Akamai Technologies Beneish M-Score Historical Data
The historical data trend for Akamai Technologies'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.
Akamai Technologies Beneish M-Score Chart
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Akamai Technologies Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.65 |
-2.58 |
-2.84 |
-2.88 |
-2.73 |
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Akamai Technologies Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
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Jun24 |
| Beneish M-Score |
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-2.88 |
-2.70 |
-2.73 |
-2.89 |
-2.92 |
Competitive Comparison of Akamai Technologies's Beneish M-Score
For the Software - Infrastructure subindustry, Akamai Technologies'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.
Akamai Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Akamai Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Akamai Technologies's Beneish M-Score falls into.
Akamai Technologies 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 Akamai Technologies 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 * 0.9334 | + | 0.528 * 1.013 | + | 0.404 * 0.9559 | + | 0.892 * 1.0726 | + | 0.115 * 1.0294 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9886 | + | 4.679 * -0.087632 | - | 0.327 * 1.0952 |
| = | -2.92 |
* 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 $699 Mil.
Revenue was 979.58 + 986.97 + 995.017 + 965.484 = $3,927 Mil.
Gross Profit was 576.692 + 592.227 + 601.62 + 582.409 = $2,353 Mil.
Total Current Assets was $2,570 Mil.
Total Assets was $10,088 Mil.
Property, Plant and Equipment(Net PPE) was $2,900 Mil.
Depreciation, Depletion and Amortization(DDA) was $611 Mil.
Selling, General, & Admin. Expense(SGA) was $1,078 Mil.
Total Current Liabilities was $1,946 Mil.
Long-Term Debt & Capital Lease Obligation was $3,225 Mil.
Net Income was 131.688 + 175.418 + 161.165 + 160.542 = $629 Mil.
Non Operating Income was -4.513 + -0.205 + -5.97 + -7.975 = $-19 Mil.
Cash Flow from Operations was 430.963 + 351.878 + 389.193 + 359.436 = $1,531 Mil.
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Total Receivables was $698 Mil.
Revenue was 935.721 + 915.698 + 927.779 + 881.896 = $3,661 Mil.
Gross Profit was 562.446 + 554.382 + 569.811 + 535.446 = $2,222 Mil.
Total Current Assets was $1,718 Mil.
Total Assets was $8,346 Mil.
Property, Plant and Equipment(Net PPE) was $2,631 Mil.
Depreciation, Depletion and Amortization(DDA) was $574 Mil.
Selling, General, & Admin. Expense(SGA) was $1,016 Mil.
Total Current Liabilities was $861 Mil.
Long-Term Debt & Capital Lease Obligation was $3,046 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) |
| = | (699.258 / 3927.051) | / | (698.445 / 3661.094) |
| = | 0.178062 | / | 0.190775 |
| | = | 0.9334 |
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) |
| = | (2222.085 / 3661.094) | / | (2352.948 / 3927.051) |
| = | 0.606946 | / | 0.599164 |
| | = | 1.013 |
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 - (2570.46 + 2899.533) / 10087.532) | / | (1 - (1718.472 + 2630.768) / 8345.965) |
| = | 0.457747 | / | 0.478881 |
| | = | 0.9559 |
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 |
| = | 3927.051 | / | 3661.094 |
| | = | 1.0726 |
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)) |
| = | (574.137 / (574.137 + 2630.768)) | / | (610.926 / (610.926 + 2899.533)) |
| = | 0.179143 | / | 0.17403 |
| | = | 1.0294 |
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) |
| = | (1077.679 / 3927.051) | / | (1016.239 / 3661.094) |
| = | 0.274424 | / | 0.277578 |
| | = | 0.9886 |
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) |
| = | ((3225.451 + 1945.876) / 10087.532) | / | ((3045.783 + 860.774) / 8345.965) |
| = | 0.512645 | / | 0.468077 |
| | = | 1.0952 |
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 |
| = | (628.813 - -18.663 | - | 1531.47) | / | 10087.532 |
| | = | -0.087632 |
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.
Akamai Technologies has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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