GoPro Beneish M-Score Historical Data
The historical data trend for GoPro'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.
GoPro Beneish M-Score Chart
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GoPro Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.85 |
-1.50 |
-2.54 |
-2.29 |
-5.53 |
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GoPro Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.29 |
-4.97 |
-5.56 |
-5.03 |
-5.53 |
Competitive Comparison of GoPro's Beneish M-Score
For the Consumer Electronics subindustry, GoPro'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.
GoPro's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, GoPro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GoPro's Beneish M-Score falls into.
GoPro 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 GoPro 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 * 1.3137 | + | 0.528 * 0.949 | + | 0.404 * 0.705 | + | 0.892 * 0.8907 | + | 0.115 * 0.9152 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1402 | + | 4.679 * -0.467408 | - | 0.327 * 1.6777 |
| = | -4.88 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was R$524 Mil.
Revenue was 1225.581 + 1433.725 + 1003.021 + 774.205 = R$4,437 Mil.
Gross Profit was 425.246 + 508.625 + 305.446 + 264.119 = R$1,503 Mil.
Total Current Assets was R$2,070 Mil.
Total Assets was R$3,317 Mil.
Property, Plant and Equipment(Net PPE) was R$141 Mil.
Depreciation, Depletion and Amortization(DDA) was R$36 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,173 Mil.
Total Current Liabilities was R$2,174 Mil.
Long-Term Debt & Capital Lease Obligation was R$110 Mil.
Net Income was -226.902 + -45.471 + -257.569 + -1688.59 = R$-2,219 Mil.
Non Operating Income was -21.097 + 11.807 + -3.339 + -3.197 = R$-16 Mil.
Cash Flow from Operations was -153.129 + -12.427 + 3.259 + -490.027 = R$-652 Mil.
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Total Receivables was R$448 Mil.
Revenue was 1447.499 + 1453.454 + 1169.839 + 910.047 = R$4,981 Mil.
Gross Profit was 495.345 + 465.245 + 367.775 + 273.462 = R$1,602 Mil.
Total Current Assets was R$2,365 Mil.
Total Assets was R$4,743 Mil.
Property, Plant and Equipment(Net PPE) was R$134 Mil.
Depreciation, Depletion and Amortization(DDA) was R$31 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,155 Mil.
Total Current Liabilities was R$1,368 Mil.
Long-Term Debt & Capital Lease Obligation was R$579 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) |
| = | (524.344 / 4436.532) | / | (448.097 / 4980.839) |
| = | 0.118188 | / | 0.089964 |
| | = | 1.3137 |
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) |
| = | (1601.827 / 4980.839) | / | (1503.436 / 4436.532) |
| = | 0.321598 | / | 0.338876 |
| | = | 0.949 |
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 - (2069.734 + 140.927) / 3316.979) | / | (1 - (2364.599 + 134.328) / 4742.766) |
| = | 0.333532 | / | 0.473108 |
| | = | 0.705 |
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 |
| = | 4436.532 | / | 4980.839 |
| | = | 0.8907 |
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)) |
| = | (30.716 / (30.716 + 134.328)) | / | (35.973 / (35.973 + 140.927)) |
| = | 0.186108 | / | 0.203352 |
| | = | 0.9152 |
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) |
| = | (1172.909 / 4436.532) | / | (1154.944 / 4980.839) |
| = | 0.264375 | / | 0.231877 |
| | = | 1.1402 |
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) |
| = | ((110.227 + 2173.585) / 3316.979) | / | ((578.872 + 1367.505) / 4742.766) |
| = | 0.688522 | / | 0.410389 |
| | = | 1.6777 |
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 |
| = | (-2218.532 - -15.826 | - | -652.324) | / | 3316.979 |
| | = | -0.467408 |
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.
GoPro has a M-score of -4.88 suggests that the company is unlikely to be a manipulator.
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