Globant Beneish M-Score Historical Data
The historical data trend for Globant'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.
Globant Beneish M-Score Chart
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Globant Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.77 |
-1.79 |
-2.21 |
-2.09 |
-2.61 |
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Globant Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.25 |
-2.27 |
-2.61 |
-2.59 |
-2.52 |
Competitive Comparison of Globant's Beneish M-Score
For the Information Technology Services subindustry, Globant'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.
Globant's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Globant's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Globant's Beneish M-Score falls into.
Globant 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 Globant 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 * 1.111 | + | 0.528 * 1.0254 | + | 0.404 * 1.1533 | + | 0.892 * 1.1715 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0211 | + | 4.679 * -0.043266 | - | 0.327 * 1.1375 |
| = | -2.40 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was R$3,466 Mil.
Revenue was 3164.124 + 2843.854 + 2845.338 + 2692.984 = R$11,546 Mil.
Gross Profit was 1128.652 + 1007.02 + 1020.731 + 979.354 = R$4,136 Mil.
Total Current Assets was R$4,597 Mil.
Total Assets was R$14,106 Mil.
Property, Plant and Equipment(Net PPE) was R$1,468 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,371 Mil.
Total Current Liabilities was R$2,969 Mil.
Long-Term Debt & Capital Lease Obligation was R$463 Mil.
Net Income was 208.216 + 224.39 + 202.969 + 216.429 = R$852 Mil.
Non Operating Income was -13.449 + 39.002 + -1.044 + 1.595 = R$26 Mil.
Cash Flow from Operations was -2.871 + 53.284 + 954.133 + 431.667 = R$1,436 Mil.
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Total Receivables was R$2,663 Mil.
Revenue was 2414.866 + 2460.652 + 2574.044 + 2406.204 = R$9,856 Mil.
Gross Profit was 877.748 + 876.592 + 962.636 + 902.827 = R$3,620 Mil.
Total Current Assets was R$4,101 Mil.
Total Assets was R$10,915 Mil.
Property, Plant and Equipment(Net PPE) was R$1,420 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,982 Mil.
Total Current Liabilities was R$1,917 Mil.
Long-Term Debt & Capital Lease Obligation was R$418 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) |
| = | (3466.3 / 11546.3) | / | (2663.084 / 9855.766) |
| = | 0.300209 | / | 0.270206 |
| | = | 1.111 |
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) |
| = | (3619.803 / 9855.766) | / | (4135.757 / 11546.3) |
| = | 0.367278 | / | 0.358189 |
| | = | 1.0254 |
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 - (4597.462 + 1467.976) / 14106.147) | / | (1 - (4100.872 + 1419.688) / 10915.379) |
| = | 0.570015 | / | 0.49424 |
| | = | 1.1533 |
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 |
| = | 11546.3 | / | 9855.766 |
| | = | 1.1715 |
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 + 1419.688)) | / | (0 / (0 + 1467.976)) |
| = | 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) |
| = | (2371.069 / 11546.3) | / | (1982.033 / 9855.766) |
| = | 0.205353 | / | 0.201104 |
| | = | 1.0211 |
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) |
| = | ((463.108 + 2969.071) / 14106.147) | / | ((417.84 + 1916.945) / 10915.379) |
| = | 0.243311 | / | 0.213899 |
| | = | 1.1375 |
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 |
| = | (852.004 - 26.104 | - | 1436.213) | / | 14106.147 |
| | = | -0.043266 |
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.
Globant has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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