Fox Beneish M-Score Historical Data
The historical data trend for Fox'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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Fox Annual Data
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Trend |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
| Beneish M-Score |
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|
|
- |
-3.27 |
-2.71 |
-2.65 |
-2.47 |
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Fox 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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|
|
|
|
|
|
|
|
|
|
|
|
|
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-2.55 |
-2.44 |
-2.39 |
-2.47 |
-2.53 |
Competitive Comparison
For the Entertainment subindustry, Fox'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.
Fox Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Fox's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fox'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.
Fox 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 Fox 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 * 0.9699 | + | 0.528 * 1 | + | 0.404 * 1.003 | + | 0.892 * 1.0668 | + | 0.115 * 0.8339 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9982 | + | 4.679 * -0.0161 | - | 0.327 * 0.9798 |
| = | -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 $2,268 Mil.
Revenue was 3192 + 3033 + 3455 + 4441 = $14,121 Mil.
Gross Profit was 3192 + 3033 + 3455 + 4441 = $14,121 Mil.
Total Current Assets was $8,495 Mil.
Total Assets was $22,424 Mil.
Property, Plant and Equipment(Net PPE) was $2,134 Mil.
Depreciation, Depletion and Amortization(DDA) was $383 Mil.
Selling, General, & Admin. Expense(SGA) was $1,953 Mil.
Total Current Liabilities was $2,362 Mil.
Long-Term Debt & Capital Lease Obligation was $7,594 Mil.
Net Income was 605 + 306 + 283 + -85 = $1,109 Mil.
Non Operating Income was -76 + -134 + -233 + -211 = $-654 Mil.
Cash Flow from Operations was 270 + 933 + 1607 + -685 = $2,125 Mil.
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Total Receivables was $2,192 Mil.
Revenue was 3045 + 2890 + 3215 + 4087 = $13,237 Mil.
Gross Profit was 3045 + 2890 + 3215 + 4087 = $13,237 Mil.
Total Current Assets was $8,875 Mil.
Total Assets was $23,161 Mil.
Property, Plant and Equipment(Net PPE) was $2,140 Mil.
Depreciation, Depletion and Amortization(DDA) was $311 Mil.
Selling, General, & Admin. Expense(SGA) was $1,834 Mil.
Total Current Liabilities was $2,869 Mil.
Long-Term Debt & Capital Lease Obligation was $7,626 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) |
| = | (2268 / 14121) | / | (2192 / 13237) |
| = | 0.16061185 | / | 0.16559643 |
| | = | 0.9699 |
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) |
| = | (13237 / 13237) | / | (14121 / 14121) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (8495 + 2134) / 22424) | / | (1 - (8875 + 2140) / 23161) |
| = | 0.52599893 | / | 0.52441604 |
| | = | 1.003 |
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 |
| = | 14121 | / | 13237 |
| | = | 1.0668 |
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)) |
| = | (311 / (311 + 2140)) | / | (383 / (383 + 2134)) |
| = | 0.12688698 | / | 0.15216528 |
| | = | 0.8339 |
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) |
| = | (1953 / 14121) | / | (1834 / 13237) |
| = | 0.13830465 | / | 0.13855103 |
| | = | 0.9982 |
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) |
| = | ((7594 + 2362) / 22424) | / | ((7626 + 2869) / 23161) |
| = | 0.44398858 | / | 0.45313242 |
| | = | 0.9798 |
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 |
| = | (1109 - -654 | - | 2125) | / | 22424 |
| | = | -0.0161 |
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.
Fox has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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