Cinemark Holdings Beneish M-Score Historical Data
The historical data trend for Cinemark 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.
Cinemark Holdings Beneish M-Score Chart
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Cinemark Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.95 |
5.08 |
-2.52 |
-2.44 |
-2.45 |
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Cinemark Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.46 |
-2.45 |
-2.39 |
-2.57 |
-2.49 |
Competitive Comparison of Cinemark Holdings's Beneish M-Score
For the Entertainment subindustry, Cinemark 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.
Cinemark Holdings's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Cinemark Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cinemark Holdings's Beneish M-Score falls into.
Cinemark 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 Cinemark 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 * 1.1498 | + | 0.528 * 0.991 | + | 0.404 * 1.0235 | + | 0.892 * 0.9493 | + | 0.115 * 1.0475 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9956 | + | 4.679 * -0.026809 | - | 0.327 * 0.9606 |
| = | -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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $131 Mil.
Revenue was 921.8 + 734.2 + 579.2 + 638.9 = $2,874 Mil.
Gross Profit was 591.7 + 473.6 + 380.9 + 418.8 = $1,865 Mil.
Total Current Assets was $1,136 Mil.
Total Assets was $4,935 Mil.
Property, Plant and Equipment(Net PPE) was $2,091 Mil.
Depreciation, Depletion and Amortization(DDA) was $198 Mil.
Selling, General, & Admin. Expense(SGA) was $703 Mil.
Total Current Liabilities was $1,157 Mil.
Long-Term Debt & Capital Lease Obligation was $2,790 Mil.
Net Income was 187.8 + 45.8 + 24.8 + -18 = $240 Mil.
Non Operating Income was 10.7 + -11.2 + 9.2 + -14.1 = $-5 Mil.
Cash Flow from Operations was 107.4 + 184.9 + -22.7 + 108.5 = $378 Mil.
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Total Receivables was $120 Mil.
Revenue was 874.8 + 942.3 + 610.7 + 599.7 = $3,028 Mil.
Gross Profit was 563.6 + 596.9 + 400.4 + 385.9 = $1,947 Mil.
Total Current Assets was $1,011 Mil.
Total Assets was $4,811 Mil.
Property, Plant and Equipment(Net PPE) was $2,173 Mil.
Depreciation, Depletion and Amortization(DDA) was $217 Mil.
Selling, General, & Admin. Expense(SGA) was $744 Mil.
Total Current Liabilities was $652 Mil.
Long-Term Debt & Capital Lease Obligation was $3,354 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) |
| = | (131.2 / 2874.1) | / | (120.2 / 3027.5) |
| = | 0.045649 | / | 0.039703 |
| | = | 1.1498 |
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) |
| = | (1946.8 / 3027.5) | / | (1865 / 2874.1) |
| = | 0.643039 | / | 0.648899 |
| | = | 0.991 |
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 - (1136.3 + 2090.8) / 4934.9) | / | (1 - (1011 + 2173.4) / 4811.2) |
| = | 0.346066 | / | 0.338128 |
| | = | 1.0235 |
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 |
| = | 2874.1 | / | 3027.5 |
| | = | 0.9493 |
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)) |
| = | (216.8 / (216.8 + 2173.4)) | / | (198.2 / (198.2 + 2090.8)) |
| = | 0.090704 | / | 0.086588 |
| | = | 1.0475 |
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) |
| = | (703.1 / 2874.1) | / | (743.9 / 3027.5) |
| = | 0.244633 | / | 0.245714 |
| | = | 0.9956 |
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) |
| = | ((2790.2 + 1156.5) / 4934.9) | / | ((3353.9 + 651.9) / 4811.2) |
| = | 0.799753 | / | 0.832599 |
| | = | 0.9606 |
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 |
| = | (240.4 - -5.4 | - | 378.1) | / | 4934.9 |
| | = | -0.026809 |
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.
Cinemark Holdings has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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