Roku Beneish M-Score Historical Data
The historical data trend for Roku'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.
Roku Beneish M-Score Chart
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Roku Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.60 |
-2.46 |
-1.65 |
-3.11 |
-3.67 |
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Roku 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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-3.11 |
-3.02 |
-3.41 |
-3.98 |
-3.67 |
Competitive Comparison of Roku's Beneish M-Score
For the Entertainment subindustry, Roku'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.
Roku's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Roku's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roku's Beneish M-Score falls into.
Roku 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 Roku 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 * 0.9627 | + | 0.528 * 1.0549 | + | 0.404 * 0.9686 | + | 0.892 * 1.1145 | + | 0.115 * 0.6469 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0894 | + | 4.679 * -0.248509 | - | 0.327 * 1.1557 |
| = | -3.67 |
* 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 $816 Mil.
Revenue was 984.425 + 912.018 + 847.186 + 740.99 = $3,485 Mil.
Gross Profit was 437.924 + 368.823 + 378.271 + 337.597 = $1,523 Mil.
Total Current Assets was $3,073 Mil.
Total Assets was $4,262 Mil.
Property, Plant and Equipment(Net PPE) was $636 Mil.
Depreciation, Depletion and Amortization(DDA) was $128 Mil.
Selling, General, & Admin. Expense(SGA) was $1,437 Mil.
Total Current Liabilities was $1,276 Mil.
Long-Term Debt & Capital Lease Obligation was $586 Mil.
Net Income was -78.291 + -330.071 + -107.595 + -193.604 = $-710 Mil.
Non Operating Income was 27.665 + 22.912 + 19.999 + 23.101 = $94 Mil.
Cash Flow from Operations was 16.327 + 245.888 + 147.053 + -153.412 = $256 Mil.
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Total Receivables was $761 Mil.
Revenue was 867.056 + 761.373 + 764.406 + 733.699 = $3,127 Mil.
Gross Profit was 364.379 + 356.787 + 355.149 + 364.807 = $1,441 Mil.
Total Current Assets was $2,965 Mil.
Total Assets was $4,413 Mil.
Property, Plant and Equipment(Net PPE) was $857 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $1,183 Mil.
Total Current Liabilities was $1,083 Mil.
Long-Term Debt & Capital Lease Obligation was $585 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) |
| = | (816.337 / 3484.619) | / | (760.793 / 3126.534) |
| = | 0.234269 | / | 0.243334 |
| | = | 0.9627 |
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) |
| = | (1441.122 / 3126.534) | / | (1522.615 / 3484.619) |
| = | 0.460933 | / | 0.436953 |
| | = | 1.0549 |
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 - (3072.942 + 636) / 4261.792) | / | (1 - (2964.879 + 856.726) / 4412.601) |
| = | 0.129722 | / | 0.133934 |
| | = | 0.9686 |
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 |
| = | 3484.619 | / | 3126.534 |
| | = | 1.1145 |
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)) |
| = | (104.158 / (104.158 + 856.726)) | / | (128.026 / (128.026 + 636)) |
| = | 0.108398 | / | 0.167568 |
| | = | 0.6469 |
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) |
| = | (1436.518 / 3484.619) | / | (1183.097 / 3126.534) |
| = | 0.412245 | / | 0.378405 |
| | = | 1.0894 |
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) |
| = | ((586.174 + 1275.527) / 4261.792) | / | ((584.651 + 1083.273) / 4412.601) |
| = | 0.436835 | / | 0.377991 |
| | = | 1.1557 |
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 |
| = | (-709.561 - 93.677 | - | 255.856) | / | 4261.792 |
| | = | -0.248509 |
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.
Roku has a M-score of -3.67 suggests that the company is unlikely to be a manipulator.
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