TiVo Beneish M-Score Historical Data
The historical data trend for TiVo'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.
TiVo Beneish M-Score Chart
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TiVo Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.71 |
-1.93 |
-2.44 |
-3.06 |
-2.86 |
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TiVo Quarterly Data
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Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
| Beneish M-Score |
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-3.01 |
-2.88 |
-2.72 |
-2.86 |
-2.76 |
Competitive Comparison of TiVo's Beneish M-Score
For the Software - Application subindustry, TiVo'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.
TiVo's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, TiVo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TiVo's Beneish M-Score falls into.
TiVo 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 TiVo 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 * 1.0434 | + | 0.528 * 0.9761 | + | 0.404 * 0.9963 | + | 0.892 * 1.0083 | + | 0.115 * 1.0003 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.022 | + | 4.679 * -0.059246 | - | 0.327 * 1.1037 |
| = | -2.76 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was $164.6 Mil.
Revenue was 159.861 + 175.198 + 158.524 + 176.172 = $669.8 Mil.
Gross Profit was 117.443 + 129.18 + 114.972 + 134.618 = $496.2 Mil.
Total Current Assets was $303.5 Mil.
Total Assets was $1,864.6 Mil.
Property, Plant and Equipment(Net PPE) was $100.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $133.5 Mil.
Selling, General, & Admin. Expense(SGA) was $181.3 Mil.
Total Current Liabilities was $196.4 Mil.
Long-Term Debt & Capital Lease Obligation was $684.2 Mil.
Net Income was -179.184 + -222.494 + -151.389 + -9.54 = $-562.6 Mil.
Non Operating Income was -177.43 + -217.121 + -139.838 + -6.141 = $-540.5 Mil.
Cash Flow from Operations was -20.702 + 71.801 + 9.77 + 27.525 = $88.4 Mil.
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Total Receivables was $156.5 Mil.
Revenue was 158.235 + 168.459 + 164.709 + 172.86 = $664.3 Mil.
Gross Profit was 114.709 + 120.626 + 119.74 + 125.288 = $480.4 Mil.
Total Current Assets was $467.7 Mil.
Total Assets was $2,736.6 Mil.
Property, Plant and Equipment(Net PPE) was $116.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $155.8 Mil.
Selling, General, & Admin. Expense(SGA) was $176.0 Mil.
Total Current Liabilities was $484.6 Mil.
Long-Term Debt & Capital Lease Obligation was $686.3 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) |
| = | (164.618 / 669.755) | / | (156.47 / 664.263) |
| = | 0.245788 | / | 0.235554 |
| | = | 1.0434 |
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) |
| = | (480.363 / 664.263) | / | (496.213 / 669.755) |
| = | 0.723152 | / | 0.740887 |
| | = | 0.9761 |
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 - (303.474 + 100.111) / 1864.602) | / | (1 - (467.667 + 116.72) / 2736.618) |
| = | 0.783554 | / | 0.786456 |
| | = | 0.9963 |
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 |
| = | 669.755 | / | 664.263 |
| | = | 1.0083 |
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)) |
| = | (155.789 / (155.789 + 116.72)) | / | (133.542 / (133.542 + 100.111)) |
| = | 0.571684 | / | 0.57154 |
| | = | 1.0003 |
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) |
| = | (181.321 / 669.755) | / | (175.958 / 664.263) |
| = | 0.270727 | / | 0.264892 |
| | = | 1.022 |
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) |
| = | ((684.17 + 196.379) / 1864.602) | / | ((686.323 + 484.586) / 2736.618) |
| = | 0.472245 | / | 0.427867 |
| | = | 1.1037 |
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 |
| = | (-562.607 - -540.53 | - | 88.394) | / | 1864.602 |
| | = | -0.059246 |
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.
TiVo has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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