SBI Holdings Beneish M-Score Historical Data
The historical data trend for SBI 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.
SBI Holdings Beneish M-Score Chart
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SBI Holdings Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.27 |
-1.94 |
1.62 |
-2.53 |
-2.28 |
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SBI Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.53 |
-2.15 |
-1.98 |
-2.16 |
-2.28 |
Competitive Comparison of SBI Holdings's Beneish M-Score
For the Financial Conglomerates subindustry, SBI 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.
SBI Holdings's Beneish M-Score Distribution in the Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, SBI Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SBI Holdings's Beneish M-Score falls into.
SBI 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 SBI 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 * 0.922 | + | 0.528 * 1.0964 | + | 0.404 * 1.4112 | + | 0.892 * 1.2123 | + | 0.115 * 1.0598 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8699 | + | 4.679 * -0.046252 | - | 0.327 * 0.8538 |
| = | -2.28 |
* 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 円11,676,228 Mil.
Revenue was 345785 + 289894 + 272518 + 302307 = 円1,210,504 Mil.
Gross Profit was 175022 + 157845 + 147212 + 175738 = 円655,817 Mil.
Total Current Assets was 円16,680,962 Mil.
Total Assets was 円27,209,391 Mil.
Property, Plant and Equipment(Net PPE) was 円133,777 Mil.
Depreciation, Depletion and Amortization(DDA) was 円55,432 Mil.
Selling, General, & Admin. Expense(SGA) was 円545,118 Mil.
Total Current Liabilities was 円14,008,251 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,547,079 Mil.
Net Income was 27627 + 22528 + 12621 + 24467 = 円87,243 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 600000 + 719938 + 223145 + -197343 = 円1,345,740 Mil.
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Total Receivables was 円10,447,026 Mil.
Revenue was 344684 + 205720 + 227553 + 220602 = 円998,559 Mil.
Gross Profit was 205115 + 117394 + 136236 + 134421 = 円593,166 Mil.
Total Current Assets was 円16,146,329 Mil.
Total Assets was 円22,310,728 Mil.
Property, Plant and Equipment(Net PPE) was 円124,655 Mil.
Depreciation, Depletion and Amortization(DDA) was 円56,129 Mil.
Selling, General, & Admin. Expense(SGA) was 円516,927 Mil.
Total Current Liabilities was 円13,533,290 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,285,737 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) |
| = | (11676228 / 1210504) | / | (10447026 / 998559) |
| = | 9.645757 | / | 10.462102 |
| | = | 0.922 |
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) |
| = | (593166 / 998559) | / | (655817 / 1210504) |
| = | 0.594022 | / | 0.541772 |
| | = | 1.0964 |
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 - (16680962 + 133777) / 27209391) | / | (1 - (16146329 + 124655) / 22310728) |
| = | 0.382024 | / | 0.27071 |
| | = | 1.4112 |
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 |
| = | 1210504 | / | 998559 |
| | = | 1.2123 |
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)) |
| = | (56129 / (56129 + 124655)) | / | (55432 / (55432 + 133777)) |
| = | 0.310475 | / | 0.292967 |
| | = | 1.0598 |
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) |
| = | (545118 / 1210504) | / | (516927 / 998559) |
| = | 0.450323 | / | 0.517673 |
| | = | 0.8699 |
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) |
| = | ((4547079 + 14008251) / 27209391) | / | ((4285737 + 13533290) / 22310728) |
| = | 0.681946 | / | 0.798675 |
| | = | 0.8538 |
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 |
| = | (87243 - 0 | - | 1345740) | / | 27209391 |
| | = | -0.046252 |
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.
SBI Holdings has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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