Oracle Beneish M-Score Historical Data
The historical data trend for Oracle'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.
Oracle Beneish M-Score Chart
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Oracle Annual Data
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May15 |
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May20 |
May21 |
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May24 |
| Beneish M-Score |
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-2.56 |
-2.53 |
-2.20 |
-2.47 |
-2.53 |
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Oracle Quarterly Data
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Nov19 |
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Aug24 |
| Beneish M-Score |
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-2.58 |
-2.54 |
-2.50 |
-2.53 |
-2.45 |
Competitive Comparison of Oracle's Beneish M-Score
For the Software - Infrastructure subindustry, Oracle'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.
Oracle's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Oracle's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oracle's Beneish M-Score falls into.
Oracle 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 Oracle 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 * 1.1652 | + | 0.528 * 1.0133 | + | 0.404 * 0.9593 | + | 0.892 * 1.056 | + | 0.115 * 1.2334 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9057 | + | 4.679 * -0.048664 | - | 0.327 * 0.9266 |
| = | -2.45 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was $8,021 Mil.
Revenue was 13307 + 14287 + 13280 + 12941 = $53,815 Mil.
Gross Profit was 9401 + 10363 + 9411 + 9201 = $38,376 Mil.
Total Current Assets was $23,072 Mil.
Total Assets was $144,214 Mil.
Property, Plant and Equipment(Net PPE) was $23,094 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,092 Mil.
Selling, General, & Admin. Expense(SGA) was $9,796 Mil.
Total Current Liabilities was $32,045 Mil.
Long-Term Debt & Capital Lease Obligation was $75,314 Mil.
Net Income was 2929 + 3144 + 2401 + 2503 = $10,977 Mil.
Non Operating Income was -199 + -290 + -365 + -277 = $-1,131 Mil.
Cash Flow from Operations was 7427 + 6081 + 5475 + 143 = $19,126 Mil.
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Total Receivables was $6,519 Mil.
Revenue was 12453 + 13836 + 12398 + 12275 = $50,962 Mil.
Gross Profit was 8843 + 10106 + 8959 + 8917 = $36,825 Mil.
Total Current Assets was $22,166 Mil.
Total Assets was $136,662 Mil.
Property, Plant and Equipment(Net PPE) was $17,644 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,117 Mil.
Selling, General, & Admin. Expense(SGA) was $10,242 Mil.
Total Current Liabilities was $25,357 Mil.
Long-Term Debt & Capital Lease Obligation was $84,442 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) |
| = | (8021 / 53815) | / | (6519 / 50962) |
| = | 0.149048 | / | 0.127919 |
| | = | 1.1652 |
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) |
| = | (36825 / 50962) | / | (38376 / 53815) |
| = | 0.722597 | / | 0.71311 |
| | = | 1.0133 |
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 - (23072 + 23094) / 144214) | / | (1 - (22166 + 17644) / 136662) |
| = | 0.679879 | / | 0.708697 |
| | = | 0.9593 |
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 |
| = | 53815 | / | 50962 |
| | = | 1.056 |
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)) |
| = | (6117 / (6117 + 17644)) | / | (6092 / (6092 + 23094)) |
| = | 0.257439 | / | 0.20873 |
| | = | 1.2334 |
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) |
| = | (9796 / 53815) | / | (10242 / 50962) |
| = | 0.182031 | / | 0.200973 |
| | = | 0.9057 |
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) |
| = | ((75314 + 32045) / 144214) | / | ((84442 + 25357) / 136662) |
| = | 0.744442 | / | 0.803435 |
| | = | 0.9266 |
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 |
| = | (10977 - -1131 | - | 19126) | / | 144214 |
| | = | -0.048664 |
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.
Oracle has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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