Global Infotech Co Beneish M-Score Historical Data
The historical data trend for Global Infotech Co'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.
Global Infotech Co Beneish M-Score Chart
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Global Infotech Co Annual Data
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Dec14 |
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Dec19 |
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Dec23 |
| Beneish M-Score |
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-2.71 |
-5.28 |
-1.59 |
-2.58 |
-2.60 |
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Global Infotech Co Quarterly Data
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Jun19 |
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Mar24 |
| Beneish M-Score |
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-2.65 |
-2.50 |
-2.58 |
-2.60 |
-2.43 |
Competitive Comparison of Global Infotech Co's Beneish M-Score
For the Software - Application subindustry, Global Infotech Co'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.
Global Infotech Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Global Infotech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Global Infotech Co's Beneish M-Score falls into.
Global Infotech Co 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 Global Infotech Co 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 * 1.2136 | + | 0.528 * 1.0292 | + | 0.404 * 1.1446 | + | 0.892 * 0.908 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1046 | + | 4.679 * -0.033355 | - | 0.327 * 0.9032 |
| = | -2.43 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥436 Mil.
Revenue was 198.619 + 518.852 + 280.869 + 345.886 = ¥1,344 Mil.
Gross Profit was 51.034 + 77.648 + 48.136 + 73.088 = ¥250 Mil.
Total Current Assets was ¥1,156 Mil.
Total Assets was ¥1,313 Mil.
Property, Plant and Equipment(Net PPE) was ¥24 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥88 Mil.
Total Current Liabilities was ¥631 Mil.
Long-Term Debt & Capital Lease Obligation was ¥14 Mil.
Net Income was 2.03 + 7.496 + 6.5 + 4.216 = ¥20 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -137.397 + 199.325 + 44.355 + -42.231 = ¥64 Mil.
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Total Receivables was ¥396 Mil.
Revenue was 258.682 + 560.088 + 276.575 + 385.054 = ¥1,480 Mil.
Gross Profit was 61.034 + 90.491 + 66.221 + 65.51 = ¥283 Mil.
Total Current Assets was ¥1,265 Mil.
Total Assets was ¥1,420 Mil.
Property, Plant and Equipment(Net PPE) was ¥29 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥87 Mil.
Total Current Liabilities was ¥755 Mil.
Long-Term Debt & Capital Lease Obligation was ¥17 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) |
| = | (436.349 / 1344.226) | / | (395.957 / 1480.399) |
| = | 0.32461 | / | 0.267466 |
| | = | 1.2136 |
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) |
| = | (283.256 / 1480.399) | / | (249.906 / 1344.226) |
| = | 0.191338 | / | 0.185911 |
| | = | 1.0292 |
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 - (1155.557 + 24.489) / 1313.449) | / | (1 - (1265.004 + 29.163) / 1420.182) |
| = | 0.101567 | / | 0.088732 |
| | = | 1.1446 |
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 |
| = | 1344.226 | / | 1480.399 |
| | = | 0.908 |
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)) |
| = | (0 / (0 + 29.163)) | / | (0 / (0 + 24.489)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (87.609 / 1344.226) | / | (87.346 / 1480.399) |
| = | 0.065174 | / | 0.059002 |
| | = | 1.1046 |
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) |
| = | ((14.454 + 630.559) / 1313.449) | / | ((17.448 + 754.728) / 1420.182) |
| = | 0.491083 | / | 0.543716 |
| | = | 0.9032 |
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 |
| = | (20.242 - 0 | - | 64.052) | / | 1313.449 |
| | = | -0.033355 |
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.
Global Infotech Co has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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