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.
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Six Flags Entertainment Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.02 |
-3.55 |
-0.14 |
-3.13 |
-2.58 |
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Six Flags Entertainment Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.13 |
-3.13 |
-2.44 |
-2.62 |
-2.58 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 1.2081 | + | 0.528 * 0.9976 | + | 0.404 * 0.9968 | + | 0.892 * 1.0498 | + | 0.115 * 1.0294 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4101 | + | 4.679 * -0.057509 | - | 0.327 * 0.9804 |
| = | -2.58 |
* 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 $63 Mil.
Revenue was 292.551 + 547.455 + 443.707 + 142.19 = $1,426 Mil.
Gross Profit was 269.591 + 504.57 + 408.92 + 132.425 = $1,316 Mil.
Total Current Assets was $253 Mil.
Total Assets was $2,711 Mil.
Property, Plant and Equipment(Net PPE) was $1,420 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $248 Mil.
Total Current Liabilities was $588 Mil.
Long-Term Debt & Capital Lease Obligation was $2,284 Mil.
Net Income was -22.396 + 110.7 + 20.554 + -69.859 = $39 Mil.
Non Operating Income was -43.75 + -2.915 + -14.271 + -1.603 = $-63 Mil.
Cash Flow from Operations was 10.215 + 162.629 + 140.898 + -56.269 = $257 Mil.
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Total Receivables was $49 Mil.
Revenue was 279.876 + 504.831 + 435.422 + 138.107 = $1,358 Mil.
Gross Profit was 257.719 + 464.667 + 399.712 + 127.992 = $1,250 Mil.
Total Current Assets was $241 Mil.
Total Assets was $2,666 Mil.
Property, Plant and Equipment(Net PPE) was $1,401 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $167 Mil.
Total Current Liabilities was $434 Mil.
Long-Term Debt & Capital Lease Obligation was $2,445 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) |
| = | (62.66 / 1425.903) | / | (49.405 / 1358.236) |
| = | 0.043944 | / | 0.036374 |
| | = | 1.2081 |
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) |
| = | (1250.09 / 1358.236) | / | (1315.506 / 1425.903) |
| = | 0.920378 | / | 0.922577 |
| | = | 0.9976 |
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 - (252.766 + 1420.09) / 2711.474) | / | (1 - (240.79 + 1400.584) / 2665.825) |
| = | 0.383046 | / | 0.38429 |
| | = | 0.9968 |
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 |
| = | 1425.903 | / | 1358.236 |
| | = | 1.0498 |
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)) |
| = | (117.124 / (117.124 + 1400.584)) | / | (115.086 / (115.086 + 1420.09)) |
| = | 0.077172 | / | 0.074966 |
| | = | 1.0294 |
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) |
| = | (247.883 / 1425.903) | / | (167.445 / 1358.236) |
| = | 0.173843 | / | 0.123281 |
| | = | 1.4101 |
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) |
| = | ((2283.947 + 587.525) / 2711.474) | / | ((2445.335 + 434.309) / 2665.825) |
| = | 1.059008 | / | 1.080207 |
| | = | 0.9804 |
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 |
| = | (38.999 - -62.539 | - | 257.473) | / | 2711.474 |
| | = | -0.057509 |
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 -2.58 suggests that the company is unlikely to be a manipulator.
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