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.
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The Walt Disney Co Annual Data
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Trend |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
| Beneish M-Score |
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-2.48 |
-1.76 |
-2.80 |
-2.52 |
-2.53 |
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The Walt Disney Co Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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-2.52 |
-2.51 |
-2.45 |
-2.52 |
-2.53 |
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 in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
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 * 0.7714 | + | 0.528 * 0.9656 | + | 0.404 * 1.0262 | + | 0.892 * 1.227 | + | 0.115 * 1.0168 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9881 | + | 4.679 * -0.0136 | - | 0.327 * 0.9367 |
| = | -2.53 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $12,652 Mil.
Revenue was 20150 + 21504 + 19249 + 21819 = $82,722 Mil.
Gross Profit was 6592 + 7822 + 6655 + 7252 = $28,321 Mil.
Total Current Assets was $29,098 Mil.
Total Assets was $203,631 Mil.
Property, Plant and Equipment(Net PPE) was $33,596 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,163 Mil.
Selling, General, & Admin. Expense(SGA) was $16,388 Mil.
Total Current Liabilities was $29,073 Mil.
Long-Term Debt & Capital Lease Obligation was $48,538 Mil.
Net Income was 162 + 1409 + 470 + 1104 = $3,145 Mil.
Non Operating Income was 160 + 59 + -127 + -181 = $-89 Mil.
Cash Flow from Operations was 2524 + 1922 + 1765 + -201 = $6,010 Mil.
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Total Receivables was $13,367 Mil.
Revenue was 18534 + 17022 + 15613 + 16249 = $67,418 Mil.
Gross Profit was 6193 + 5789 + 5831 + 4474 = $22,287 Mil.
Total Current Assets was $33,657 Mil.
Total Assets was $203,609 Mil.
Property, Plant and Equipment(Net PPE) was $32,624 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,111 Mil.
Selling, General, & Admin. Expense(SGA) was $13,517 Mil.
Total Current Liabilities was $31,077 Mil.
Long-Term Debt & Capital Lease Obligation was $51,769 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) |
| = | (12652 / 82722) | / | (13367 / 67418) |
| = | 0.15294601 | / | 0.19827049 |
| | = | 0.7714 |
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) |
| = | (22287 / 67418) | / | (28321 / 82722) |
| = | 0.33057937 | / | 0.34236358 |
| | = | 0.9656 |
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 - (29098 + 33596) / 203631) | / | (1 - (33657 + 32624) / 203609) |
| = | 0.69211957 | / | 0.6744692 |
| | = | 1.0262 |
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 |
| = | 82722 | / | 67418 |
| | = | 1.227 |
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)) |
| = | (5111 / (5111 + 32624)) | / | (5163 / (5163 + 33596)) |
| = | 0.13544455 | / | 0.13320777 |
| | = | 1.0168 |
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) |
| = | (16388 / 82722) | / | (13517 / 67418) |
| = | 0.19810933 | / | 0.20049542 |
| | = | 0.9881 |
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) |
| = | ((48538 + 29073) / 203631) | / | ((51769 + 31077) / 203609) |
| = | 0.38113549 | / | 0.40688771 |
| | = | 0.9367 |
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 |
| = | (3145 - -89 | - | 6010) | / | 203631 |
| | = | -0.0136 |
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 -2.53 suggests that the company is unlikely to be a manipulator.
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