DraftKings Beneish M-Score Historical Data
The historical data trend for DraftKings'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.
DraftKings Beneish M-Score Chart
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DraftKings Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-3.81 |
-2.24 |
-2.82 |
-3.69 |
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DraftKings Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.56 |
-2.11 |
-2.38 |
-3.69 |
-3.54 |
Competitive Comparison of DraftKings's Beneish M-Score
For the Gambling subindustry, DraftKings'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.
DraftKings's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, DraftKings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DraftKings's Beneish M-Score falls into.
DraftKings 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 DraftKings 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 * 0.3761 | + | 0.528 * 1.0191 | + | 0.404 * 1.2729 | + | 0.892 * 1.2286 | + | 0.115 * 0.8314 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9285 | + | 4.679 * -0.168433 | - | 0.327 * 1.0333 |
| = | -3.54 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $148 Mil.
Revenue was 1408.806 + 1392.772 + 1095.49 + 1104.441 = $5,002 Mil.
Gross Profit was 565.003 + 558.128 + 353.056 + 441.027 = $1,917 Mil.
Total Current Assets was $1,801 Mil.
Total Assets was $4,516 Mil.
Property, Plant and Equipment(Net PPE) was $125 Mil.
Depreciation, Depletion and Amortization(DDA) was $288 Mil.
Selling, General, & Admin. Expense(SGA) was $2,022 Mil.
Total Current Liabilities was $1,499 Mil.
Long-Term Debt & Capital Lease Obligation was $1,908 Mil.
Net Income was -33.864 + -134.851 + -293.688 + 63.822 = $-399 Mil.
Non Operating Income was 2.517 + -14.376 + -4.599 + 9.345 = $-7 Mil.
Cash Flow from Operations was -119.016 + 325.189 + 133.584 + 29.389 = $369 Mil.
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Total Receivables was $319 Mil.
Revenue was 1174.996 + 1230.857 + 789.957 + 874.927 = $4,071 Mil.
Gross Profit was 464.927 + 514.199 + 246.503 + 364.604 = $1,590 Mil.
Total Current Assets was $1,938 Mil.
Total Assets was $3,801 Mil.
Property, Plant and Equipment(Net PPE) was $150 Mil.
Depreciation, Depletion and Amortization(DDA) was $207 Mil.
Selling, General, & Admin. Expense(SGA) was $1,773 Mil.
Total Current Liabilities was $1,442 Mil.
Long-Term Debt & Capital Lease Obligation was $1,333 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) |
| = | (147.527 / 5001.509) | / | (319.282 / 4070.737) |
| = | 0.029496 | / | 0.078433 |
| | = | 0.3761 |
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) |
| = | (1590.233 / 4070.737) | / | (1917.214 / 5001.509) |
| = | 0.39065 | / | 0.383327 |
| | = | 1.0191 |
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 - (1800.801 + 125.345) / 4515.813) | / | (1 - (1937.973 + 150.351) / 3800.653) |
| = | 0.573466 | / | 0.450535 |
| | = | 1.2729 |
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 |
| = | 5001.509 | / | 4070.737 |
| | = | 1.2286 |
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)) |
| = | (206.887 / (206.887 + 150.351)) | / | (287.79 / (287.79 + 125.345)) |
| = | 0.579129 | / | 0.6966 |
| | = | 0.8314 |
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) |
| = | (2022.147 / 5001.509) | / | (1772.628 / 4070.737) |
| = | 0.404307 | / | 0.435456 |
| | = | 0.9285 |
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) |
| = | ((1907.86 + 1498.873) / 4515.813) | / | ((1333.338 + 1441.61) / 3800.653) |
| = | 0.754401 | / | 0.730124 |
| | = | 1.0333 |
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 |
| = | (-398.581 - -7.113 | - | 369.146) | / | 4515.813 |
| | = | -0.168433 |
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.
DraftKings has a M-score of -3.54 suggests that the company is unlikely to be a manipulator.
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