TechnoPro Holdings Beneish M-Score Historical Data
The historical data trend for TechnoPro 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.
TechnoPro Holdings Beneish M-Score Chart
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TechnoPro Holdings Annual Data
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| Beneish M-Score |
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-2.46 |
-2.79 |
-2.82 |
-2.46 |
-2.59 |
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TechnoPro Holdings Quarterly Data
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| Beneish M-Score |
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-2.65 |
-2.59 |
-2.76 |
-2.71 |
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Competitive Comparison of TechnoPro Holdings's Beneish M-Score
For the Staffing & Employment Services subindustry, TechnoPro 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.
TechnoPro Holdings's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, TechnoPro Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TechnoPro Holdings's Beneish M-Score falls into.
TechnoPro 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 TechnoPro 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 * 1.0133 | + | 0.528 * 1.0053 | + | 0.404 * 0.9428 | + | 0.892 * 1.1021 | + | 0.115 * 1.0175 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0129 | + | 4.679 * -0.067427 | - | 0.327 * 0.9791 |
| = | -2.71 |
* 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 円27,615 Mil.
Revenue was 55112 + 52896 + 51560 + 50279 = 円209,847 Mil.
Gross Profit was 15004 + 14058 + 13603 + 13262 = 円55,927 Mil.
Total Current Assets was 円78,272 Mil.
Total Assets was 円144,557 Mil.
Property, Plant and Equipment(Net PPE) was 円7,009 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,216 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,380 Mil.
Total Current Liabilities was 円47,114 Mil.
Long-Term Debt & Capital Lease Obligation was 円16,991 Mil.
Net Income was 4560 + 4031 + 3967 + 3684 = 円16,242 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 9533 + 6063 + 7236 + 3157 = 円25,989 Mil.
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Total Receivables was 円24,728 Mil.
Revenue was 49786 + 48225 + 47044 + 45354 = 円190,409 Mil.
Gross Profit was 12788 + 13249 + 12575 + 12402 = 円51,014 Mil.
Total Current Assets was 円69,449 Mil.
Total Assets was 円135,094 Mil.
Property, Plant and Equipment(Net PPE) was 円6,891 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,243 Mil.
Selling, General, & Admin. Expense(SGA) was 円29,901 Mil.
Total Current Liabilities was 円43,361 Mil.
Long-Term Debt & Capital Lease Obligation was 円17,829 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) |
| = | (27615 / 209847) | / | (24728 / 190409) |
| = | 0.131596 | / | 0.129868 |
| | = | 1.0133 |
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) |
| = | (51014 / 190409) | / | (55927 / 209847) |
| = | 0.267918 | / | 0.266513 |
| | = | 1.0053 |
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 - (78272 + 7009) / 144557) | / | (1 - (69449 + 6891) / 135094) |
| = | 0.410053 | / | 0.434912 |
| | = | 0.9428 |
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 |
| = | 209847 | / | 190409 |
| | = | 1.1021 |
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)) |
| = | (3243 / (3243 + 6891)) | / | (3216 / (3216 + 7009)) |
| = | 0.320012 | / | 0.314523 |
| | = | 1.0175 |
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) |
| = | (33380 / 209847) | / | (29901 / 190409) |
| = | 0.159068 | / | 0.157036 |
| | = | 1.0129 |
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) |
| = | ((16991 + 47114) / 144557) | / | ((17829 + 43361) / 135094) |
| = | 0.443458 | / | 0.452944 |
| | = | 0.9791 |
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 |
| = | (16242 - 0 | - | 25989) | / | 144557 |
| | = | -0.067427 |
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.
TechnoPro Holdings has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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