Market Cap : 204.2 B | Enterprise Value : 243.92 B | PE Ratio : 64.99 | PB Ratio : 2.10 |
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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 -2.53 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:
During the past 13 years, the highest Beneish M-Score of The Walt Disney Co was -0.86. The lowest was -3.12. And the median was -2.69.
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.
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.
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 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. |
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. |
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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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 |
Paul J Richardson | officer: Sr. EVP and Chief HR Officer | 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521 |
Amy Chang | director | 2100 SEAPORT BLVD., C/O INFORMATICA CORPORATION, REDWOOD CITY CA 94063 |
Calvin Mcdonald | director | C/O LULULEMON ATHLETICA INC., 1818 CORNWALL AVENUE, VANCOUVER A1 V6J 1C7 |
Robert A Chapek | officer: Chief Executive Officer | 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521 |
Maria Elena Lagomasino | director | 345 PARK AVENUE 5TH FL, NEW YORK NY 10154 |
Mark G Parker | director | ONE BOWERMAN DR, BEAVERTON OR 97005 |
Mary T Barra | director | 300 RENAISSANCE CENTER, M/C: 482-C25-A36, DETROIT MI 48265-3000 |
Froman Michael B. G. | director | 2000 PURCHASE STREET, PURCHASE NY 10577 |
Alan N Braverman | officer: Sr EVP, General Counsel & Secy | 500 SOUTH BUENA VISTA ST, BURBANK CA 91521-1030 |
Christine M Mccarthy | officer: SEVP-Chief Financial Officer | 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521-0964 |
Mary Jayne Parker | officer: SEVP and Chief HR Officer | 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521-0966 |
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