Sirius XM Holdings Beneish M-Score Historical Data
The historical data trend for Sirius XM Holdings'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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Sirius XM Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.57 |
-2.92 |
-2.69 |
-2.89 |
-2.60 |
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Sirius XM Holdings 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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-2.89 |
-2.88 |
-2.69 |
-2.72 |
-2.60 |
Competitive Comparison
For the Entertainment subindustry, Sirius XM Holdings'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.
Sirius XM Holdings Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Sirius XM Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sirius XM Holdings's Beneish M-Score falls into.
Sirius XM Holdings 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 Sirius XM Holdings 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 * 1.0884 | + | 0.528 * 1.0249 | + | 0.404 * 0.9526 | + | 0.892 * 0.9946 | + | 0.115 * 1.0715 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9326 | + | 4.679 * -0.048776 | - | 0.327 * 0.9392 |
| = | -2.60 |
* 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 $709 Mil.
Revenue was 2288 + 2271 + 2250 + 2144 = $8,953 Mil.
Gross Profit was 1134 + 1127 + 1096 + 1030 = $4,387 Mil.
Total Current Assets was $1,271 Mil.
Total Assets was $10,374 Mil.
Property, Plant and Equipment(Net PPE) was $2,033 Mil.
Depreciation, Depletion and Amortization(DDA) was $599 Mil.
Selling, General, & Admin. Expense(SGA) was $1,484 Mil.
Total Current Liabilities was $3,226 Mil.
Long-Term Debt & Capital Lease Obligation was $8,982 Mil.
Net Income was 352 + 363 + 310 + 233 = $1,258 Mil.
Non Operating Income was -31 + -8 + -18 + -29 = $-86 Mil.
Cash Flow from Operations was 571 + 478 + 451 + 350 = $1,850 Mil.
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Total Receivables was $655 Mil.
Revenue was 2283 + 2280 + 2253 + 2186 = $9,002 Mil.
Gross Profit was 1145 + 1153 + 1116 + 1107 = $4,521 Mil.
Total Current Assets was $1,038 Mil.
Total Assets was $10,022 Mil.
Property, Plant and Equipment(Net PPE) was $1,814 Mil.
Depreciation, Depletion and Amortization(DDA) was $585 Mil.
Selling, General, & Admin. Expense(SGA) was $1,600 Mil.
Total Current Liabilities was $2,981 Mil.
Long-Term Debt & Capital Lease Obligation was $9,576 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) |
| = | (709 / 8953) | / | (655 / 9002) |
| = | 0.079191 | / | 0.072762 |
| | = | 1.0884 |
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) |
| = | (4521 / 9002) | / | (4387 / 8953) |
| = | 0.502222 | / | 0.490003 |
| | = | 1.0249 |
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 + 2033) / 10374) | / | (1 - (1038 + 1814) / 10022) |
| = | 0.681511 | / | 0.715426 |
| | = | 0.9526 |
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 |
| = | 8953 | / | 9002 |
| | = | 0.9946 |
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)) |
| = | (585 / (585 + 1814)) | / | (599 / (599 + 2033)) |
| = | 0.243852 | / | 0.227584 |
| | = | 1.0715 |
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) |
| = | (1484 / 8953) | / | (1600 / 9002) |
| = | 0.165754 | / | 0.177738 |
| | = | 0.9326 |
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) |
| = | ((8982 + 3226) / 10374) | / | ((9576 + 2981) / 10022) |
| = | 1.176788 | / | 1.252944 |
| | = | 0.9392 |
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 |
| = | (1258 - -86 | - | 1850) | / | 10374 |
| | = | -0.048776 |
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.
Sirius XM Holdings has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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