ScanSource Beneish M-Score Historical Data
The historical data trend for ScanSource'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.
ScanSource Beneish M-Score Chart
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ScanSource Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-3.33 |
-2.38 |
-1.91 |
-2.16 |
-3.42 |
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ScanSource 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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-2.16 |
-2.55 |
-2.84 |
-3.17 |
-3.42 |
Competitive Comparison of ScanSource's Beneish M-Score
For the Electronics & Computer Distribution subindustry, ScanSource'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.
ScanSource's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, ScanSource's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ScanSource's Beneish M-Score falls into.
ScanSource 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 ScanSource 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 * 0.9518 | + | 0.528 * 0.9689 | + | 0.404 * 1.0679 | + | 0.892 * 0.8606 | + | 0.115 * 0.918 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1283 | + | 4.679 * -0.17054 | - | 0.327 * 0.8436 |
| = | -3.42 |
* 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 $683 Mil.
Revenue was 746.113 + 752.599 + 884.792 + 876.305 = $3,260 Mil.
Gross Profit was 97.314 + 94.481 + 100.748 + 106.508 = $399 Mil.
Total Current Assets was $1,405 Mil.
Total Assets was $1,779 Mil.
Property, Plant and Equipment(Net PPE) was $43 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $277 Mil.
Total Current Liabilities was $669 Mil.
Long-Term Debt & Capital Lease Obligation was $143 Mil.
Net Income was 16.096 + 12.806 + 32.726 + 15.432 = $77 Mil.
Non Operating Income was -0.81 + -4.164 + 14.46 + -0.677 = $9 Mil.
Cash Flow from Operations was 54.739 + 160.151 + 63.224 + 93.533 = $372 Mil.
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Total Receivables was $833 Mil.
Revenue was 947.148 + 885.519 + 1011.241 + 943.813 = $3,788 Mil.
Gross Profit was 108.658 + 111.762 + 115.334 + 113.485 = $449 Mil.
Total Current Assets was $1,657 Mil.
Total Assets was $2,068 Mil.
Property, Plant and Equipment(Net PPE) was $50 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $286 Mil.
Total Current Liabilities was $787 Mil.
Long-Term Debt & Capital Lease Obligation was $332 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) |
| = | (682.545 / 3259.809) | / | (833.275 / 3787.721) |
| = | 0.209382 | / | 0.219994 |
| | = | 0.9518 |
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) |
| = | (449.239 / 3787.721) | / | (399.051 / 3259.809) |
| = | 0.118604 | / | 0.122415 |
| | = | 0.9689 |
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 - (1404.699 + 42.558) / 1779.032) | / | (1 - (1657.075 + 49.918) / 2068.169) |
| = | 0.186492 | / | 0.174636 |
| | = | 1.0679 |
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 |
| = | 3259.809 | / | 3787.721 |
| | = | 0.8606 |
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)) |
| = | (28.614 / (28.614 + 49.918)) | / | (28.009 / (28.009 + 42.558)) |
| = | 0.364361 | / | 0.396914 |
| | = | 0.918 |
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) |
| = | (277.429 / 3259.809) | / | (285.694 / 3787.721) |
| = | 0.085106 | / | 0.075426 |
| | = | 1.1283 |
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) |
| = | ((142.706 + 669.352) / 1779.032) | / | ((332.315 + 786.801) / 2068.169) |
| = | 0.456461 | / | 0.541114 |
| | = | 0.8436 |
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 |
| = | (77.06 - 8.809 | - | 371.647) | / | 1779.032 |
| | = | -0.17054 |
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.
ScanSource has a M-score of -3.42 suggests that the company is unlikely to be a manipulator.
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