Tenable Holdings (STU:TE7) Beneish M-Score : -2.77 (As of May. 25, 2024)

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What is Tenable Holdings Beneish M-Score?

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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tenable Holdings's Beneish M-Score or its related term are showing as below:

STU:TE7' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.83 Max: -2.19
Current: -2.77

During the past 8 years, the highest Beneish M-Score of Tenable Holdings was -2.19. The lowest was -3.23. And the median was -2.83.

Tenable Holdings Beneish M-Score Historical Data

The historical data trend for Tenable 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.

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Tenable Holdings Beneish M-Score Chart

Tenable Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.19

-3.04

-2.58

-2.85

-2.83

Tenable Holdings Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.97	-2.86	-2.98	-2.83	-2.77

Competitive Comparison of Tenable Holdings's Beneish M-Score

For the Software - Infrastructure subindustry, Tenable 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.

Tenable Holdings's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Tenable Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tenable Holdings's Beneish M-Score falls into.

Tenable 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 Tenable Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1157

0.528 * 0.9931

0.404 * 1.3074

0.892 * 1.1178

0.115 * 0.8471

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9495

4.679 * -0.136995

0.327 * 0.9713

-2.79

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €144.3 Mil.
Revenue was 198.684 + 195.602 + 188.833 + 180.018 = €763.1 Mil.
Gross Profit was 153.667 + 150.849 + 145.961 + 139.855 = €590.3 Mil.
Total Current Assets was €720.1 Mil.
Total Assets was €1,441.7 Mil.
Property, Plant and Equipment(Net PPE) was €72.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €26.8 Mil.
Selling, General, & Admin. Expense(SGA) was €477.0 Mil.
Total Current Liabilities was €584.1 Mil.
Long-Term Debt & Capital Lease Obligation was €372.5 Mil.
Net Income was -13.235 + -19.851 + -14.584 + -14.744 = €-62.4 Mil.
Non Operating Income was -2.483 + -4.684 + -6.092 + -0.871 = €-14.1 Mil.
Cash Flow from Operations was 46.3 + 35.309 + 39.739 + 27.868 = €149.2 Mil.

Total Receivables was €115.7 Mil.
Revenue was 176.376 + 174.292 + 176.6 + 155.467 = €682.7 Mil.
Gross Profit was 133.873 + 131.585 + 137.632 + 121.376 = €524.5 Mil.
Total Current Assets was €794.9 Mil.
Total Assets was €1,329.3 Mil.
Property, Plant and Equipment(Net PPE) was €77.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €22.7 Mil.
Selling, General, & Admin. Expense(SGA) was €449.4 Mil.
Total Current Liabilities was €523.0 Mil.
Long-Term Debt & Capital Lease Obligation was €385.2 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)
	=	(144.26 / 763.137)	/	(115.681 / 682.735)
	=	0.189036	/	0.169438
	=	1.1157

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)
	=	(524.466 / 682.735)	/	(590.332 / 763.137)
	=	0.768184	/	0.77356
	=	0.9931

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 - (720.136 + 72.933) / 1441.66)	/	(1 - (794.884 + 77.026) / 1329.341)
	=	0.449892	/	0.344104
	=	1.3074

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
	=	763.137	/	682.735
	=	1.1178

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))
	=	(22.666 / (22.666 + 77.026))	/	(26.758 / (26.758 + 72.933))
	=	0.22736	/	0.268409
	=	0.8471

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)
	=	(476.999 / 763.137)	/	(449.44 / 682.735)
	=	0.62505	/	0.658293
	=	0.9495

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)
	=	((372.544 + 584.056) / 1441.66)	/	((385.158 + 522.994) / 1329.341)
	=	0.663541	/	0.68316
	=	0.9713

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
	=	(-62.414 - -14.13	-	149.216)	/	1441.66
	=	-0.136995

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.

Tenable Holdings has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Tenable Holdings Beneish M-Score Related Terms

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Tenable Holdings (STU:TE7) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Tenable Holdings Inc (STU:TE7) » Definitions » Beneish M-Score

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Traded in Other Exchanges

TENB:USA TENB:Mexico TE7:Germany

Address

6100 Merriweather Drive, Columbia, MD, USA, 21044

Website

https://www.tenable.com

Founded in 2002, Tenable is a cybersecurity company that began providing vulnerability management solutions under its Nessus software. In recent years, Tenable has expanded its portfolio to provide a broader range of exposure management modules. Solutions include cloud security and compliance, active directory management, operational technology security and advanced vulnerability analytics. The Maryland-based company went public in 2018.

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