Roku Beneish M-Score Historical Data
The historical data trend for Roku'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.
Roku Beneish M-Score Chart
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Roku Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.58 |
-2.48 |
-1.70 |
-3.15 |
-3.65 |
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Roku Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.97 |
-3.65 |
-3.80 |
-3.61 |
-2.88 |
Competitive Comparison of Roku's Beneish M-Score
For the Entertainment subindustry, Roku'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.
Roku's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Roku's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roku's Beneish M-Score falls into.
Roku 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 Roku 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 * 0.8588 | + | 0.528 * 0.9686 | + | 0.404 * 1.0641 | + | 0.892 * 1.1344 | + | 0.115 * 0.8849 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7604 | + | 4.679 * -0.104098 | - | 0.327 * 0.9567 |
| = | -2.93 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €658 Mil.
Revenue was 957.045 + 899.438 + 810.951 + 902.718 = €3,570 Mil.
Gross Profit was 432.548 + 394.546 + 357.228 + 401.576 = €1,586 Mil.
Total Current Assets was €2,871 Mil.
Total Assets was €3,877 Mil.
Property, Plant and Equipment(Net PPE) was €484 Mil.
Depreciation, Depletion and Amortization(DDA) was €298 Mil.
Selling, General, & Admin. Expense(SGA) was €1,187 Mil.
Total Current Liabilities was €1,118 Mil.
Long-Term Debt & Capital Lease Obligation was €482 Mil.
Net Income was -8.136 + -31.542 + -46.787 + -71.793 = €-158 Mil.
Non Operating Income was 27.823 + 26.132 + 23.88 + 26.006 = €104 Mil.
Cash Flow from Operations was 61.866 + 21.744 + 42.948 + 14.972 = €142 Mil.
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Total Receivables was €675 Mil.
Revenue was 854.561 + 781.953 + 692.085 + 818.501 = €3,147 Mil.
Gross Profit was 345.587 + 349.144 + 315.316 + 343.974 = €1,354 Mil.
Total Current Assets was €2,784 Mil.
Total Assets was €3,927 Mil.
Property, Plant and Equipment(Net PPE) was €646 Mil.
Depreciation, Depletion and Amortization(DDA) was €329 Mil.
Selling, General, & Admin. Expense(SGA) was €1,377 Mil.
Total Current Liabilities was €1,132 Mil.
Long-Term Debt & Capital Lease Obligation was €562 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) |
| = | (657.65 / 3570.152) | / | (675.013 / 3147.1) |
| = | 0.184208 | / | 0.214487 |
| | = | 0.8588 |
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) |
| = | (1354.021 / 3147.1) | / | (1585.898 / 3570.152) |
| = | 0.430244 | / | 0.44421 |
| | = | 0.9686 |
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 - (2870.973 + 484.13) / 3877.378) | / | (1 - (2783.828 + 645.882) / 3926.76) |
| = | 0.134698 | / | 0.12658 |
| | = | 1.0641 |
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 |
| = | 3570.152 | / | 3147.1 |
| | = | 1.1344 |
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)) |
| = | (328.693 / (328.693 + 645.882)) | / | (298.139 / (298.139 + 484.13)) |
| = | 0.337268 | / | 0.381121 |
| | = | 0.8849 |
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) |
| = | (1187.414 / 3570.152) | / | (1376.506 / 3147.1) |
| = | 0.332595 | / | 0.437389 |
| | = | 0.7604 |
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) |
| = | ((482.376 + 1117.788) / 3877.378) | / | ((562.244 + 1131.656) / 3926.76) |
| = | 0.412692 | / | 0.431373 |
| | = | 0.9567 |
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 |
| = | (-158.258 - 103.841 | - | 141.53) | / | 3877.378 |
| | = | -0.104098 |
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.
Roku has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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