The Walt Disney Co Beneish M-Score Historical Data
The historical data trend for The Walt Disney Co'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.
The Walt Disney Co Beneish M-Score Chart
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The Walt Disney Co Annual Data
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Trend |
Sep15 |
Sep16 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.80 |
-2.52 |
-2.53 |
-2.57 |
-2.62 |
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The Walt Disney Co Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.73 |
-2.67 |
-2.62 |
-2.67 |
-2.63 |
Competitive Comparison of The Walt Disney Co's Beneish M-Score
For the Entertainment subindustry, The Walt Disney Co'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.
The Walt Disney Co's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, The Walt Disney Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Walt Disney Co's Beneish M-Score falls into.
The Walt Disney Co 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 The Walt Disney Co 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 * 0.9916 | + | 0.528 * 0.9442 | + | 0.404 * 0.9893 | + | 0.892 * 1.0542 | + | 0.115 * 1.1126 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9871 | + | 4.679 * -0.041663 | - | 0.327 * 0.97 |
| = | -2.64 |
* 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 $12,571 Mil.
Revenue was 23621 + 24690 + 22574 + 23155 = $94,040 Mil.
Gross Profit was 8811 + 9284 + 8344 + 8446 = $34,885 Mil.
Total Current Assets was $22,735 Mil.
Total Assets was $195,833 Mil.
Property, Plant and Equipment(Net PPE) was $39,095 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,105 Mil.
Selling, General, & Admin. Expense(SGA) was $16,097 Mil.
Total Current Liabilities was $34,029 Mil.
Long-Term Debt & Capital Lease Obligation was $36,443 Mil.
Net Income was 3275 + 2554 + 460 + 2621 = $8,910 Mil.
Non Operating Income was -73 + 15 + -1032 + 81 = $-1,009 Mil.
Cash Flow from Operations was 6753 + 3205 + 5518 + 2602 = $18,078 Mil.
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Total Receivables was $12,026 Mil.
Revenue was 22083 + 23549 + 21241 + 22330 = $89,203 Mil.
Gross Profit was 7911 + 7962 + 7513 + 7859 = $31,245 Mil.
Total Current Assets was $24,636 Mil.
Total Assets was $195,110 Mil.
Property, Plant and Equipment(Net PPE) was $35,525 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,238 Mil.
Selling, General, & Admin. Expense(SGA) was $15,468 Mil.
Total Current Liabilities was $32,874 Mil.
Long-Term Debt & Capital Lease Obligation was $39,510 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) |
| = | (12571 / 94040) | / | (12026 / 89203) |
| = | 0.133677 | / | 0.134816 |
| | = | 0.9916 |
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) |
| = | (31245 / 89203) | / | (34885 / 94040) |
| = | 0.350268 | / | 0.370959 |
| | = | 0.9442 |
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 - (22735 + 39095) / 195833) | / | (1 - (24636 + 35525) / 195110) |
| = | 0.684272 | / | 0.691656 |
| | = | 0.9893 |
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 |
| = | 94040 | / | 89203 |
| | = | 1.0542 |
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)) |
| = | (5238 / (5238 + 35525)) | / | (5105 / (5105 + 39095)) |
| = | 0.128499 | / | 0.115498 |
| | = | 1.1126 |
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) |
| = | (16097 / 94040) | / | (15468 / 89203) |
| = | 0.171172 | / | 0.173402 |
| | = | 0.9871 |
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) |
| = | ((36443 + 34029) / 195833) | / | ((39510 + 32874) / 195110) |
| = | 0.359858 | / | 0.370991 |
| | = | 0.97 |
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 |
| = | (8910 - -1009 | - | 18078) | / | 195833 |
| | = | -0.041663 |
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.
The Walt Disney Co has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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