Gray Media Beneish M-Score Historical Data
The historical data trend for Gray Media'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.
Gray Media Beneish M-Score Chart
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Gray Media Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.60 |
-2.22 |
-2.44 |
-3.02 |
-2.77 |
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Gray Media Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.39 |
-2.48 |
-2.59 |
-2.77 |
-2.90 |
Competitive Comparison of Gray Media's Beneish M-Score
For the Broadcasting subindustry, Gray Media'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.
Gray Media's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Gray Media's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gray Media's Beneish M-Score falls into.
Gray Media 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 Gray Media 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 * 0.4739 | + | 0.528 * 0.8384 | + | 0.404 * 1.2083 | + | 0.892 * 1.0908 | + | 0.115 * 0.1765 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8685 | + | 4.679 * -0.051447 | - | 0.327 * 0.0925 |
| = | -2.90 |
* 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 $198 Mil.
Revenue was 782 + 1045 + 950 + 826 = $3,603 Mil.
Gross Profit was 185 + 421 + 357 + 247 = $1,210 Mil.
Total Current Assets was $483 Mil.
Total Assets was $10,438 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $292 Mil.
Selling, General, & Admin. Expense(SGA) was $108 Mil.
Total Current Liabilities was $533 Mil.
Long-Term Debt & Capital Lease Obligation was $63 Mil.
Net Income was -9 + 169 + 96 + 22 = $278 Mil.
Non Operating Income was 4 + 8 + -8 + -4 = $0 Mil.
Cash Flow from Operations was 132 + 368 + 297 + 18 = $815 Mil.
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Total Receivables was $383 Mil.
Revenue was 823 + 864 + 803 + 813 = $3,303 Mil.
Gross Profit was 219 + 233 + 228 + 250 = $930 Mil.
Total Current Assets was $601 Mil.
Total Assets was $10,735 Mil.
Property, Plant and Equipment(Net PPE) was $1,661 Mil.
Depreciation, Depletion and Amortization(DDA) was $356 Mil.
Selling, General, & Admin. Expense(SGA) was $114 Mil.
Total Current Liabilities was $424 Mil.
Long-Term Debt & Capital Lease Obligation was $6,204 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) |
| = | (198 / 3603) | / | (383 / 3303) |
| = | 0.054954 | / | 0.115955 |
| | = | 0.4739 |
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) |
| = | (930 / 3303) | / | (1210 / 3603) |
| = | 0.281562 | / | 0.335831 |
| | = | 0.8384 |
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 - (483 + 0) / 10438) | / | (1 - (601 + 1661) / 10735) |
| = | 0.953727 | / | 0.789287 |
| | = | 1.2083 |
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 |
| = | 3603 | / | 3303 |
| | = | 1.0908 |
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)) |
| = | (356 / (356 + 1661)) | / | (292 / (292 + 0)) |
| = | 0.1765 | / | 1 |
| | = | 0.1765 |
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) |
| = | (108 / 3603) | / | (114 / 3303) |
| = | 0.029975 | / | 0.034514 |
| | = | 0.8685 |
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) |
| = | ((63 + 533) / 10438) | / | ((6204 + 424) / 10735) |
| = | 0.057099 | / | 0.61742 |
| | = | 0.0925 |
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 |
| = | (278 - 0 | - | 815) | / | 10438 |
| | = | -0.051447 |
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.
Gray Media has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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