Cisco Systems Beneish M-Score Historical Data
The historical data trend for Cisco Systems'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.
Cisco Systems Beneish M-Score Chart
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Cisco Systems Annual Data
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| Beneish M-Score |
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-2.60 |
-2.65 |
-2.52 |
-2.90 |
-2.43 |
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Cisco Systems Quarterly Data
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| Beneish M-Score |
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-2.90 |
-2.74 |
-2.56 |
-2.54 |
-2.43 |
Competitive Comparison of Cisco Systems's Beneish M-Score
For the Communication Equipment subindustry, Cisco Systems'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.
Cisco Systems's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Cisco Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cisco Systems's Beneish M-Score falls into.
Cisco Systems 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 Cisco Systems 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 * 1.1534 | + | 0.528 * 0.969 | + | 0.404 * 1.2401 | + | 0.892 * 0.9439 | + | 0.115 * 0.8305 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1296 | + | 4.679 * 0.0043 | - | 0.327 * 1.2982 |
| = | -2.43 |
* 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 (Jul24) TTM: | Last Year (Jul23) TTM: |
Total Receivables was $10,023 Mil.
Revenue was 13642 + 12702 + 12791 + 14668 = $53,803 Mil.
Gross Profit was 8781 + 8273 + 8217 + 9557 = $34,828 Mil.
Total Current Assets was $36,862 Mil.
Total Assets was $124,413 Mil.
Property, Plant and Equipment(Net PPE) was $2,090 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,507 Mil.
Selling, General, & Admin. Expense(SGA) was $13,177 Mil.
Total Current Liabilities was $40,584 Mil.
Long-Term Debt & Capital Lease Obligation was $19,621 Mil.
Net Income was 2162 + 1886 + 2634 + 3638 = $10,320 Mil.
Non Operating Income was -186 + -552 + -151 + -206 = $-1,095 Mil.
Cash Flow from Operations was 3730 + 3971 + 808 + 2371 = $10,880 Mil.
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Total Receivables was $9,206 Mil.
Revenue was 15203 + 14571 + 13592 + 13632 = $56,998 Mil.
Gross Profit was 9748 + 9232 + 8427 + 8346 = $35,753 Mil.
Total Current Assets was $43,348 Mil.
Total Assets was $101,852 Mil.
Property, Plant and Equipment(Net PPE) was $2,085 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,726 Mil.
Selling, General, & Admin. Expense(SGA) was $12,358 Mil.
Total Current Liabilities was $31,309 Mil.
Long-Term Debt & Capital Lease Obligation was $6,658 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) |
| = | (10023 / 53803) | / | (9206 / 56998) |
| = | 0.186291 | / | 0.161514 |
| | = | 1.1534 |
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) |
| = | (35753 / 56998) | / | (34828 / 53803) |
| = | 0.627268 | / | 0.647324 |
| | = | 0.969 |
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 - (36862 + 2090) / 124413) | / | (1 - (43348 + 2085) / 101852) |
| = | 0.686914 | / | 0.553931 |
| | = | 1.2401 |
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 |
| = | 53803 | / | 56998 |
| | = | 0.9439 |
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)) |
| = | (1726 / (1726 + 2085)) | / | (2507 / (2507 + 2090)) |
| = | 0.4529 | / | 0.545356 |
| | = | 0.8305 |
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) |
| = | (13177 / 53803) | / | (12358 / 56998) |
| = | 0.244912 | / | 0.216815 |
| | = | 1.1296 |
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) |
| = | ((19621 + 40584) / 124413) | / | ((6658 + 31309) / 101852) |
| = | 0.483912 | / | 0.372766 |
| | = | 1.2982 |
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 |
| = | (10320 - -1095 | - | 10880) | / | 124413 |
| | = | 0.0043 |
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.
Cisco Systems has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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