Taboola.com Beneish M-Score Historical Data
The historical data trend for Taboola.com'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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Taboola.com Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
- |
- |
0.96 |
-2.66 |
-2.60 |
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Taboola.com Quarterly Data
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Dec18 |
Dec19 |
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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-2.66 |
-2.58 |
-2.63 |
-2.49 |
-2.60 |
Competitive Comparison
For the Internet Content & Information subindustry, Taboola.com'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.
Taboola.com Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, Taboola.com's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Taboola.com's Beneish M-Score falls into.
Taboola.com 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 Taboola.com 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 * 1.1613 | + | 0.528 * 1.1209 | + | 0.404 * 1.1417 | + | 0.892 * 1.0275 | + | 0.115 * 0.9424 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9855 | + | 4.679 * -0.097443 | - | 0.327 * 0.8493 |
| = | -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 $306 Mil.
Revenue was 419.774 + 360.221 + 332.004 + 327.686 = $1,440 Mil.
Gross Profit was 138.25 + 100.659 + 97.057 + 89.592 = $426 Mil.
Total Current Assets was $559 Mil.
Total Assets was $1,708 Mil.
Property, Plant and Equipment(Net PPE) was $134 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $353 Mil.
Total Current Liabilities was $424 Mil.
Long-Term Debt & Capital Lease Obligation was $192 Mil.
Net Income was 3.723 + -23.136 + -31.314 + -31.313 = $-82 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 22.792 + 32.459 + 11.598 + 17.524 = $84 Mil.
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Total Receivables was $257 Mil.
Revenue was 371.267 + 332.462 + 342.695 + 354.726 = $1,401 Mil.
Gross Profit was 133.174 + 102.688 + 116.361 + 112.03 = $464 Mil.
Total Current Assets was $594 Mil.
Total Assets was $1,530 Mil.
Property, Plant and Equipment(Net PPE) was $140 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $349 Mil.
Total Current Liabilities was $368 Mil.
Long-Term Debt & Capital Lease Obligation was $281 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) |
| = | (306.307 / 1439.685) | / | (256.708 / 1401.15) |
| = | 0.21276 | / | 0.183212 |
| | = | 1.1613 |
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) |
| = | (464.253 / 1401.15) | / | (425.558 / 1439.685) |
| = | 0.331337 | / | 0.295591 |
| | = | 1.1209 |
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 - (559.412 + 133.901) / 1707.802) | / | (1 - (593.908 + 139.865) / 1529.623) |
| = | 0.594032 | / | 0.520292 |
| | = | 1.1417 |
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 |
| = | 1439.685 | / | 1401.15 |
| | = | 1.0275 |
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)) |
| = | (91.221 / (91.221 + 139.865)) | / | (96.512 / (96.512 + 133.901)) |
| = | 0.394749 | / | 0.418865 |
| | = | 0.9424 |
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) |
| = | (353.04 / 1439.685) | / | (348.642 / 1401.15) |
| = | 0.24522 | / | 0.248826 |
| | = | 0.9855 |
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) |
| = | ((191.614 + 423.965) / 1707.802) | / | ((280.977 + 368.222) / 1529.623) |
| = | 0.360451 | / | 0.424418 |
| | = | 0.8493 |
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 |
| = | (-82.04 - 0 | - | 84.373) | / | 1707.802 |
| | = | -0.097443 |
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.
Taboola.com has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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