Fitbit Beneish M-Score Historical Data
The historical data trend for Fitbit'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.
Fitbit Beneish M-Score Chart
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Fitbit Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-0.91 |
-2.76 |
-3.90 |
-3.31 |
-2.84 |
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Fitbit Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
| Beneish M-Score |
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-2.75 |
-2.84 |
-2.79 |
-3.26 |
-3.20 |
Competitive Comparison of Fitbit's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Fitbit'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.
Fitbit's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Fitbit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fitbit's Beneish M-Score falls into.
Fitbit 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 Fitbit 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 * 1.3243 | + | 0.528 * 1.1263 | + | 0.404 * 1.3059 | + | 0.892 * 0.8748 | + | 0.115 * 1.0781 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1927 | + | 4.679 * -0.192169 | - | 0.327 * 1.1369 |
| = | -3.07 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was $401 Mil.
Revenue was 363.932 + 261.272 + 188.158 + 502.142 = $1,316 Mil.
Gross Profit was 135.812 + 93.042 + 54.922 + 122.053 = $406 Mil.
Total Current Assets was $949 Mil.
Total Assets was $1,187 Mil.
Property, Plant and Equipment(Net PPE) was $137 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $446 Mil.
Total Current Liabilities was $680 Mil.
Long-Term Debt & Capital Lease Obligation was $57 Mil.
Net Income was -54.452 + -104.097 + 20.294 + -120.835 = $-259 Mil.
Non Operating Income was 0.965 + 2.237 + -0.004 + 0.115 = $3 Mil.
Cash Flow from Operations was -13.136 + 32.5 + -81.972 + 28.28 = $-34 Mil.
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Total Receivables was $347 Mil.
Revenue was 347.2 + 313.556 + 271.89 + 571.199 = $1,504 Mil.
Gross Profit was 107.952 + 108.214 + 89.453 + 216.927 = $523 Mil.
Total Current Assets was $1,127 Mil.
Total Assets was $1,377 Mil.
Property, Plant and Equipment(Net PPE) was $160 Mil.
Depreciation, Depletion and Amortization(DDA) was $73 Mil.
Selling, General, & Admin. Expense(SGA) was $428 Mil.
Total Current Liabilities was $681 Mil.
Long-Term Debt & Capital Lease Obligation was $70 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) |
| = | (401.433 / 1315.504) | / | (346.527 / 1503.845) |
| = | 0.305155 | / | 0.230427 |
| | = | 1.3243 |
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) |
| = | (522.546 / 1503.845) | / | (405.829 / 1315.504) |
| = | 0.347473 | / | 0.308497 |
| | = | 1.1263 |
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 - (949.147 + 136.828) / 1186.846) | / | (1 - (1127.247 + 159.761) / 1376.601) |
| = | 0.084991 | / | 0.065083 |
| | = | 1.3059 |
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 |
| = | 1315.504 | / | 1503.845 |
| | = | 0.8748 |
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)) |
| = | (72.776 / (72.776 + 159.761)) | / | (55.969 / (55.969 + 136.828)) |
| = | 0.312965 | / | 0.2903 |
| | = | 1.0781 |
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) |
| = | (446.159 / 1315.504) | / | (427.646 / 1503.845) |
| = | 0.339154 | / | 0.284368 |
| | = | 1.1927 |
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) |
| = | ((56.703 + 679.964) / 1186.846) | / | ((70.202 + 681.368) / 1376.601) |
| = | 0.620693 | / | 0.545961 |
| | = | 1.1369 |
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 |
| = | (-259.09 - 3.313 | - | -34.328) | / | 1186.846 |
| | = | -0.192169 |
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.
Fitbit has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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