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FUN (Six Flags Entertainment) Beneish M-Score : -0.71 (As of Jul. 16, 2025)


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What is Six Flags Entertainment Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -0.71 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Six Flags Entertainment's Beneish M-Score or its related term are showing as below:

FUN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -2.75   Max: 42.97
Current: -0.71

During the past 13 years, the highest Beneish M-Score of Six Flags Entertainment was 42.97. The lowest was -3.35. And the median was -2.75.


Six Flags Entertainment Beneish M-Score Historical Data

The historical data trend for Six Flags Entertainment'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.

* Premium members only.

Six Flags Entertainment Beneish M-Score Chart

Six Flags Entertainment Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.33 2.10 -3.18 -2.83 -0.85

Six Flags Entertainment Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.82 -2.88 -0.81 -0.85 -0.71

Competitive Comparison of Six Flags Entertainment's Beneish M-Score

For the Leisure subindustry, Six Flags Entertainment'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.


Six Flags Entertainment's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Six Flags Entertainment's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Six Flags Entertainment's Beneish M-Score falls into.


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Six Flags Entertainment 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 Six Flags Entertainment 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 * 1.5346+0.528 * 0.9974+0.404 * 3.3249+0.892 * 1.5472+0.115 * 0.9801
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2748+4.679 * -0.0543-0.327 * 0.5317
=-0.71

* 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 $146 Mil.
Revenue was 202.057 + 687.31 + 1348.385 + 571.616 = $2,809 Mil.
Gross Profit was 180.456 + 629.513 + 1238.495 + 518.358 = $2,567 Mil.
Total Current Assets was $379 Mil.
Total Assets was $9,164 Mil.
Property, Plant and Equipment(Net PPE) was $4,570 Mil.
Depreciation, Depletion and Amortization(DDA) was $410 Mil.
Selling, General, & Admin. Expense(SGA) was $482 Mil.
Total Current Liabilities was $1,036 Mil.
Long-Term Debt & Capital Lease Obligation was $5,267 Mil.
Net Income was -219.718 + -264.216 + 135.465 + 55.553 = $-293 Mil.
Non Operating Income was -7.305 + -33.38 + -49.095 + -11.517 = $-101 Mil.
Cash Flow from Operations was -178.036 + -32.571 + 337.356 + 179.237 = $306 Mil.
Total Receivables was $62 Mil.
Revenue was 101.615 + 371.123 + 842.009 + 500.982 = $1,816 Mil.
Gross Profit was 90.004 + 340.378 + 771.937 + 452.35 = $1,655 Mil.
Total Current Assets was $190 Mil.
Total Assets was $2,264 Mil.
Property, Plant and Equipment(Net PPE) was $1,761 Mil.
Depreciation, Depletion and Amortization(DDA) was $155 Mil.
Selling, General, & Admin. Expense(SGA) was $244 Mil.
Total Current Liabilities was $424 Mil.
Long-Term Debt & Capital Lease Obligation was $2,505 Mil.




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)
=(146.092 / 2809.368) / (61.53 / 1815.729)
=0.052002 / 0.033887
=1.5346

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)
=(1654.669 / 1815.729) / (2566.822 / 2809.368)
=0.911297 / 0.913665
=0.9974

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 - (379.321 + 4569.613) / 9163.917) / (1 - (190.187 + 1760.843) / 2264.265)
=0.459954 / 0.138338
=3.3249

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
=2809.368 / 1815.729
=1.5472

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))
=(154.626 / (154.626 + 1760.843)) / (410.131 / (410.131 + 4569.613))
=0.080725 / 0.08236
=0.9801

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)
=(481.649 / 2809.368) / (244.193 / 1815.729)
=0.171444 / 0.134488
=1.2748

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)
=((5266.748 + 1035.89) / 9163.917) / ((2504.567 + 424.266) / 2264.265)
=0.687767 / 1.293503
=0.5317

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
=(-292.916 - -101.297 - 305.986) / 9163.917
=-0.0543

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.

Six Flags Entertainment has a M-score of -0.71 signals that the company is likely to be a manipulator.


Six Flags Entertainment Beneish M-Score Related Terms

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Six Flags Entertainment Business Description

Traded in Other Exchanges
Address
8701 Red Oak Boulevard, Charlotte, NC, USA, 28217
Six Flags Entertainment Corp is North America's regional amusement resort operator with approximately 27 amusement parks, around 15 separately gated water parks, and nine resort properties across the U.S., Canada, and Mexico. It provides coasters, themed rides, thrilling water parks, resorts, and a portfolio of beloved intellectual properties such as Looney Tunes, DC Comics, and PEANUTS.
Executives
Michelle M Frymire director C/O SPIRIT REALTY CAPITAL, INC., 2727 N. HARWOOD STREET, SUITE 300, DALLAS TX 75201
Monica Sauls officer: Senior VP CHRO ONE CEDAR POINT DRIVE, SANDUSKY OH 44870
Nina Barton director ONE CEDAR POINT DRIVE, SANDUSKY OH 44870
Jennifer Mason director C/O CEDAR FAIR, 8701 RED OAK BLVD., CHARLOTTE NC 28217
Daniel J Hanrahan director ROYAL CARIBBEAN CRUISES LTD, 1050 CARIBBEAN WAY, MIAMI FL 33132
Brian Nurse officer: Exec VP, Chief Legal Officer ONE CEDAR POINT DRIVE, SANDUSKY OH 44870
Matthew A Ouimet officer: President ONE CEDAR POINT DR., SANDUSKY OH 44870
Louis Carr director ONE CEDAR POINT DRIVE, SANDUSKY OH 44870
Carlos Ruisanchez director C/O PINNACLE ENTERTAINMENT INC, 3980 HOWARD HUGHES PARKWAY, LAS VEGAS NV 89169
Tim Fisher officer: Chief Operating Officer ONE CEDAR POINT DRIVE, SANDUSKY OH 44870
Craig Heckman officer: SVP, Human Resources ONE CEDAR POINT DRIVE, SANDUSKY OH 44870
Scott John M Iii director ONE CEDAR POINT DR, SANDUSKY OH 44870
Brian C Witherow officer: V.P. & Corporate Controller ONE CEDAR POINT DRIVE, SANDUSKY OH 44870
Richard Zimmerman officer: VP & GM - Great America ONE CEDAR POINT DRIVE, SANDUSKY OH 44870
Milkie Duffield officer: V.P. & General Counsel ONE CEDAR POINT DR, SANDUSKY OH 44870