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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Mattel's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Mattel was -1.52. The lowest was -3.87. And the median was -2.73.
The historical data trend for Mattel'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.
Mattel Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.88 | -2.56 | -2.02 | -2.58 | -2.79 |
Mattel Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.67 | -2.73 | -2.72 | -2.79 | -3.16 |
For the Leisure subindustry, Mattel'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.
For the Travel & Leisure industry and Consumer Cyclical sector, Mattel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mattel's Beneish M-Score falls into.
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 Mattel 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 * 0.9573 | + | 0.528 * 0.9166 | + | 0.404 * 0.9184 | + | 0.892 * 1.0438 | + | 0.115 * 1.2573 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.042 | + | 4.679 * -0.134188 | - | 0.327 * 0.9975 | |||||||
= | -3.16 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $673 Mil. Revenue was 809.5 + 1620.688 + 1918.788 + 1087.164 = $5,436 Mil. Gross Profit was 388.9 + 790.189 + 977.934 + 489.806 = $2,647 Mil. Total Current Assets was $2,736 Mil. Total Assets was $6,065 Mil. Property, Plant and Equipment(Net PPE) was $761 Mil. Depreciation, Depletion and Amortization(DDA) was $134 Mil. Selling, General, & Admin. Expense(SGA) was $2,006 Mil. Total Current Liabilities was $1,099 Mil. Long-Term Debt & Capital Lease Obligation was $2,587 Mil. Net Income was -28.3 + 147.318 + 146.319 + 27.187 = $293 Mil. Non Operating Income was -5.6 + -3.683 + 2.391 + 2.147 = $-5 Mil. Cash Flow from Operations was 35 + 949.432 + 245.94 + -119.201 = $1,111 Mil. |
Total Receivables was $674 Mil. Revenue was 814.579 + 1401.92 + 1755.78 + 1235.687 = $5,208 Mil. Gross Profit was 325.787 + 602.661 + 846.878 + 548.918 = $2,324 Mil. Total Current Assets was $2,366 Mil. Total Assets was $5,832 Mil. Property, Plant and Equipment(Net PPE) was $776 Mil. Depreciation, Depletion and Amortization(DDA) was $180 Mil. Selling, General, & Admin. Expense(SGA) was $1,844 Mil. Total Current Liabilities was $969 Mil. Long-Term Debt & Capital Lease Obligation was $2,584 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) |
= | (673.3 / 5436.14) | / | (673.844 / 5207.966) | |
= | 0.123856 | / | 0.129387 | |
= | 0.9573 |
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) | |
= | (2324.244 / 5207.966) | / | (2646.829 / 5436.14) | |
= | 0.446286 | / | 0.486895 | |
= | 0.9166 |
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 - (2735.5 + 760.7) / 6065.4) | / | (1 - (2366.332 + 775.712) / 5831.738) | |
= | 0.423583 | / | 0.461217 | |
= | 0.9184 |
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 | |
= | 5436.14 | / | 5207.966 | |
= | 1.0438 |
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)) |
= | (180.161 / (180.161 + 775.712)) | / | (134.149 / (134.149 + 760.7)) | |
= | 0.188478 | / | 0.149912 | |
= | 1.2573 |
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) |
= | (2005.533 / 5436.14) | / | (1843.833 / 5207.966) | |
= | 0.368926 | / | 0.354041 | |
= | 1.042 |
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) |
= | ((2587.3 + 1099.1) / 6065.4) | / | ((2584.146 + 968.962) / 5831.738) | |
= | 0.607775 | / | 0.609271 | |
= | 0.9975 |
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 | |
= | (292.524 - -4.745 | - | 1111.171) | / | 6065.4 | |
= | -0.134188 |
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.
Mattel has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
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Richard Todd Bradley | director | C/O HEWLETT-PACKARD COMPANY, 3000 HANOVER STREET, PALO ALTO CA 94304 |
Yoon J. Hugh | officer: SVP & Corporate Controller | C/O MATTEL, INC., 333 CONTINENTAL BOULEVARD, EL SEGUNDO CA 90245 |
Isaias Zanatta Roberto Jacobo | officer: EVP & Chief Supply Chain Offr | 333 CONTINENTAL BOULEVARD, TWR 15-1, EL SEGUNDO CA 90245 |
Steve Totzke | officer: President, Chief Comm Officer | 333 CONTINENTAL BOULEVARD, TWR 15-1, EL SEGUNDO CA 90245 |
Amanda J Thompson | officer: EVP & Chief People Officer | 333 CONTINENTAL BOULEVARD, TRW 15-1, EL SEGUNDO CA 90245 |
Jonathan Anschell | officer: EVP Chief Legal Officer & Sec | C/O CBS CORPORATION, 51 WEST 52ND STREET, NEW YORK NY 10019 |
Noreena Hertz | director | C/O WARNER MUSIC GROUP CORP., 1633 BROADWAY, NEW YORK NY 10019 |
Soren T Laursen | director | 333 CONTINENTAL BOULEVARD, TRW 15-1, EL SEGUNDO CA 90245 |
Anthony Disilvestro | officer: Chief Financial Officer | 1 CAMPBELL PLACE, CAMDEN NJ 08103 |
Richard Dickson | officer: Pres & Chief Operating Officer | C/O MATTEL, INC., 333 CONTINENTAL BOULEVARD, EL SEGUNDO CA 90245 |
Diana Sue Ferguson | director | C/O SARA LEE CORP, 70 W MADISO ST, CHICAGO IL 60602 |
Michael J Dolan | director | C/O MATTEL INC, 333 CONTINENTAL BLVD M-1518, EL SEGUNDO CA 90245 |
Joseph J Euteneuer | officer: Chief Financial Officer | |
Ynon Kreiz | director | 333 CONTINENTAL BOULEVARD, M1: 1518, EL SEGUNDO CA 90245 |
Roger Lynch | director | PANDORA MEDIA, INC., 2101 WEBSTER STREET, SUITE 1650, OAKLAND CA 94612 |
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