Cumulus Media Beneish M-Score Historical Data
The historical data trend for Cumulus Media'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.
Cumulus Media Beneish M-Score Chart
|
Cumulus Media Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.34 |
-2.72 |
-2.70 |
-2.55 |
-2.99 |
|
Cumulus Media Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.55 |
-2.74 |
-2.88 |
-2.84 |
-2.99 |
Competitive Comparison of Cumulus Media's Beneish M-Score
For the Broadcasting subindustry, Cumulus Media'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.
Cumulus Media's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Cumulus Media's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cumulus Media's Beneish M-Score falls into.
Cumulus Media 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 Cumulus Media 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 * 0.969 | + | 0.528 * 1.0287 | + | 0.404 * 1.0168 | + | 0.892 * 0.8857 | + | 0.115 * 0.9075 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1103 | + | 4.679 * -0.076223 | - | 0.327 * 1.0594 |
| = | -2.99 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $182.2 Mil.
Revenue was 221.301 + 207.419 + 210.136 + 205.692 = $844.5 Mil.
Gross Profit was 128.881 + 130.679 + 136.603 + 117.026 = $513.2 Mil.
Total Current Assets was $286.9 Mil.
Total Assets was $1,440.3 Mil.
Property, Plant and Equipment(Net PPE) was $299.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $58.2 Mil.
Selling, General, & Admin. Expense(SGA) was $377.0 Mil.
Total Current Liabilities was $143.7 Mil.
Long-Term Debt & Capital Lease Obligation was $785.6 Mil.
Net Income was -98.066 + 2.722 + -1.068 + -21.467 = $-117.9 Mil.
Non Operating Income was -65.188 + 9.431 + 8.393 + 7.608 = $-39.8 Mil.
Cash Flow from Operations was 3.271 + -6.798 + 11.53 + 23.658 = $31.7 Mil.
|
Total Receivables was $212.3 Mil.
Revenue was 251.27 + 233.463 + 236.741 + 232.032 = $953.5 Mil.
Gross Profit was 151.585 + 150.179 + 153.557 + 140.707 = $596.0 Mil.
Total Current Assets was $345.3 Mil.
Total Assets was $1,609.0 Mil.
Property, Plant and Equipment(Net PPE) was $325.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.4 Mil.
Selling, General, & Admin. Expense(SGA) was $383.4 Mil.
Total Current Liabilities was $145.6 Mil.
Long-Term Debt & Capital Lease Obligation was $834.4 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) |
| = | (182.201 / 844.548) | / | (212.298 / 953.506) |
| = | 0.215738 | / | 0.22265 |
| | = | 0.969 |
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) |
| = | (596.028 / 953.506) | / | (513.189 / 844.548) |
| = | 0.625091 | / | 0.607649 |
| | = | 1.0287 |
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 - (286.897 + 299.242) / 1440.301) | / | (1 - (345.271 + 325.343) / 1609.031) |
| = | 0.593044 | / | 0.583219 |
| | = | 1.0168 |
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 |
| = | 844.548 | / | 953.506 |
| | = | 0.8857 |
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)) |
| = | (56.386 / (56.386 + 325.343)) | / | (58.176 / (58.176 + 299.242)) |
| = | 0.147712 | / | 0.162767 |
| | = | 0.9075 |
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) |
| = | (377.032 / 844.548) | / | (383.375 / 953.506) |
| = | 0.446431 | / | 0.402069 |
| | = | 1.1103 |
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) |
| = | ((785.565 + 143.739) / 1440.301) | / | ((834.381 + 145.608) / 1609.031) |
| = | 0.645215 | / | 0.609055 |
| | = | 1.0594 |
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 |
| = | (-117.879 - -39.756 | - | 31.661) | / | 1440.301 |
| | = | -0.076223 |
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.
Cumulus Media has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
CMLS has been successfully added to your