Marcus Beneish M-Score Historical Data
The historical data trend for Marcus'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.
|
Marcus Annual Data
|
|
Trend |
May14 |
May15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.68 |
-0.46 |
-2.43 |
-3.12 |
-2.88 |
|
Marcus Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.12 |
-2.83 |
-3.01 |
-3.03 |
-2.88 |
Competitive Comparison
For the Entertainment subindustry, Marcus'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.
Marcus Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Marcus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marcus's Beneish M-Score falls into.
Marcus 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 Marcus 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 * 0.8527 | + | 0.528 * 0.9675 | + | 0.404 * 1.1258 | + | 0.892 * 1.077 | + | 0.115 * 0.9472 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.95 | + | 4.679 * -0.081888 | - | 0.327 * 0.9597 |
| = | -2.88 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $19.7 Mil.
Revenue was 161.526 + 208.766 + 207.007 + 152.276 = $729.6 Mil.
Gross Profit was 61.972 + 88.441 + 83.024 + 53.103 = $286.5 Mil.
Total Current Assets was $101.7 Mil.
Total Assets was $1,065.1 Mil.
Property, Plant and Equipment(Net PPE) was $862.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $67.3 Mil.
Selling, General, & Admin. Expense(SGA) was $127.6 Mil.
Total Current Liabilities was $164.4 Mil.
Long-Term Debt & Capital Lease Obligation was $350.9 Mil.
Net Income was -1.44 + 12.234 + 13.466 + -9.466 = $14.8 Mil.
Non Operating Income was 0.486 + -0.641 + -0.149 + -0.312 = $-0.6 Mil.
Cash Flow from Operations was 33.987 + 21.316 + 55.06 + -7.734 = $102.6 Mil.
|
Total Receivables was $21.5 Mil.
Revenue was 162.947 + 183.65 + 198.555 + 132.242 = $677.4 Mil.
Gross Profit was 58.608 + 74.051 + 80.069 + 44.665 = $257.4 Mil.
Total Current Assets was $63.9 Mil.
Total Assets was $1,064.6 Mil.
Property, Plant and Equipment(Net PPE) was $910.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $67.1 Mil.
Selling, General, & Admin. Expense(SGA) was $124.7 Mil.
Total Current Liabilities was $156.4 Mil.
Long-Term Debt & Capital Lease Obligation was $380.3 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) |
| = | (19.703 / 729.575) | / | (21.455 / 677.394) |
| = | 0.027006 | / | 0.031673 |
| | = | 0.8527 |
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) |
| = | (257.393 / 677.394) | / | (286.54 / 729.575) |
| = | 0.379975 | / | 0.392749 |
| | = | 0.9675 |
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 - (101.716 + 862.05) / 1065.103) | / | (1 - (63.895 + 910.73) / 1064.598) |
| = | 0.095143 | / | 0.084514 |
| | = | 1.1258 |
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 |
| = | 729.575 | / | 677.394 |
| | = | 1.077 |
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)) |
| = | (67.073 / (67.073 + 910.73)) | / | (67.301 / (67.301 + 862.05)) |
| = | 0.068596 | / | 0.072417 |
| | = | 0.9472 |
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) |
| = | (127.557 / 729.575) | / | (124.669 / 677.394) |
| = | 0.174837 | / | 0.184042 |
| | = | 0.95 |
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) |
| = | ((350.883 + 164.424) / 1065.103) | / | ((380.3 + 156.395) / 1064.598) |
| = | 0.48381 | / | 0.504129 |
| | = | 0.9597 |
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 |
| = | (14.794 - -0.616 | - | 102.629) | / | 1065.103 |
| | = | -0.081888 |
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.
Marcus has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
MCS has been successfully added to your