Cinemark Holdings Beneish M-Score Historical Data
The historical data trend for Cinemark 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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Cinemark 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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|
|
|
|
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-2.95 |
5.08 |
-2.52 |
-2.44 |
-2.47 |
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Cinemark 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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|
|
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|
|
|
|
|
|
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|
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-2.44 |
-2.60 |
-2.51 |
-2.48 |
-2.47 |
Competitive Comparison
For the Entertainment subindustry, Cinemark 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.
Cinemark Holdings Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Cinemark Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cinemark Holdings's Beneish M-Score falls into.
Cinemark 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 Cinemark 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 * 0.9567 | + | 0.528 * 0.9977 | + | 0.404 * 1.0018 | + | 0.892 * 1.2493 | + | 0.115 * 1.0418 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8586 | + | 4.679 * -0.04625 | - | 0.327 * 0.9509 |
| = | -2.47 |
* 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 $137 Mil.
Revenue was 638.9 + 874.8 + 942.3 + 610.7 = $3,067 Mil.
Gross Profit was 418.8 + 563.6 + 596.9 + 400.4 = $1,980 Mil.
Total Current Assets was $1,060 Mil.
Total Assets was $4,837 Mil.
Property, Plant and Equipment(Net PPE) was $2,148 Mil.
Depreciation, Depletion and Amortization(DDA) was $210 Mil.
Selling, General, & Admin. Expense(SGA) was $828 Mil.
Total Current Liabilities was $730 Mil.
Long-Term Debt & Capital Lease Obligation was $3,318 Mil.
Net Income was -18 + 90.2 + 119.1 + -3.1 = $188 Mil.
Non Operating Income was -14.1 + -0.7 + -12.3 + -5.3 = $-32 Mil.
Cash Flow from Operations was 108.5 + 79.8 + 248.1 + 7.9 = $444 Mil.
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Total Receivables was $115 Mil.
Revenue was 599.7 + 650.4 + 744.1 + 460.5 = $2,455 Mil.
Gross Profit was 385.9 + 423.2 + 469 + 302.9 = $1,581 Mil.
Total Current Assets was $864 Mil.
Total Assets was $4,818 Mil.
Property, Plant and Equipment(Net PPE) was $2,335 Mil.
Depreciation, Depletion and Amortization(DDA) was $238 Mil.
Selling, General, & Admin. Expense(SGA) was $772 Mil.
Total Current Liabilities was $709 Mil.
Long-Term Debt & Capital Lease Obligation was $3,533 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) |
| = | (137.1 / 3066.7) | / | (114.7 / 2454.7) |
| = | 0.044706 | / | 0.046727 |
| | = | 0.9567 |
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) |
| = | (1581 / 2454.7) | / | (1979.7 / 3066.7) |
| = | 0.644071 | / | 0.645547 |
| | = | 0.9977 |
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 - (1060 + 2148.1) / 4836.8) | / | (1 - (863.6 + 2334.8) / 4817.7) |
| = | 0.336731 | / | 0.336115 |
| | = | 1.0018 |
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 |
| = | 3066.7 | / | 2454.7 |
| | = | 1.2493 |
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)) |
| = | (238.2 / (238.2 + 2334.8)) | / | (209.5 / (209.5 + 2148.1)) |
| = | 0.092577 | / | 0.088862 |
| | = | 1.0418 |
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) |
| = | (827.8 / 3066.7) | / | (771.7 / 2454.7) |
| = | 0.269932 | / | 0.314377 |
| | = | 0.8586 |
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) |
| = | ((3318.4 + 730.3) / 4836.8) | / | ((3532.6 + 708.5) / 4817.7) |
| = | 0.837062 | / | 0.880316 |
| | = | 0.9509 |
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 |
| = | (188.2 - -32.4 | - | 444.3) | / | 4836.8 |
| | = | -0.04625 |
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.
Cinemark Holdings has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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