VIZIO Holding Beneish M-Score Historical Data
The historical data trend for VIZIO Holding'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.
VIZIO Holding Beneish M-Score Chart
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VIZIO Holding Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-3.09 |
-2.55 |
-2.33 |
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VIZIO Holding Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.56 |
-2.19 |
-2.43 |
-2.33 |
-2.52 |
Competitive Comparison of VIZIO Holding's Beneish M-Score
For the Consumer Electronics subindustry, VIZIO Holding'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.
VIZIO Holding's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, VIZIO Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VIZIO Holding's Beneish M-Score falls into.
VIZIO Holding 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 VIZIO Holding 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 * 0.985 | + | 0.528 * 0.8417 | + | 0.404 * 1.1711 | + | 0.892 * 0.932 | + | 0.115 * 0.5723 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2494 | + | 4.679 * 0.018996 | - | 0.327 * 0.8682 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €257 Mil.
Revenue was 325.588 + 460.976 + 399.349 + 364.031 = €1,550 Mil.
Gross Profit was 74.612 + 90.049 + 90.421 + 79.47 = €335 Mil.
Total Current Assets was €641 Mil.
Total Assets was €792 Mil.
Property, Plant and Equipment(Net PPE) was €18 Mil.
Depreciation, Depletion and Amortization(DDA) was €8 Mil.
Selling, General, & Admin. Expense(SGA) was €281 Mil.
Total Current Liabilities was €361 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was -11.132 + 12.104 + 12.931 + 1.754 = €16 Mil.
Non Operating Income was 0.644 + 0.183 + -0.094 + 0.277 = €1 Mil.
Cash Flow from Operations was -17.572 + 13.113 + 11.713 + -7.661 = €-0 Mil.
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Total Receivables was €280 Mil.
Revenue was 333.158 + 503.624 + 439.35 + 386.819 = €1,663 Mil.
Gross Profit was 70.424 + 80.901 + 80.901 + 69.909 = €302 Mil.
Total Current Assets was €652 Mil.
Total Assets was €786 Mil.
Property, Plant and Equipment(Net PPE) was €20 Mil.
Depreciation, Depletion and Amortization(DDA) was €4 Mil.
Selling, General, & Admin. Expense(SGA) was €241 Mil.
Total Current Liabilities was €412 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (257.416 / 1549.944) | / | (280.387 / 1662.951) |
| = | 0.166081 | / | 0.168608 |
| | = | 0.985 |
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) |
| = | (302.135 / 1662.951) | / | (334.552 / 1549.944) |
| = | 0.181686 | / | 0.215848 |
| | = | 0.8417 |
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 - (640.504 + 17.572) / 792.488) | / | (1 - (651.839 + 20.455) / 786.148) |
| = | 0.169608 | / | 0.144825 |
| | = | 1.1711 |
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 |
| = | 1549.944 | / | 1662.951 |
| | = | 0.932 |
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)) |
| = | (4.392 / (4.392 + 20.455)) | / | (7.853 / (7.853 + 17.572)) |
| = | 0.176762 | / | 0.308869 |
| | = | 0.5723 |
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) |
| = | (281.165 / 1549.944) | / | (241.452 / 1662.951) |
| = | 0.181403 | / | 0.145195 |
| | = | 1.2494 |
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) |
| = | ((0 + 360.64) / 792.488) | / | ((0 + 412.081) / 786.148) |
| = | 0.455073 | / | 0.524177 |
| | = | 0.8682 |
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 |
| = | (15.657 - 1.01 | - | -0.407) | / | 792.488 |
| | = | 0.018996 |
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.
VIZIO Holding has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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