Gannett Co Beneish M-Score Historical Data
The historical data trend for Gannett Co'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.
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Gannett Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.30 |
-2.65 |
-2.59 |
-2.78 |
-2.85 |
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Gannett Co 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 |
-2.68 |
-2.76 |
-2.61 |
-2.85 |
Competitive Comparison
For the Publishing subindustry, Gannett Co'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.
Gannett Co Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Gannett Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gannett Co's Beneish M-Score falls into.
Gannett Co 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 Gannett Co 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 * 1.0167 | + | 0.528 * 1.0099 | + | 0.404 * 1.0401 | + | 0.892 * 0.9043 | + | 0.115 * 0.9674 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9538 | + | 4.679 * -0.071504 | - | 0.327 * 0.9732 |
| = | -2.85 |
* 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 $266 Mil.
Revenue was 669.405 + 652.871 + 672.357 + 668.917 = $2,664 Mil.
Gross Profit was 249.761 + 236.768 + 246.261 + 238.729 = $972 Mil.
Total Current Assets was $444 Mil.
Total Assets was $2,181 Mil.
Property, Plant and Equipment(Net PPE) was $461 Mil.
Depreciation, Depletion and Amortization(DDA) was $163 Mil.
Selling, General, & Admin. Expense(SGA) was $735 Mil.
Total Current Liabilities was $534 Mil.
Long-Term Debt & Capital Lease Obligation was $1,185 Mil.
Net Income was -22.892 + -2.566 + -12.677 + 10.344 = $-28 Mil.
Non Operating Income was 1.019 + 30.654 + -4.919 + 6.849 = $34 Mil.
Cash Flow from Operations was 21.157 + 20.631 + 46.068 + 6.718 = $95 Mil.
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Total Receivables was $289 Mil.
Revenue was 730.664 + 717.902 + 748.66 + 748.077 = $2,945 Mil.
Gross Profit was 275.541 + 258.559 + 272.658 + 278.192 = $1,085 Mil.
Total Current Assets was $508 Mil.
Total Assets was $2,394 Mil.
Property, Plant and Equipment(Net PPE) was $539 Mil.
Depreciation, Depletion and Amortization(DDA) was $182 Mil.
Selling, General, & Admin. Expense(SGA) was $852 Mil.
Total Current Liabilities was $617 Mil.
Long-Term Debt & Capital Lease Obligation was $1,320 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) |
| = | (266.096 / 2663.55) | / | (289.415 / 2945.303) |
| = | 0.099903 | / | 0.098263 |
| | = | 1.0167 |
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) |
| = | (1084.95 / 2945.303) | / | (971.519 / 2663.55) |
| = | 0.368366 | / | 0.364746 |
| | = | 1.0099 |
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 - (444.237 + 460.82) / 2181.247) | / | (1 - (507.777 + 539.316) / 2393.555) |
| = | 0.585074 | / | 0.562536 |
| | = | 1.0401 |
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 |
| = | 2663.55 | / | 2945.303 |
| | = | 0.9043 |
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)) |
| = | (182.022 / (182.022 + 539.316)) | / | (162.622 / (162.622 + 460.82)) |
| = | 0.252339 | / | 0.260845 |
| | = | 0.9674 |
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) |
| = | (735.339 / 2663.55) | / | (852.488 / 2945.303) |
| = | 0.276075 | / | 0.28944 |
| | = | 0.9538 |
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) |
| = | ((1184.743 + 533.513) / 2181.247) | / | ((1320.432 + 617.038) / 2393.555) |
| = | 0.78774 | / | 0.809453 |
| | = | 0.9732 |
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 |
| = | (-27.791 - 33.603 | - | 94.574) | / | 2181.247 |
| | = | -0.071504 |
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.
Gannett Co has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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