We just released a new detailed report in our scorecard: the Beneish M-Scorecard. Just click on the 'Details' link in the top-right corner of the Beneish M-Score panel to open it. We will add more details to the documentation soon.

To build this scorecard, we went through Beneish's paper again and found a few details we didn't cover in our original calculation. (And none of our competitors do either) Beneish, for instance, winsorizes the data to remove extreme values. Winsorizing is essential as it deals with data getting out of whack due to small denominators. This is not easy to implement, but we went through the trouble, and it was really worth it.

We're very proud of the results, and we think it's a scorecard that shouldn't be overlooked when evaluating an investment idea. The example above shows the scorecard for Oracle, but it's available for all 32.000 companies in our database.