Match Group Beneish M-Score Historical Data
The historical data trend for Match Group'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.
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Match Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-3.10 |
-3.83 |
-2.08 |
-2.23 |
-2.25 |
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Match Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
|
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-2.23 |
-1.80 |
-2.28 |
-2.15 |
-2.25 |
Competitive Comparison
For the Internet Content & Information subindustry, Match Group'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.
Match Group Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, Match Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Match Group's Beneish M-Score falls into.
Match Group 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 Match Group 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 * 1.4747 | + | 0.528 * 0.9756 | + | 0.404 * 0.9035 | + | 0.892 * 1.0551 | + | 0.115 * 0.8228 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9766 | + | 4.679 * -0.044946 | - | 0.327 * 0.9241 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $299 Mil.
Revenue was 866.228 + 881.6 + 829.552 + 787.124 = $3,365 Mil.
Gross Profit was 658.116 + 626.002 + 579.258 + 547.114 = $2,410 Mil.
Total Current Assets was $1,271 Mil.
Total Assets was $4,508 Mil.
Property, Plant and Equipment(Net PPE) was $195 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General, & Admin. Expense(SGA) was $1,000 Mil.
Total Current Liabilities was $532 Mil.
Long-Term Debt & Capital Lease Obligation was $3,842 Mil.
Net Income was 229.658 + 163.727 + 137.345 + 120.809 = $652 Mil.
Non Operating Income was -35.567 + -2.584 + -7.883 + 3.392 = $-43 Mil.
Cash Flow from Operations was 276.119 + 290.807 + 209.478 + 120.387 = $897 Mil.
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Total Receivables was $192 Mil.
Revenue was 786.153 + 809.546 + 794.513 + 798.631 = $3,189 Mil.
Gross Profit was 550.228 + 562.584 + 553.673 + 562.395 = $2,229 Mil.
Total Current Assets was $882 Mil.
Total Assets was $4,183 Mil.
Property, Plant and Equipment(Net PPE) was $176 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $970 Mil.
Total Current Liabilities was $556 Mil.
Long-Term Debt & Capital Lease Obligation was $3,836 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) |
| = | (298.648 / 3364.504) | / | (191.94 / 3188.843) |
| = | 0.088764 | / | 0.060191 |
| | = | 1.4747 |
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) |
| = | (2228.88 / 3188.843) | / | (2410.49 / 3364.504) |
| = | 0.698962 | / | 0.716447 |
| | = | 0.9756 |
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 - (1271.311 + 194.525) / 4507.886) | / | (1 - (882.385 + 176.136) / 4182.764) |
| = | 0.674829 | / | 0.746933 |
| | = | 0.9035 |
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 |
| = | 3364.504 | / | 3188.843 |
| | = | 1.0551 |
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)) |
| = | (43.594 / (43.594 + 176.136)) | / | (61.807 / (61.807 + 194.525)) |
| = | 0.198398 | / | 0.241121 |
| | = | 0.8228 |
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) |
| = | (999.871 / 3364.504) | / | (970.385 / 3188.843) |
| = | 0.297182 | / | 0.304306 |
| | = | 0.9766 |
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) |
| = | ((3842.242 + 531.768) / 4507.886) | / | ((3835.726 + 556.354) / 4182.764) |
| = | 0.970302 | / | 1.050043 |
| | = | 0.9241 |
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 |
| = | (651.539 - -42.642 | - | 896.791) | / | 4507.886 |
| | = | -0.044946 |
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.
Match Group has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
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