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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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Fox's Beneish M-Score or its related term are showing as below:
During the past 9 years, the highest Beneish M-Score of Fox was -2.32. The lowest was -3.71. And the median was -2.50.
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.
Fox Annual Data | |||||||||||||||||||
Trend | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | Jun24 | ||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.71 | -2.65 | -2.47 | -2.41 | -2.43 |
Fox Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.45 | -2.50 | -2.43 | -2.42 | -2.32 |
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.
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 into.
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 * 1.1158 | + | 0.528 * 1 | + | 0.404 * 1.0335 | + | 0.892 * 1.0429 | + | 0.115 * 1.0241 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9826 | + | 4.679 * -0.007167 | - | 0.327 * 0.9041 | |||||||
= | -2.32 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $3,492 Mil. Revenue was 5078 + 3564 + 3092 + 3447 = $15,181 Mil. Gross Profit was 5078 + 3564 + 3092 + 3447 = $15,181 Mil. Total Current Assets was $8,237 Mil. Total Assets was $23,022 Mil. Property, Plant and Equipment(Net PPE) was $2,543 Mil. Depreciation, Depletion and Amortization(DDA) was $384 Mil. Selling, General, & Admin. Expense(SGA) was $2,076 Mil. Total Current Liabilities was $3,297 Mil. Long-Term Debt & Capital Lease Obligation was $7,452 Mil. Net Income was 373 + 827 + 319 + 666 = $2,185 Mil. Non Operating Income was -85 + 210 + -173 + 227 = $179 Mil. Cash Flow from Operations was -362 + 158 + 899 + 1476 = $2,171 Mil. |
Total Receivables was $3,001 Mil. Revenue was 4234 + 3207 + 3032 + 4084 = $14,557 Mil. Gross Profit was 4234 + 3207 + 3032 + 4084 = $14,557 Mil. Total Current Assets was $8,501 Mil. Total Assets was $22,846 Mil. Property, Plant and Equipment(Net PPE) was $2,590 Mil. Depreciation, Depletion and Amortization(DDA) was $402 Mil. Selling, General, & Admin. Expense(SGA) was $2,026 Mil. Total Current Liabilities was $3,707 Mil. Long-Term Debt & Capital Lease Obligation was $8,091 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) |
= | (3492 / 15181) | / | (3001 / 14557) | |
= | 0.230024 | / | 0.206155 | |
= | 1.1158 |
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) | |
= | (14557 / 14557) | / | (15181 / 15181) | |
= | 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 - (8237 + 2543) / 23022) | / | (1 - (8501 + 2590) / 22846) | |
= | 0.531752 | / | 0.514532 | |
= | 1.0335 |
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 | |
= | 15181 | / | 14557 | |
= | 1.0429 |
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)) |
= | (402 / (402 + 2590)) | / | (384 / (384 + 2543)) | |
= | 0.134358 | / | 0.131192 | |
= | 1.0241 |
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) |
= | (2076 / 15181) | / | (2026 / 14557) | |
= | 0.13675 | / | 0.139177 | |
= | 0.9826 |
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) |
= | ((7452 + 3297) / 23022) | / | ((8091 + 3707) / 22846) | |
= | 0.466901 | / | 0.516414 | |
= | 0.9041 |
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 | |
= | (2185 - 179 | - | 2171) | / | 23022 | |
= | -0.007167 |
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 -2.32 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Fox's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
William A Burck | director | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Cruden Financial Services Llc | 10 percent owner | C/O MCDONALD CARANO WILSON LLP, 100 LIBERTY STREET, RENO NV 89501 |
Murdoch Family Trust | 10 percent owner | C/O MCDONALD CARANO WILSON LLP, 100 LIBERTY STREET, RENO NV 89501 |
Roland A Hernandez | director | 300 NORTH SAN RAFAEL AVE, PASADENA CA 91105 |
Chase Carey | director | C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Paul D Ryan | director | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Anne Dias | director | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Lachlan K Murdoch | director, officer: See Remarks | C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Keith Rupert Murdoch | director, officer: Co-Chairman | C/O FOX CORPORATION, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
John Nallen | officer: Chief Operating Officer | C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Twenty-first Century Fox, Inc. | 10 percent owner | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Jacques A Nasser | director | |
Viet D Dinh | officer: Chief Legal and Policy Officer | GEORGETOWN UNIVERSITY LAW CENTER, 600 NEW JERSEY AVENUE NW, WASHINGTON DC 20001 |
Steven Tomsic | officer: Chief Financial Officer | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
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