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Fox Beneish M-Score

: -2.71 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

Fox has a M-score of -2.71 suggests that the company is not a manipulator.

NAS:FOX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27   Med: -2.99   Max: -2.71
Current: -2.71

-3.27
-2.71

During the past 5 years, the highest Beneish M-Score of Fox was -2.71. The lowest was -3.27. And the median was -2.99.


Fox Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Fox Annual Data
Jun16 Jun17 Jun18 Jun19 Jun20
Beneish M-Score 0.00 0.00 0.00 -3.27 -2.71

Fox Quarterly Data
Jun16 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.27 0.00 0.00 0.00 -2.71

Competitive Comparison
* 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.


Fox Beneish M-Score Distribution

* 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 * 0.8885+0.528 * 1+0.404 * 0.9359+0.892 * 1.0803+0.115 * 1.2366
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1358+4.679 * -0.0307-0.327 * 1.0921
=-2.71

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Jun20) TTM:Last Year (Jun19) TTM:
Accounts Receivable was $1,888 Mil.
Revenue was 2418 + 3440 + 3778 + 2667 = $12,303 Mil.
Gross Profit was 2418 + 3440 + 3778 + 2667 = $12,303 Mil.
Total Current Assets was $7,486 Mil.
Total Assets was $21,750 Mil.
Property, Plant and Equipment(Net PPE) was $2,037 Mil.
Depreciation, Depletion and Amortization(DDA) was $258 Mil.
Selling, General, & Admin. Expense(SGA) was $1,741 Mil.
Total Current Liabilities was $1,906 Mil.
Long-Term Debt & Capital Lease Obligation was $8,398 Mil.
Net Income was 122 + 78 + 300 + 499 = $999 Mil.
Non Operating Income was -345 + -632 + 302 + -24 = $-699 Mil.
Cash Flow from Operations was 1020 + 1601 + -458 + 202 = $2,365 Mil.
Accounts Receivable was $1,967 Mil.
Revenue was 2513 + 2752 + 3583 + 2541 = $11,389 Mil.
Gross Profit was 2513 + 2752 + 3583 + 2541 = $11,389 Mil.
Total Current Assets was $6,478 Mil.
Total Assets was $19,509 Mil.
Property, Plant and Equipment(Net PPE) was $1,313 Mil.
(DDA) was $212 Mil.
Selling, General, & Admin. Expense(SGA) was $1,419 Mil.
Total Current Liabilities was $1,712 Mil.
Long-Term Debt & Capital Lease Obligation was $6,751 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(1888 / 12303) / (1967 / 11389)
=0.15345851 / 0.17271051
=0.8885

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)
=(11389 / 11389) / (12303 / 12303)
=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 - (7486 + 2037) / 21750) / (1 - (6478 + 1313) / 19509)
=0.56216092 / 0.60064586
=0.9359

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
=12303 / 11389
=1.0803

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))
=(212 / (212 + 1313)) / (258 / (258 + 2037))
=0.13901639 / 0.1124183
=1.2366

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)
=(1741 / 12303) / (1419 / 11389)
=0.1415102 / 0.12459391
=1.1358

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)
=((8398 + 1906) / 21750) / ((6751 + 1712) / 19509)
=0.47374713 / 0.43379978
=1.0921

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
=(999 - -699 - 2365) / 21750
=-0.0307

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Fox has a M-score of -2.71 suggests that the company will not be a manipulator.


Fox Beneish M-Score Headlines

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