Fox Beneish M-Score Historical Data
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 Beneish M-Score Chart
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Fox Annual Data
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Trend |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.71 |
-2.65 |
-2.47 |
-2.41 |
-2.43 |
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Fox 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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-2.33 |
-2.45 |
-2.50 |
-2.43 |
-2.42 |
Competitive Comparison of Fox's Beneish M-Score
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.
Fox's Beneish M-Score Distribution in the Media - Diversified Industry
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.
Fox 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 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 * 1.3303 | + | 0.528 * 1 | + | 0.404 * 0.9911 | + | 0.892 * 0.9435 | + | 0.115 * 1.1667 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0334 | + | 4.679 * -0.008787 | - | 0.327 * 0.9612 |
| = | -2.25 |
* 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 MXN52,908 Mil.
Revenue was 70176.229 + 56645.759 + 57207.291 + 71868.966 = MXN255,898 Mil.
Gross Profit was 70176.229 + 56645.759 + 57207.291 + 71868.966 = MXN255,898 Mil.
Total Current Assets was MXN153,447 Mil.
Total Assets was MXN443,780 Mil.
Property, Plant and Equipment(Net PPE) was MXN50,683 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN6,860 Mil.
Selling, General, & Admin. Expense(SGA) was MXN36,625 Mil.
Total Current Liabilities was MXN59,169 Mil.
Long-Term Debt & Capital Lease Obligation was MXN146,890 Mil.
Net Income was 16283.878 + 5844.113 + 11053.106 + 1850.193 = MXN35,031 Mil.
Non Operating Income was 4134.963 + -3169.378 + 3767.35 + -780.815 = MXN3,952 Mil.
Cash Flow from Operations was 3111.067 + 16469.773 + 24496.072 + -9098.197 = MXN34,979 Mil.
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Total Receivables was MXN42,154 Mil.
Revenue was 55862.403 + 51980.305 + 73614.1 + 89779.08 = MXN271,236 Mil.
Gross Profit was 55862.403 + 51980.305 + 73614.1 + 89779.08 = MXN271,236 Mil.
Total Current Assets was MXN126,095 Mil.
Total Assets was MXN377,102 Mil.
Property, Plant and Equipment(Net PPE) was MXN45,533 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN7,357 Mil.
Selling, General, & Admin. Expense(SGA) was MXN37,567 Mil.
Total Current Liabilities was MXN62,516 Mil.
Long-Term Debt & Capital Lease Obligation was MXN119,650 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) |
| = | (52907.836 / 255898.245) | / | (42153.731 / 271235.888) |
| = | 0.206753 | / | 0.155414 |
| | = | 1.3303 |
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) |
| = | (271235.888 / 271235.888) | / | (255898.245 / 255898.245) |
| = | 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 - (153446.508 + 50682.832) / 443779.982) | / | (1 - (126095.395 + 45532.997) / 377101.701) |
| = | 0.540021 | / | 0.544875 |
| | = | 0.9911 |
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 |
| = | 255898.245 | / | 271235.888 |
| | = | 0.9435 |
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)) |
| = | (7356.774 / (7356.774 + 45532.997)) | / | (6860.122 / (6860.122 + 50682.832)) |
| = | 0.139096 | / | 0.119217 |
| | = | 1.1667 |
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) |
| = | (36625.41 / 255898.245) | / | (37567.331 / 271235.888) |
| = | 0.143125 | / | 0.138504 |
| | = | 1.0334 |
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) |
| = | ((146889.638 + 59169.352) / 443779.982) | / | ((119650.404 + 62516.421) / 377101.701) |
| = | 0.464327 | / | 0.483071 |
| | = | 0.9612 |
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 |
| = | (35031.29 - 3952.12 | - | 34978.715) | / | 443779.982 |
| | = | -0.008787 |
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 -2.25 suggests that the company is unlikely to be a manipulator.
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