International Speedway Beneish M-Score Historical Data
The historical data trend for International Speedway'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.
International Speedway Beneish M-Score Chart
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International Speedway Annual Data
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Trend |
Nov09 |
Nov10 |
Nov11 |
Nov12 |
Nov13 |
Nov14 |
Nov15 |
Nov16 |
Nov17 |
Nov18 |
| Beneish M-Score |
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-2.63 |
-2.30 |
-3.04 |
-2.62 |
-2.30 |
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International Speedway Quarterly Data
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Nov14 |
Feb15 |
May15 |
Aug15 |
Nov15 |
Feb16 |
May16 |
Aug16 |
Nov16 |
Feb17 |
May17 |
Aug17 |
Nov17 |
Feb18 |
May18 |
Aug18 |
Nov18 |
Feb19 |
May19 |
Aug19 |
| Beneish M-Score |
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-2.26 |
-2.30 |
-2.88 |
-2.90 |
-2.80 |
Competitive Comparison of International Speedway's Beneish M-Score
For the Leisure subindustry, International Speedway'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.
International Speedway's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, International Speedway's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where International Speedway's Beneish M-Score falls into.
International Speedway 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 International Speedway 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 * 1.166 | + | 0.528 * 1.0014 | + | 0.404 * 0.9996 | + | 0.892 * 0.9615 | + | 0.115 * 0.9253 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.102 | + | 4.679 * -0.060965 | - | 0.327 * 0.9637 |
| = | -2.66 |
* 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 (Aug19) TTM: | Last Year (Aug18) TTM: |
Total Receivables was $66.6 Mil.
Revenue was 165.063 + 168.084 + 150.551 + 195.204 = $678.9 Mil.
Gross Profit was 69.701 + 75.694 + 86.685 + 90.632 = $322.7 Mil.
Total Current Assets was $423.9 Mil.
Total Assets was $2,335.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,502.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $113.6 Mil.
Selling, General, & Admin. Expense(SGA) was $115.3 Mil.
Total Current Liabilities was $129.1 Mil.
Long-Term Debt & Capital Lease Obligation was $250.5 Mil.
Net Income was 13.106 + 15.073 + 21.555 + 27.237 = $77.0 Mil.
Non Operating Income was 6.701 + 5.785 + 5.131 + 4.415 = $22.0 Mil.
Cash Flow from Operations was 39.547 + 84.628 + 37.278 + 35.881 = $197.3 Mil.
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Total Receivables was $59.4 Mil.
Revenue was 159.278 + 171.679 + 148.875 + 226.264 = $706.1 Mil.
Gross Profit was 67.793 + 71.694 + 87.346 + 109.292 = $336.1 Mil.
Total Current Assets was $358.2 Mil.
Total Assets was $2,294.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,534.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $106.8 Mil.
Selling, General, & Admin. Expense(SGA) was $108.8 Mil.
Total Current Liabilities was $131.9 Mil.
Long-Term Debt & Capital Lease Obligation was $255.1 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) |
| = | (66.619 / 678.902) | / | (59.422 / 706.096) |
| = | 0.098128 | / | 0.084156 |
| | = | 1.166 |
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) |
| = | (336.125 / 706.096) | / | (322.712 / 678.902) |
| = | 0.476033 | / | 0.475344 |
| | = | 1.0014 |
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 - (423.9 + 1502.432) / 2335.667) | / | (1 - (358.176 + 1534.213) / 2294.726) |
| = | 0.175254 | / | 0.175331 |
| | = | 0.9996 |
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 |
| = | 678.902 | / | 706.096 |
| | = | 0.9615 |
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)) |
| = | (106.775 / (106.775 + 1534.213)) | / | (113.648 / (113.648 + 1502.432)) |
| = | 0.065068 | / | 0.070323 |
| | = | 0.9253 |
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) |
| = | (115.284 / 678.902) | / | (108.807 / 706.096) |
| = | 0.169809 | / | 0.154097 |
| | = | 1.102 |
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) |
| = | ((250.477 + 129.147) / 2335.667) | / | ((255.069 + 131.936) / 2294.726) |
| = | 0.162533 | / | 0.16865 |
| | = | 0.9637 |
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 |
| = | (76.971 - 22.032 | - | 197.334) | / | 2335.667 |
| | = | -0.060965 |
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.
International Speedway has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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