Viad Beneish M-Score Historical Data
The historical data trend for Viad'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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Viad Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.47 |
-5.09 |
1.45 |
-3.26 |
-2.76 |
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Viad 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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-3.26 |
-2.94 |
-2.80 |
-2.81 |
-2.76 |
Competitive Comparison
For the Specialty Business Services subindustry, Viad'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.
Viad Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Viad's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viad's Beneish M-Score falls into.
Viad 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 Viad 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 * 0.9545 | + | 0.528 * 0.6989 | + | 0.404 * 0.9608 | + | 0.892 * 1.0988 | + | 0.115 * 1.0995 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2147 | + | 4.679 * -0.065699 | - | 0.327 * 0.9725 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $129 Mil.
Revenue was 291.679 + 365.899 + 320.311 + 260.791 = $1,239 Mil.
Gross Profit was 4.512 + 76.042 + 33.46 + -5.512 = $109 Mil.
Total Current Assets was $236 Mil.
Total Assets was $1,137 Mil.
Property, Plant and Equipment(Net PPE) was $703 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $3 Mil.
Total Current Liabilities was $230 Mil.
Long-Term Debt & Capital Lease Obligation was $550 Mil.
Net Income was -15.346 + 41.271 + 10.961 + -20.869 = $16 Mil.
Non Operating Income was -4.334 + -4.613 + -0.844 + -4.149 = $-14 Mil.
Cash Flow from Operations was -11.876 + 77.754 + 28.731 + 10.069 = $105 Mil.
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Total Receivables was $123 Mil.
Revenue was 248.027 + 382.721 + 319.203 + 177.36 = $1,127 Mil.
Gross Profit was -11.278 + 66.356 + 36.708 + -22.775 = $69 Mil.
Total Current Assets was $240 Mil.
Total Assets was $1,090 Mil.
Property, Plant and Equipment(Net PPE) was $652 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General, & Admin. Expense(SGA) was $13 Mil.
Total Current Liabilities was $211 Mil.
Long-Term Debt & Capital Lease Obligation was $558 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) |
| = | (128.689 / 1238.68) | / | (122.695 / 1127.311) |
| = | 0.103892 | / | 0.108839 |
| | = | 0.9545 |
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) |
| = | (69.011 / 1127.311) | / | (108.502 / 1238.68) |
| = | 0.061217 | / | 0.087595 |
| | = | 0.6989 |
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 - (235.777 + 702.665) / 1137.322) | / | (1 - (239.555 + 652.355) / 1090.346) |
| = | 0.174867 | / | 0.181994 |
| | = | 0.9608 |
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 |
| = | 1238.68 | / | 1127.311 |
| | = | 1.0988 |
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)) |
| = | (52.483 / (52.483 + 652.355)) | / | (51.043 / (51.043 + 702.665)) |
| = | 0.074461 | / | 0.067723 |
| | = | 1.0995 |
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) |
| = | (3.165 / 1238.68) | / | (13.418 / 1127.311) |
| = | 0.002555 | / | 0.011903 |
| | = | 0.2147 |
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) |
| = | ((550.413 + 229.796) / 1137.322) | / | ((558.049 + 211.117) / 1090.346) |
| = | 0.686005 | / | 0.705433 |
| | = | 0.9725 |
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 |
| = | (16.017 - -13.94 | - | 104.678) | / | 1137.322 |
| | = | -0.065699 |
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.
Viad has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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