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The Walt Disney Co (The Walt Disney Co) Beneish M-Score

: -2.64 (As of Today) 中文
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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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for The Walt Disney Co's Beneish M-Score or its related term are showing as below:

DIS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04   Med: -2.58   Max: -1.76
Current: -2.64

During the past 13 years, the highest Beneish M-Score of The Walt Disney Co was -1.76. The lowest was -3.04. And the median was -2.58.


The Walt Disney Co Beneish M-Score Historical Data

The historical data trend for The Walt Disney Co'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.

* Premium members only.

The Walt Disney Co Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.76 -2.80 -2.52 -2.53 -2.57

The Walt Disney Co Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.51 -2.55 -2.53 -2.57 -2.64

Competitive Comparison

For the Entertainment subindustry, The Walt Disney Co'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.


The Walt Disney Co Beneish M-Score Distribution

For the Media - Diversified industry and Communication Services sector, The Walt Disney Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The Walt Disney Co's Beneish M-Score falls into.



The Walt Disney Co 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 The Walt Disney Co 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 * 0.9575+0.528 * 0.9729+0.404 * 0.9892+0.892 * 1.0535+0.115 * 1.0105
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8835+4.679 * -0.035171-0.327 * 1.0282
=-2.64

* 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 $14,115 Mil.
Revenue was 23549 + 21241 + 22330 + 21815 = $88,935 Mil.
Gross Profit was 7962 + 7513 + 7859 + 7199 = $30,533 Mil.
Total Current Assets was $25,971 Mil.
Total Assets was $197,774 Mil.
Property, Plant and Equipment(Net PPE) was $35,321 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,306 Mil.
Selling, General, & Admin. Expense(SGA) was $15,292 Mil.
Total Current Liabilities was $31,033 Mil.
Long-Term Debt & Capital Lease Obligation was $41,603 Mil.
Net Income was 1911 + 264 + -460 + 1271 = $2,986 Mil.
Non Operating Income was 181 + -1051 + -2383 + 170 = $-3,083 Mil.
Cash Flow from Operations was 2185 + 4802 + 2802 + 3236 = $13,025 Mil.
Total Receivables was $13,993 Mil.
Revenue was 23512 + 20150 + 21504 + 19249 = $84,415 Mil.
Gross Profit was 7126 + 6592 + 7822 + 6655 = $28,195 Mil.
Total Current Assets was $26,912 Mil.
Total Assets was $202,124 Mil.
Property, Plant and Equipment(Net PPE) was $34,200 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,200 Mil.
Selling, General, & Admin. Expense(SGA) was $16,428 Mil.
Total Current Liabilities was $27,070 Mil.
Long-Term Debt & Capital Lease Obligation was $45,128 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)
=(14115 / 88935) / (13993 / 84415)
=0.158711 / 0.165764
=0.9575

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)
=(28195 / 84415) / (30533 / 88935)
=0.334005 / 0.343318
=0.9729

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 - (25971 + 35321) / 197774) / (1 - (26912 + 34200) / 202124)
=0.690091 / 0.697651
=0.9892

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
=88935 / 84415
=1.0535

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))
=(5200 / (5200 + 34200)) / (5306 / (5306 + 35321))
=0.13198 / 0.130603
=1.0105

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)
=(15292 / 88935) / (16428 / 84415)
=0.171946 / 0.19461
=0.8835

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)
=((41603 + 31033) / 197774) / ((45128 + 27070) / 202124)
=0.367268 / 0.357197
=1.0282

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
=(2986 - -3083 - 13025) / 197774
=-0.035171

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.

The Walt Disney Co has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.


The Walt Disney Co Beneish M-Score Related Terms

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The Walt Disney Co (The Walt Disney Co) Business Description

Address
500 South Buena Vista Street, Burbank, CA, USA, 91521
Disney operates in three global business segments: entertainment, sports, and experiences. Entertainment and experiences both benefit from franchises and characters the firm has created over the course of a century. Entertainment includes the ABC broadcast network, several cable television networks, and the Disney+ and Hulu streaming services. Within the segment, Disney also engages in movie and television production and distribution, with content licensed to movie theaters, other content providers, or, increasingly, kept in-house for use on Disney's own streaming platform and television networks. The sports segment houses ESPN and the ESPN+ streaming service. Experiences contains Disney's theme parks and vacation destinations, and also benefits from merchandise licensing.
Executives
Sonia L Coleman officer: Sr. EVP and Chief HR Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Brent Woodford officer: EVP, Control, Fin Plan & Tax 1441 GARDINER LANE, LOUISVILLE KY 40213
Amy Chang director 2100 SEAPORT BLVD., C/O INFORMATICA CORPORATION, REDWOOD CITY CA 94063
Kevin A Lansberry officer: Interim Chief Finan Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Christine M Mccarthy officer: SEVP-Chief Financial Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521-0964
Carolyn Everson director C/O THE HERTZ CORPORATION, 225 BRAE BOULEVARD, PARK RIDGE NJ 07656-0713
Kristina K Schake officer: Sr. EVP and Chief Comm Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Horacio E Gutierrez officer: Sr EVP, General Counsel & Secy 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Geoff Morrell officer: SEVP Chf Corp Affairs Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Robert A Chapek officer: Chief Executive Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Paul J Richardson officer: Sr. EVP and Chief HR Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Calvin Mcdonald director C/O LULULEMON ATHLETICA INC., 1818 CORNWALL AVENUE, VANCOUVER A1 V6J 1C7
Robert A Iger director, officer: Chairman and CEO C/O WALT DISNEY CO, 500 S BUENA VISTA STREET, BURBANK CA 91521-1062
Zenia B. Mucha officer: SEVP Corporate Communications 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Mary Jayne Parker officer: SEVP and Chief HR Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521-0966

The Walt Disney Co (The Walt Disney Co) Headlines