Sinclair Beneish M-Score Historical Data
The historical data trend for Sinclair'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.
Sinclair Beneish M-Score Chart
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Sinclair Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.50 |
-2.33 |
-4.34 |
-2.85 |
-2.37 |
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Sinclair 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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-2.95 |
-2.50 |
-2.72 |
-2.37 |
-2.42 |
Competitive Comparison of Sinclair's Beneish M-Score
For the Broadcasting subindustry, Sinclair'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.
Sinclair's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Sinclair's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sinclair's Beneish M-Score falls into.
Sinclair 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 Sinclair 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 * 0.9332 | + | 0.528 * 0.9223 | + | 0.404 * 0.9835 | + | 0.892 * 1.1162 | + | 0.115 * 0.9989 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6004 | + | 4.679 * -0.001903 | - | 0.327 * 0.9888 |
| = | -2.42 |
* 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 $676 Mil.
Revenue was 776 + 1004 + 917 + 829 = $3,526 Mil.
Gross Profit was 358 + 537 + 503 + 404 = $1,802 Mil.
Total Current Assets was $1,504 Mil.
Total Assets was $5,779 Mil.
Property, Plant and Equipment(Net PPE) was $794 Mil.
Depreciation, Depletion and Amortization(DDA) was $249 Mil.
Selling, General, & Admin. Expense(SGA) was $969 Mil.
Total Current Liabilities was $724 Mil.
Long-Term Debt & Capital Lease Obligation was $4,292 Mil.
Net Income was -156 + 176 + 94 + 17 = $131 Mil.
Non Operating Income was -78 + 42 + 37 + 34 = $35 Mil.
Cash Flow from Operations was 5 + 198 + 210 + -306 = $107 Mil.
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Total Receivables was $649 Mil.
Revenue was 798 + 826 + 767 + 768 = $3,159 Mil.
Gross Profit was 390 + 377 + 367 + 355 = $1,489 Mil.
Total Current Assets was $1,481 Mil.
Total Assets was $6,038 Mil.
Property, Plant and Equipment(Net PPE) was $859 Mil.
Depreciation, Depletion and Amortization(DDA) was $269 Mil.
Selling, General, & Admin. Expense(SGA) was $1,446 Mil.
Total Current Liabilities was $1,040 Mil.
Long-Term Debt & Capital Lease Obligation was $4,260 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) |
| = | (676 / 3526) | / | (649 / 3159) |
| = | 0.191719 | / | 0.205445 |
| | = | 0.9332 |
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) |
| = | (1489 / 3159) | / | (1802 / 3526) |
| = | 0.471352 | / | 0.511061 |
| | = | 0.9223 |
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 - (1504 + 794) / 5779) | / | (1 - (1481 + 859) / 6038) |
| = | 0.602353 | / | 0.612454 |
| | = | 0.9835 |
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 |
| = | 3526 | / | 3159 |
| | = | 1.1162 |
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)) |
| = | (269 / (269 + 859)) | / | (249 / (249 + 794)) |
| = | 0.238475 | / | 0.238734 |
| | = | 0.9989 |
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) |
| = | (969 / 3526) | / | (1446 / 3159) |
| = | 0.274816 | / | 0.45774 |
| | = | 0.6004 |
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) |
| = | ((4292 + 724) / 5779) | / | ((4260 + 1040) / 6038) |
| = | 0.86797 | / | 0.877774 |
| | = | 0.9888 |
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 |
| = | (131 - 35 | - | 107) | / | 5779 |
| | = | -0.001903 |
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.
Sinclair has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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