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.
Six Flags Entertainment Beneish M-Score Chart
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Six Flags Entertainment Annual Data
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Dec15 |
Dec16 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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7.33 |
2.10 |
-3.18 |
-2.83 |
-0.85 |
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Six Flags Entertainment Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
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Mar24 |
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Mar25 |
| Beneish M-Score |
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-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.
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.
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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.
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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) |
| = | (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.
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