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TechTarget (TechTarget) Beneish M-Score : -3.28 (As of May. 05, 2024)


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What is TechTarget 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 -3.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TTGT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.87   Med: -2.77   Max: -2.47
Current: -3.28

During the past 13 years, the highest Beneish M-Score of TechTarget was -2.47. The lowest was -3.87. And the median was -2.77.


TechTarget Beneish M-Score Historical Data

The historical data trend for TechTarget'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.

* Premium members only.

TechTarget Beneish M-Score Chart

TechTarget Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.06 -2.47 -2.86 -2.59 -3.28

TechTarget Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.59 -2.70 -2.82 -3.11 -3.28

Competitive Comparison of TechTarget's Beneish M-Score

For the Internet Content & Information subindustry, TechTarget'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.


TechTarget's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, TechTarget's Beneish M-Score distribution charts can be found below:

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



TechTarget 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 TechTarget 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 * 0.841+0.528 * 1.0963+0.404 * 1.0739+0.892 * 0.773+0.115 * 0.9013
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2798+4.679 * -0.10439-0.327 * 0.9497
=-3.28

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $39.2 Mil.
Revenue was 57.292 + 57.128 + 58.429 + 57.114 = $230.0 Mil.
Gross Profit was 37.828 + 38.178 + 39.329 + 39.091 = $154.4 Mil.
Total Current Assets was $371.5 Mil.
Total Assets was $699.9 Mil.
Property, Plant and Equipment(Net PPE) was $42.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.1 Mil.
Selling, General, & Admin. Expense(SGA) was $131.3 Mil.
Total Current Liabilities was $37.0 Mil.
Long-Term Debt & Capital Lease Obligation was $427.1 Mil.
Net Income was -1.601 + 1.742 + 2.675 + 1.645 = $4.5 Mil.
Non Operating Income was 0 + 5.033 + 0 + 0 = $5.0 Mil.
Cash Flow from Operations was 18.689 + 25.826 + 9.756 + 18.218 = $72.5 Mil.
Total Receivables was $60.4 Mil.
Revenue was 73.035 + 77.412 + 78.876 + 68.165 = $297.5 Mil.
Gross Profit was 53.359 + 57.64 + 58.427 + 49.574 = $219.0 Mil.
Total Current Assets was $430.8 Mil.
Total Assets was $764.7 Mil.
Property, Plant and Equipment(Net PPE) was $42.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.3 Mil.
Selling, General, & Admin. Expense(SGA) was $132.7 Mil.
Total Current Liabilities was $57.9 Mil.
Long-Term Debt & Capital Lease Obligation was $476.1 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)
=(39.239 / 229.963) / (60.359 / 297.488)
=0.170632 / 0.202896
=0.841

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)
=(219 / 297.488) / (154.426 / 229.963)
=0.736164 / 0.671525
=1.0963

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 - (371.473 + 42.083) / 699.888) / (1 - (430.837 + 42.546) / 764.717)
=0.409111 / 0.38097
=1.0739

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
=229.963 / 297.488
=0.773

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))
=(18.348 / (18.348 + 42.546)) / (21.133 / (21.133 + 42.083))
=0.30131 / 0.334298
=0.9013

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)
=(131.258 / 229.963) / (132.682 / 297.488)
=0.570779 / 0.446008
=1.2798

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)
=((427.115 + 36.99) / 699.888) / ((476.065 + 57.888) / 764.717)
=0.663113 / 0.698236
=0.9497

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
=(4.461 - 5.033 - 72.489) / 699.888
=-0.10439

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.

TechTarget has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.


TechTarget Beneish M-Score Related Terms

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TechTarget (TechTarget) Business Description

Traded in Other Exchanges
Address
275 Grove Street, Newton, MA, USA, 02466
TechTarget Inc is a global data, software and analytics leader for purchase intent-driven marketing and sales data which delivers business impact for business-to-business ("B2B") companies. The company solutions are designed to enable B2B technology companies to identify, reach, and influence key enterprise technology decision makers faster and with higher efficacy. Geographically, it derives a majority of revenue North America. Some of its products include Priority Engine; Lead Generation and others.
Executives
Rebecca Kitchens officer: President 7 APPLE ROCK RD, MILLIS MA 02054
Steven Niemiec officer: Chief Operating Officer & CRO 46 FARM STREET, DOVER MA 02030
Daniel T Noreck officer: Chief Financial Officer 75 HAMMOND STREET, WORCESTER MA 01610
Michael Cotoia officer: Executive Vice President C/O TECHTARGET, INC., 275 GROVE STREET, NEWTON MA 02466
Don Hawk officer: President C/O TECHTARGET, INC., 117 KENDRICK STREET, SUITE 800, NEEDHAM MA 02494
Perfecto Sanchez director 153 DIEHL ROAD, CALLICOON NY 12723
Roger M Marino director 115 ALKE STREET, SHERBORN MA 01770
Greg Strakosch director, officer: Chief Executive Officer C/O TECHTARGET, INC., 117 KENDRICK STREET, SUITE 800, NEEDHAM MA 02494
Bruce Levenson director, 10 percent owner C/O UNITED COMMUNICATIONS GROUP, 11300 ROCKVILLE PIKE, SUITE 1100, ROCKVILLE MD 20852
Houten Christina Van director C/O MIMECAST LTD., MIMECAST NA, INC., 191 SPRING STREET, LEXINGTON MA 02421
Kevin Beam officer: Executive Vice President C/O TECHTARGET, INC., 117 KENDRICK STREET, SUITE 800, NEEDHAM MA 02494
Leonard P Forman director C/O THE NEW YORK TIMES CO, 229 WEST 43RD ST, NEW YORK NY 10036
Nine Ten Partners Lp 10 percent owner 1603 ORRINGTON AVENUE, SUITE 1650, EVANSTON IL 60201
Russell Chad Mollen 10 percent owner 12600 HILL COUNTRY BLVD, SUITE R-230, AUSTIN TX 78738
James Shel Bradshaw 10 percent owner 12600 HILL COUNTRY BLVD, SUITE R-230, AUSTIN TX 78738

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