Liberty Media Beneish M-Score Historical Data
The historical data trend for Liberty Media'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.
Liberty Media Beneish M-Score Chart
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Liberty Media Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.55 |
-2.79 |
-1.84 |
-2.62 |
-2.78 |
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Liberty Media Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.62 |
-1.89 |
-2.16 |
-2.71 |
-2.78 |
Competitive Comparison of Liberty Media's Beneish M-Score
For the Entertainment subindustry, Liberty Media'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.
Liberty Media's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Liberty Media's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Liberty Media's Beneish M-Score falls into.
Liberty Media 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 Liberty Media 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 * 0.8175 | + | 0.528 * 0.9557 | + | 0.404 * 0.8968 | + | 0.892 * 1.1338 | + | 0.115 * 1.0092 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1388 | + | 4.679 * -0.036568 | - | 0.327 * 0.9779 |
| = | -2.78 |
* 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 $114 Mil.
Revenue was 1167 + 911 + 988 + 587 = $3,653 Mil.
Gross Profit was 312 + 316 + 255 + 282 = $1,165 Mil.
Total Current Assets was $3,022 Mil.
Total Assets was $11,759 Mil.
Property, Plant and Equipment(Net PPE) was $810 Mil.
Depreciation, Depletion and Amortization(DDA) was $352 Mil.
Selling, General, & Admin. Expense(SGA) was $408 Mil.
Total Current Liabilities was $1,130 Mil.
Long-Term Debt & Capital Lease Obligation was $2,966 Mil.
Net Income was -248 + 117 + 24 + 77 = $-30 Mil.
Non Operating Income was -280 + 56 + 6 + 51 = $-167 Mil.
Cash Flow from Operations was -20 + 186 + 261 + 140 = $567 Mil.
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Total Receivables was $123 Mil.
Revenue was 1230 + 887 + 724 + 381 = $3,222 Mil.
Gross Profit was 330 + 272 + 205 + 175 = $982 Mil.
Total Current Assets was $1,711 Mil.
Total Assets was $10,267 Mil.
Property, Plant and Equipment(Net PPE) was $838 Mil.
Depreciation, Depletion and Amortization(DDA) was $369 Mil.
Selling, General, & Admin. Expense(SGA) was $316 Mil.
Total Current Liabilities was $787 Mil.
Long-Term Debt & Capital Lease Obligation was $2,870 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) |
| = | (114 / 3653) | / | (123 / 3222) |
| = | 0.031207 | / | 0.038175 |
| | = | 0.8175 |
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) |
| = | (982 / 3222) | / | (1165 / 3653) |
| = | 0.30478 | / | 0.318916 |
| | = | 0.9557 |
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 - (3022 + 810) / 11759) | / | (1 - (1711 + 838) / 10267) |
| = | 0.674122 | / | 0.751729 |
| | = | 0.8968 |
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 |
| = | 3653 | / | 3222 |
| | = | 1.1338 |
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)) |
| = | (369 / (369 + 838)) | / | (352 / (352 + 810)) |
| = | 0.305717 | / | 0.302926 |
| | = | 1.0092 |
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) |
| = | (408 / 3653) | / | (316 / 3222) |
| = | 0.111689 | / | 0.098076 |
| | = | 1.1388 |
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) |
| = | ((2966 + 1130) / 11759) | / | ((2870 + 787) / 10267) |
| = | 0.348329 | / | 0.35619 |
| | = | 0.9779 |
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 |
| = | (-30 - -167 | - | 567) | / | 11759 |
| | = | -0.036568 |
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.
Liberty Media has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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