) | / | 18438.4 |
| | = | -0.035394 |
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.
SS&C Technologies Holdings has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
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