Hasbro Beneish M-Score Historical Data
The historical data trend for Hasbro'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.
Hasbro Beneish M-Score Chart
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Hasbro Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-1.98 |
-2.56 |
-2.78 |
-2.98 |
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Hasbro Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.83 |
-2.68 |
-2.82 |
-2.98 |
Competitive Comparison of Hasbro's Beneish M-Score
For the Leisure subindustry, Hasbro'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.
Hasbro's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Hasbro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hasbro's Beneish M-Score falls into.
Hasbro 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 Hasbro 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 * 1.064 | + | 0.528 * 1.0279 | + | 0.404 * 0.9021 | + | 0.892 * 0.8543 | + | 0.115 * 1.1329 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0482 | + | 4.679 * -0.073033 | - | 0.327 * 1.2096 |
| = | -2.98 |
* 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 $1,029 Mil.
Revenue was 1288.9 + 1503.4 + 1210 + 1001 = $5,003 Mil.
Gross Profit was 582.4 + 902 + 737.9 + 646.7 = $2,869 Mil.
Total Current Assets was $2,324 Mil.
Total Assets was $6,541 Mil.
Property, Plant and Equipment(Net PPE) was $489 Mil.
Depreciation, Depletion and Amortization(DDA) was $660 Mil.
Selling, General, & Admin. Expense(SGA) was $1,839 Mil.
Total Current Liabilities was $2,056 Mil.
Long-Term Debt & Capital Lease Obligation was $2,966 Mil.
Net Income was -1061.1 + -171.1 + -235 + -22.1 = $-1,489 Mil.
Non Operating Income was -1033.7 + -475.2 + -229.7 + 1.4 = $-1,737 Mil.
Cash Flow from Operations was 390.7 + 215.7 + 30.4 + 88.8 = $726 Mil.
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Total Receivables was $1,132 Mil.
Revenue was 1678.5 + 1675.9 + 1339.2 + 1163.1 = $5,857 Mil.
Gross Profit was 940.2 + 954.2 + 817.6 + 739.9 = $3,452 Mil.
Total Current Assets was $2,999 Mil.
Total Assets was $9,296 Mil.
Property, Plant and Equipment(Net PPE) was $423 Mil.
Depreciation, Depletion and Amortization(DDA) was $788 Mil.
Selling, General, & Admin. Expense(SGA) was $2,053 Mil.
Total Current Liabilities was $2,190 Mil.
Long-Term Debt & Capital Lease Obligation was $3,711 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) |
| = | (1029.3 / 5003.3) | / | (1132.4 / 5856.7) |
| = | 0.205724 | / | 0.193351 |
| | = | 1.064 |
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) |
| = | (3451.9 / 5856.7) | / | (2869 / 5003.3) |
| = | 0.589393 | / | 0.573422 |
| | = | 1.0279 |
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 - (2323.6 + 488.6) / 6540.9) | / | (1 - (2999.1 + 422.8) / 9295.9) |
| = | 0.570059 | / | 0.631891 |
| | = | 0.9021 |
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 |
| = | 5003.3 | / | 5856.7 |
| | = | 0.8543 |
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)) |
| = | (788.1 / (788.1 + 422.8)) | / | (659.6 / (659.6 + 488.6)) |
| = | 0.650838 | / | 0.574464 |
| | = | 1.1329 |
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) |
| = | (1838.8 / 5003.3) | / | (2053.4 / 5856.7) |
| = | 0.367517 | / | 0.350607 |
| | = | 1.0482 |
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) |
| = | ((2965.8 + 2056.4) / 6540.9) | / | ((3711.2 + 2189.7) / 9295.9) |
| = | 0.767815 | / | 0.634785 |
| | = | 1.2096 |
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 |
| = | (-1489.3 - -1737.2 | - | 725.6) | / | 6540.9 |
| | = | -0.073033 |
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.
Hasbro has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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