Paramount Global Beneish M-Score Historical Data
The historical data trend for Paramount Global'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.
Paramount Global Beneish M-Score Chart
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Paramount Global Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.19 |
-2.45 |
-2.29 |
-2.21 |
-2.43 |
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Paramount Global 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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-2.21 |
-2.23 |
-2.26 |
-2.32 |
-2.43 |
Competitive Comparison of Paramount Global's Beneish M-Score
For the Entertainment subindustry, Paramount Global'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.
Paramount Global's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Paramount Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Paramount Global's Beneish M-Score falls into.
Paramount Global 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 Paramount Global 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 * 0.9404 | + | 0.528 * 1.4078 | + | 0.404 * 0.9982 | + | 0.892 * 0.9535 | + | 0.115 * 0.8095 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0585 | + | 4.679 * -0.022575 | - | 0.327 * 0.9858 |
| = | -2.49 |
* 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 R$34,862 Mil.
Revenue was 37424.672 + 35227.747 + 36965.779 + 37840.479 = R$147,459 Mil.
Gross Profit was 12215.201 + 12109.692 + 8212.46 + 3265.792 = R$35,803 Mil.
Total Current Assets was R$62,242 Mil.
Total Assets was R$262,350 Mil.
Property, Plant and Equipment(Net PPE) was R$13,960 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,078 Mil.
Selling, General, & Admin. Expense(SGA) was R$36,787 Mil.
Total Current Liabilities was R$47,312 Mil.
Long-Term Debt & Capital Lease Obligation was R$77,696 Mil.
Net Income was 2518.497 + 1456.917 + -1451.256 + -5823.215 = R$-3,299 Mil.
Non Operating Income was -34.299 + 29.632 + 446.54 + -46.877 = R$395 Mil.
Cash Flow from Operations was 2175.511 + 2133.518 + -111.635 + -1968.851 = R$2,229 Mil.
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Total Receivables was R$38,879 Mil.
Revenue was 42650.347 + 36264.738 + 39266.058 + 36467.059 = R$154,648 Mil.
Gross Profit was 13889.819 + 12878.282 + 13492.502 + 12600.245 = R$52,861 Mil.
Total Current Assets was R$72,040 Mil.
Total Assets was R$306,295 Mil.
Property, Plant and Equipment(Net PPE) was R$16,539 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,938 Mil.
Selling, General, & Admin. Expense(SGA) was R$36,448 Mil.
Total Current Liabilities was R$58,701 Mil.
Long-Term Debt & Capital Lease Obligation was R$89,355 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) |
| = | (34862.077 / 147458.677) | / | (38878.905 / 154648.202) |
| = | 0.236419 | / | 0.251402 |
| | = | 0.9404 |
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) |
| = | (52860.848 / 154648.202) | / | (35803.145 / 147458.677) |
| = | 0.341814 | / | 0.242801 |
| | = | 1.4078 |
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 - (62242.159 + 13959.53) / 262349.991) | / | (1 - (72040.324 + 16538.746) / 306294.642) |
| = | 0.709542 | / | 0.710804 |
| | = | 0.9982 |
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 |
| = | 147458.677 | / | 154648.202 |
| | = | 0.9535 |
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)) |
| = | (1938.187 / (1938.187 + 16538.746)) | / | (2078.241 / (2078.241 + 13959.53)) |
| = | 0.104898 | / | 0.129584 |
| | = | 0.8095 |
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) |
| = | (36786.533 / 147458.677) | / | (36447.5 / 154648.202) |
| = | 0.24947 | / | 0.23568 |
| | = | 1.0585 |
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) |
| = | ((77696.129 + 47312.469) / 262349.991) | / | ((89355.389 + 58701.271) / 306294.642) |
| = | 0.476496 | / | 0.48338 |
| | = | 0.9858 |
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 |
| = | (-3299.057 - 394.996 | - | 2228.543) | / | 262349.991 |
| | = | -0.022575 |
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.
Paramount Global has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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