TKO Group Holdings Beneish M-Score Historical Data
The historical data trend for TKO Group Holdings'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.
TKO Group Holdings Beneish M-Score Chart
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TKO Group Holdings Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.58 |
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TKO Group Holdings Quarterly Data
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Dec20 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
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-1.58 |
Competitive Comparison of TKO Group Holdings's Beneish M-Score
For the Entertainment subindustry, TKO Group Holdings'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.
TKO Group Holdings's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, TKO Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TKO Group Holdings's Beneish M-Score falls into.
TKO Group Holdings 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 TKO Group Holdings 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 * 1.4446 | + | 0.528 * 1.0313 | + | 0.404 * 1.0237 | + | 0.892 * 1.4691 | + | 0.115 * 1.5022 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7786 | + | 4.679 * -0.020489 | - | 0.327 * 0.327 |
| = | -1.58 |
* 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 $147 Mil.
Revenue was 613.995 + 449.058 + 305.185 + 306.73 = $1,675 Mil.
Gross Profit was 401.65 + 318.746 + 222.396 + 217.578 = $1,160 Mil.
Total Current Assets was $492 Mil.
Total Assets was $12,691 Mil.
Property, Plant and Equipment(Net PPE) was $900 Mil.
Depreciation, Depletion and Amortization(DDA) was $165 Mil.
Selling, General, & Admin. Expense(SGA) was $549 Mil.
Total Current Liabilities was $472 Mil.
Long-Term Debt & Capital Lease Obligation was $2,992 Mil.
Net Income was -5.331 + 44.491 + 81.414 + 87.602 = $208 Mil.
Non Operating Income was 1.374 + -0.696 + -0.535 + -0.329 = $-0 Mil.
Cash Flow from Operations was 220.726 + 66.976 + 110.98 + 69.699 = $468 Mil.
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Total Receivables was $69 Mil.
Revenue was 271.771 + 340.699 + 268.058 + 259.619 = $1,140 Mil.
Gross Profit was 189.668 + 241.08 + 194.769 + 189.044 = $815 Mil.
Total Current Assets was $268 Mil.
Total Assets was $3,581 Mil.
Property, Plant and Equipment(Net PPE) was $198 Mil.
Depreciation, Depletion and Amortization(DDA) was $60 Mil.
Selling, General, & Admin. Expense(SGA) was $210 Mil.
Total Current Liabilities was $230 Mil.
Long-Term Debt & Capital Lease Obligation was $2,759 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) |
| = | (147.035 / 1674.968) | / | (69.286 / 1140.147) |
| = | 0.087784 | / | 0.060769 |
| | = | 1.4446 |
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) |
| = | (814.561 / 1140.147) | / | (1160.37 / 1674.968) |
| = | 0.714435 | / | 0.692771 |
| | = | 1.0313 |
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 - (492.43 + 899.633) / 12690.739) | / | (1 - (268.3 + 198.324) / 3580.73) |
| = | 0.890309 | / | 0.869685 |
| | = | 1.0237 |
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 |
| = | 1674.968 | / | 1140.147 |
| | = | 1.4691 |
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)) |
| = | (60.032 / (60.032 + 198.324)) | / | (164.616 / (164.616 + 899.633)) |
| = | 0.232362 | / | 0.154678 |
| | = | 1.5022 |
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) |
| = | (549.091 / 1674.968) | / | (210.142 / 1140.147) |
| = | 0.327822 | / | 0.184311 |
| | = | 1.7786 |
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) |
| = | ((2992.147 + 472.14) / 12690.739) | / | ((2758.909 + 230.179) / 3580.73) |
| = | 0.272978 | / | 0.834771 |
| | = | 0.327 |
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 |
| = | (208.176 - -0.186 | - | 468.381) | / | 12690.739 |
| | = | -0.020489 |
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.
TKO Group Holdings has a M-score of -1.58 signals that the company is likely to be a manipulator.
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