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Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.
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.
Warning Sign:
Beneish M-Score 1.88 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Jackson Financial's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of Jackson Financial was 16.07. The lowest was -6.08. And the median was -2.18.
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 Jackson Financial 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 * 0.1319 | + | 0.528 * 1 | + | 0.404 * 1 | + | 0.892 * 6.6261 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.1678 | + | 4.679 * -0.010146 | - | 0.327 * 0.8522 | |||||||
= | 1.88 |
* 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 $23,820 Mil. Revenue was 1200 + -359 + 905 + 2614 = $4,360 Mil. Gross Profit was 1200 + -359 + 905 + 2614 = $4,360 Mil. Total Current Assets was $0 Mil. Total Assets was $337,776 Mil. Property, Plant and Equipment(Net PPE) was $0 Mil. Depreciation, Depletion and Amortization(DDA) was $0 Mil. Selling, General, & Admin. Expense(SGA) was $1,062 Mil. Total Current Liabilities was $0 Mil. Long-Term Debt & Capital Lease Obligation was $4,075 Mil. Net Income was 275 + 795 + -1559 + 2773 = $2,284 Mil. Non Operating Income was 10 + 1 + 15 + 18 = $44 Mil. Cash Flow from Operations was 1478 + 1426 + 1634 + 1129 = $5,667 Mil. |
Total Receivables was $27,263 Mil. Revenue was 431 + -754 + -1993 + 2974 = $658 Mil. Gross Profit was 431 + -754 + -1993 + 2974 = $658 Mil. Total Current Assets was $0 Mil. Total Assets was $326,980 Mil. Property, Plant and Equipment(Net PPE) was $0 Mil. Depreciation, Depletion and Amortization(DDA) was $2 Mil. Selling, General, & Admin. Expense(SGA) was $955 Mil. Total Current Liabilities was $0 Mil. Long-Term Debt & Capital Lease Obligation was $4,629 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) |
= | (23820 / 4360) | / | (27263 / 658) | |
= | 5.463303 | / | 41.433131 | |
= | 0.1319 |
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) | |
= | (658 / 658) | / | (4360 / 4360) | |
= | 1 | / | 1 | |
= | 1 |
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 - (0 + 0) / 337776) | / | (1 - (0 + 0) / 326980) | |
= | 1 | / | 1 | |
= | 1 |
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 | |
= | 4360 | / | 658 | |
= | 6.6261 |
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)) |
= | (2 / (2 + 0)) | / | (0 / (0 + 0)) | |
= | 1 | / | ||
= | 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) |
= | (1062 / 4360) | / | (955 / 658) | |
= | 0.243578 | / | 1.451368 | |
= | 0.1678 |
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) |
= | ((4075 + 0) / 337776) | / | ((4629 + 0) / 326980) | |
= | 0.012064 | / | 0.014157 | |
= | 0.8522 |
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 | |
= | (2284 - 44 | - | 5667) | / | 337776 | |
= | -0.010146 |
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.
Jackson Financial has a M-score of 1.88 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Jackson Financial's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Carrie Chelko | officer: EVP, GC and Secretary | 1 CORPORATE WAY, LANSING MI 48951 |
Russell G Noles | director | C/O JACKSON FINANCIAL INC., 1 CORPORATE WAY, LANSING MI 48951 |
Scott Romine | officer: President and CEO, JNLD | 1 CORPORATE WAY, LANSING MI 48951 |
Don W Cummings | officer: SVP, Controller and CAO | C/O JACKSON FINANCIAL INC., 1 CORPORATE WAY, LANSING MI 48951 |
Devkumar Dilip Ganguly | officer: EVP & Chief Operating Officer | C/O JACKSON FINANCIAL INC., 1 CORPORATE WAY, LANSING MI 48951 |
Christopher Raub | officer: EVP and Chief Risk Officer | 1 CORPORATE WAY, LANSING MI 48951 |
Gregory T Durant | director | C/O JACKSON FINANCIAL INC., 1 CORPORATE WAY, LANSING MI 48951 |
Plc Prudential | 10 percent owner | 1 ANGEL COURT, LONDON X0 EC2R 7AG |
Paul Chadwick Myers | officer: Vice Chair, JHLLC | C/O JACKSON FINANCIAL INC., 1 CORPORATE WAY, LANSING MI 48951 |
Laura Louene Prieskorn | director, officer: CEO and President | C/O JACKSON FINANCIAL INC., 1 CORPORATE WAY, LANSING MI 48951 |
Dan Hagan | 10 percent owner | PO BOX 1225, COLUMBIA MO 65205 |
Derek G Kirkland | director | C/O JACKSON FINANCIAL INC., 1 CORPORATE WAY, LANSING MI 48951 |
Steven A Kandarian | director | METLIFE, 200 PARK AVENUE, NEW YORK NY 10166 |
Aimee Rochelle Decamillo | officer: EVP & Chief Commercial Officer | C/O JACKSON FINANCIAL INC., 1 CORPORATE WAY, LANSING MI 48951 |
Martin J Lippert | director | 200 PARK AVENUE, NEW YORK NY 10166 |
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