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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 -17.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Arvana's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Arvana was -8.52. The lowest was -17.91. And the median was -13.22.
The historical data trend for Arvana'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.
Arvana Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | - | - |
Arvana Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | -8.52 | -17.91 |
For the Leisure subindustry, Arvana'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, Arvana's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arvana'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 Arvana 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 | + | 0.528 * 0 | + | 0.404 * 1.2125 | + | 0.892 * 0.875 | + | 0.115 * 0.6126 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1752 | + | 4.679 * -2.932961 | - | 0.327 * 1.4765 | |||||||
= | -17.91 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $0.00 Mil. Revenue was 0.006 + 0.014 + 0 + 0.001 = $0.02 Mil. Gross Profit was -0.005 + -0.002 + 0 + -0.027 = $-0.03 Mil. Total Current Assets was $0.01 Mil. Total Assets was $0.18 Mil. Property, Plant and Equipment(Net PPE) was $0.14 Mil. Depreciation, Depletion and Amortization(DDA) was $0.03 Mil. Selling, General, & Admin. Expense(SGA) was $0.47 Mil. Total Current Liabilities was $1.23 Mil. Long-Term Debt & Capital Lease Obligation was $0.13 Mil. Net Income was -0.102 + -0.146 + -0.129 + -0.153 = $-0.53 Mil. Non Operating Income was 0.012 + 0.012 + 0.012 + 0.012 = $0.05 Mil. Cash Flow from Operations was 0.235 + -0.176 + -0.055 + -0.057 = $-0.05 Mil. |
Total Receivables was $0.01 Mil. Revenue was 0.011 + 0.013 + 0 + 0 = $0.02 Mil. Gross Profit was -0.004 + 0.004 + 0 + 0 = $0.00 Mil. Total Current Assets was $0.02 Mil. Total Assets was $0.21 Mil. Property, Plant and Equipment(Net PPE) was $0.17 Mil. Depreciation, Depletion and Amortization(DDA) was $0.02 Mil. Selling, General, & Admin. Expense(SGA) was $0.46 Mil. Total Current Liabilities was $0.20 Mil. Long-Term Debt & Capital Lease Obligation was $0.88 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) |
= | (0 / 0.021) | / | (0.008 / 0.024) | |
= | 0 | / | 0.333333 | |
= | 0 |
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) | |
= | (0 / 0.024) | / | (-0.034 / 0.021) | |
= | 0 | / | -1.619048 | |
= | 0 |
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 - (0.009 + 0.143) / 0.179) | / | (1 - (0.016 + 0.167) / 0.209) | |
= | 0.150838 | / | 0.124402 | |
= | 1.2125 |
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 | |
= | 0.021 | / | 0.024 | |
= | 0.875 |
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)) |
= | (0.018 / (0.018 + 0.167)) | / | (0.027 / (0.027 + 0.143)) | |
= | 0.097297 | / | 0.158824 | |
= | 0.6126 |
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) |
= | (0.472 / 0.021) | / | (0.459 / 0.024) | |
= | 22.47619 | / | 19.125 | |
= | 1.1752 |
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) |
= | ((0.134 + 1.233) / 0.179) | / | ((0.88 + 0.201) / 0.209) | |
= | 7.636872 | / | 5.172249 | |
= | 1.4765 |
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 | |
= | (-0.53 - 0.048 | - | -0.053) | / | 0.179 | |
= | -2.932961 |
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.
Arvana has a M-score of -17.91 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Arvana's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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