TrueBlue Beneish M-Score Historical Data
The historical data trend for TrueBlue'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.
TrueBlue Beneish M-Score Chart
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TrueBlue Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-3.24 |
-2.10 |
-2.78 |
-2.86 |
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TrueBlue Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.88 |
-2.99 |
-2.89 |
-2.86 |
Competitive Comparison of TrueBlue's Beneish M-Score
For the Staffing & Employment Services subindustry, TrueBlue'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.
TrueBlue's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, TrueBlue's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TrueBlue's Beneish M-Score falls into.
TrueBlue 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 TrueBlue 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 * 0.9595 | + | 0.528 * 1.0062 | + | 0.404 * 0.998 | + | 0.892 * 0.8456 | + | 0.115 * 1.1635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1682 | + | 4.679 * -0.043855 | - | 0.327 * 0.9792 |
| = | -2.86 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $264 Mil.
Revenue was 492.171 + 473.196 + 475.588 + 465.288 = $1,906 Mil.
Gross Profit was 128.282 + 124.173 + 130.491 + 123.113 = $506 Mil.
Total Current Assets was $355 Mil.
Total Assets was $899 Mil.
Property, Plant and Equipment(Net PPE) was $155 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $495 Mil.
Total Current Liabilities was $204 Mil.
Long-Term Debt & Capital Lease Obligation was $49 Mil.
Net Income was -2.551 + -0.01 + -7.323 + -4.289 = $-14 Mil.
Non Operating Income was 0 + 0 + -9.485 + 0 = $-9 Mil.
Cash Flow from Operations was 15.185 + -1.295 + 11.713 + 9.151 = $35 Mil.
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Total Receivables was $326 Mil.
Revenue was 557.695 + 575.721 + 569.253 + 551.515 = $2,254 Mil.
Gross Profit was 147.849 + 155.919 + 158.531 + 139.845 = $602 Mil.
Total Current Assets was $430 Mil.
Total Assets was $1,019 Mil.
Property, Plant and Equipment(Net PPE) was $147 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $501 Mil.
Total Current Liabilities was $243 Mil.
Long-Term Debt & Capital Lease Obligation was $51 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) |
| = | (264.214 / 1906.243) | / | (325.628 / 2254.184) |
| = | 0.138605 | / | 0.144455 |
| | = | 0.9595 |
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) |
| = | (602.144 / 2254.184) | / | (506.059 / 1906.243) |
| = | 0.267123 | / | 0.265475 |
| | = | 1.0062 |
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 - (354.993 + 154.725) / 899.383) | / | (1 - (430.212 + 146.646) / 1019.408) |
| = | 0.433258 | / | 0.434125 |
| | = | 0.998 |
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 |
| = | 1906.243 | / | 2254.184 |
| | = | 0.8456 |
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)) |
| = | (29.273 / (29.273 + 146.646)) | / | (25.821 / (25.821 + 154.725)) |
| = | 0.1664 | / | 0.143016 |
| | = | 1.1635 |
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) |
| = | (494.603 / 1906.243) | / | (500.686 / 2254.184) |
| = | 0.259465 | / | 0.222114 |
| | = | 1.1682 |
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) |
| = | ((49.434 + 204.099) / 899.383) | / | ((50.601 + 242.875) / 1019.408) |
| = | 0.281897 | / | 0.287889 |
| | = | 0.9792 |
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 |
| = | (-14.173 - -9.485 | - | 34.754) | / | 899.383 |
| | = | -0.043855 |
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.
TrueBlue has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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