Flutter Entertainment Beneish M-Score Historical Data
The historical data trend for Flutter Entertainment'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.
Flutter Entertainment Beneish M-Score Chart
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Flutter Entertainment Annual Data
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| Beneish M-Score |
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- |
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-2.51 |
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Flutter Entertainment Quarterly Data
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| Beneish M-Score |
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-2.69 |
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-2.51 |
-2.44 |
Competitive Comparison of Flutter Entertainment's Beneish M-Score
For the Gambling subindustry, Flutter Entertainment'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.
Flutter Entertainment's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Flutter Entertainment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Flutter Entertainment's Beneish M-Score falls into.
Flutter Entertainment 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 Flutter Entertainment 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 * 0.9998 | + | 0.528 * 0.9964 | + | 0.404 * 0.9809 | + | 0.892 * 1.1732 | + | 0.115 * 1.1193 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7873 | + | 4.679 * -0.033736 | - | 0.327 * 0.9769 |
| = | -2.44 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was €486 Mil.
Revenue was 3390.125 + 3621.36 + 2926.448 + 3354.619 = €13,293 Mil.
Gross Profit was 1580.825 + 1743.83 + 1347.896 + 1649.904 = €6,322 Mil.
Total Current Assets was €3,923 Mil.
Total Assets was €22,963 Mil.
Property, Plant and Equipment(Net PPE) was €937 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,015 Mil.
Selling, General, & Admin. Expense(SGA) was €4,636 Mil.
Total Current Liabilities was €4,134 Mil.
Long-Term Debt & Capital Lease Obligation was €6,662 Mil.
Net Income was 307.1 + 124.15 + -107.219 + 259.191 = €583 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 173.9 + 622.66 + 261.29 + 300.067 = €1,358 Mil.
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Total Receivables was €414 Mil.
Revenue was 3125.24 + 3038.021 + 2396.846 + 2769.923 = €11,330 Mil.
Gross Profit was 1475.68 + 1402.093 + 1098.164 + 1393.73 = €5,370 Mil.
Total Current Assets was €3,551 Mil.
Total Assets was €22,439 Mil.
Property, Plant and Equipment(Net PPE) was €853 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,187 Mil.
Selling, General, & Admin. Expense(SGA) was €5,019 Mil.
Total Current Liabilities was €4,219 Mil.
Long-Term Debt & Capital Lease Obligation was €6,580 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) |
| = | (485.625 / 13292.552) | / | (414 / 11330.03) |
| = | 0.036534 | / | 0.03654 |
| | = | 0.9998 |
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) |
| = | (5369.667 / 11330.03) | / | (6322.455 / 13292.552) |
| = | 0.473932 | / | 0.475639 |
| | = | 0.9964 |
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 - (3922.925 + 937.025) / 22963.125) | / | (1 - (3551.2 + 852.84) / 22438.8) |
| = | 0.788359 | / | 0.803731 |
| | = | 0.9809 |
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 |
| = | 13292.552 | / | 11330.03 |
| | = | 1.1732 |
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)) |
| = | (1187.38 / (1187.38 + 852.84)) | / | (1014.946 / (1014.946 + 937.025)) |
| = | 0.581986 | / | 0.51996 |
| | = | 1.1193 |
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) |
| = | (4636.13 / 13292.552) | / | (5019.088 / 11330.03) |
| = | 0.348777 | / | 0.44299 |
| | = | 0.7873 |
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) |
| = | ((6661.85 + 4133.825) / 22963.125) | / | ((6579.84 + 4219.12) / 22438.8) |
| = | 0.470131 | / | 0.481263 |
| | = | 0.9769 |
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 |
| = | (583.222 - 0 | - | 1357.917) | / | 22963.125 |
| | = | -0.033736 |
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.
Flutter Entertainment has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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