Live Nation Entertainment Beneish M-Score Historical Data
The historical data trend for Live Nation 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.
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Live Nation Entertainment Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.24 |
-1.54 |
-1.75 |
-2.25 |
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Live Nation Entertainment Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.75 |
-1.89 |
-2.38 |
-2.45 |
-2.25 |
Competitive Comparison
For the Entertainment subindustry, Live Nation 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.
Live Nation Entertainment Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Live Nation Entertainment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Live Nation Entertainment's Beneish M-Score falls into.
Live Nation 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 Live Nation 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 * 1.0436 | + | 0.528 * 1.0799 | + | 0.404 * 0.9529 | + | 0.892 * 1.3115 | + | 0.115 * 1.0451 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8907 | + | 4.679 * -0.039542 | - | 0.327 * 0.9685 |
| = | -2.29 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €1,938 Mil.
Revenue was 5354.309 + 7638.442 + 5197.157 + 2920.982 = €21,111 Mil.
Gross Profit was 1061.663 + 1706.796 + 1353.067 + 945.022 = €5,067 Mil.
Total Current Assets was €8,783 Mil.
Total Assets was €17,491 Mil.
Property, Plant and Equipment(Net PPE) was €3,400 Mil.
Depreciation, Depletion and Amortization(DDA) was €479 Mil.
Selling, General, & Admin. Expense(SGA) was €3,298 Mil.
Total Current Liabilities was €9,133 Mil.
Long-Term Debt & Capital Lease Obligation was €6,552 Mil.
Net Income was -193.238 + 453.035 + 271.068 + -2.96 = €528 Mil.
Non Operating Income was -23.974 + -11.512 + 17.694 + -24.607 = €-42 Mil.
Cash Flow from Operations was 557.86 + -828.69 + 453.194 + 1079.562 = €1,262 Mil.
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Total Receivables was €1,416 Mil.
Revenue was 4050.456 + 6215.07 + 4194.729 + 1636.95 = €16,097 Mil.
Gross Profit was 943.156 + 1460.144 + 1104.125 + 664.462 = €4,172 Mil.
Total Current Assets was €7,703 Mil.
Total Assets was €15,539 Mil.
Property, Plant and Equipment(Net PPE) was €2,888 Mil.
Depreciation, Depletion and Amortization(DDA) was €428 Mil.
Selling, General, & Admin. Expense(SGA) was €2,823 Mil.
Total Current Liabilities was €7,838 Mil.
Long-Term Debt & Capital Lease Obligation was €6,549 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) |
| = | (1937.529 / 21110.89) | / | (1415.633 / 16097.205) |
| = | 0.091779 | / | 0.087943 |
| | = | 1.0436 |
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) |
| = | (4171.887 / 16097.205) | / | (5066.548 / 21110.89) |
| = | 0.259168 | / | 0.239997 |
| | = | 1.0799 |
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 - (8782.8 + 3400.1) / 17490.899) | / | (1 - (7702.589 + 2887.751) / 15539.034) |
| = | 0.303472 | / | 0.318469 |
| | = | 0.9529 |
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 |
| = | 21110.89 | / | 16097.205 |
| | = | 1.3115 |
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)) |
| = | (428.131 / (428.131 + 2887.751)) | / | (479.293 / (479.293 + 3400.1)) |
| = | 0.129115 | / | 0.123548 |
| | = | 1.0451 |
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) |
| = | (3298.078 / 21110.89) | / | (2823.418 / 16097.205) |
| = | 0.156226 | / | 0.175398 |
| | = | 0.8907 |
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) |
| = | ((6552.072 + 9133.231) / 17490.899) | / | ((6549.464 + 7838.329) / 15539.034) |
| = | 0.896769 | / | 0.925913 |
| | = | 0.9685 |
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 |
| = | (527.905 - -42.399 | - | 1261.926) | / | 17490.899 |
| | = | -0.039542 |
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.
Live Nation Entertainment has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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