Speedway Motorsports Beneish M-Score Historical Data
The historical data trend for Speedway Motorsports'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.
Speedway Motorsports Beneish M-Score Chart
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Speedway Motorsports Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-3.65 |
-2.66 |
-2.82 |
-2.34 |
-2.86 |
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Speedway Motorsports Quarterly Data
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Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
| Beneish M-Score |
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-2.45 |
-1.90 |
-2.86 |
-2.22 |
-2.55 |
Competitive Comparison of Speedway Motorsports's Beneish M-Score
For the Leisure subindustry, Speedway Motorsports'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.
Speedway Motorsports's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Speedway Motorsports's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Speedway Motorsports's Beneish M-Score falls into.
Speedway Motorsports 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 Speedway Motorsports 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 * 1.0163 | + | 0.528 * 1.0023 | + | 0.404 * 0.9986 | + | 0.892 * 1.0368 | + | 0.115 * 1.0425 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9832 | + | 4.679 * -0.028298 | - | 0.327 * 0.9805 |
| = | -2.55 |
* 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 (Jun19) TTM: | Last Year (Jun18) TTM: |
Total Receivables was $39.2 Mil.
Revenue was 141.868 + 107.888 + 61.617 + 160.085 = $471.5 Mil.
Gross Profit was 67.192 + 53.108 + 25.123 + 74.522 = $219.9 Mil.
Total Current Assets was $176.1 Mil.
Total Assets was $1,468.8 Mil.
Property, Plant and Equipment(Net PPE) was $921.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.7 Mil.
Selling, General, & Admin. Expense(SGA) was $101.7 Mil.
Total Current Liabilities was $99.4 Mil.
Long-Term Debt & Capital Lease Obligation was $198.4 Mil.
Net Income was 17.375 + 8.554 + -12.793 + 24.073 = $37.2 Mil.
Non Operating Income was -0.077 + 0.054 + -0.28 + -0.06 = $-0.4 Mil.
Cash Flow from Operations was 49.434 + 0.836 + 18.812 + 10.055 = $79.1 Mil.
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Total Receivables was $37.2 Mil.
Revenue was 166.855 + 75.963 + 81.18 + 130.723 = $454.7 Mil.
Gross Profit was 80.432 + 37.206 + 37.818 + 57.175 = $212.6 Mil.
Total Current Assets was $138.2 Mil.
Total Assets was $1,459.4 Mil.
Property, Plant and Equipment(Net PPE) was $952.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $60.1 Mil.
Selling, General, & Admin. Expense(SGA) was $99.7 Mil.
Total Current Liabilities was $104.4 Mil.
Long-Term Debt & Capital Lease Obligation was $197.4 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) |
| = | (39.181 / 471.458) | / | (37.185 / 454.721) |
| = | 0.083106 | / | 0.081775 |
| | = | 1.0163 |
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) |
| = | (212.631 / 454.721) | / | (219.945 / 471.458) |
| = | 0.467608 | / | 0.466521 |
| | = | 1.0023 |
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 - (176.102 + 921.658) / 1468.823) | / | (1 - (138.169 + 952.006) / 1459.374) |
| = | 0.252626 | / | 0.252984 |
| | = | 0.9986 |
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 |
| = | 471.458 | / | 454.721 |
| | = | 1.0368 |
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)) |
| = | (60.085 / (60.085 + 952.006)) | / | (55.654 / (55.654 + 921.658)) |
| = | 0.059367 | / | 0.056946 |
| | = | 1.0425 |
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) |
| = | (101.655 / 471.458) | / | (99.72 / 454.721) |
| = | 0.215618 | / | 0.219299 |
| | = | 0.9832 |
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) |
| = | ((198.438 + 99.351) / 1468.823) | / | ((197.393 + 104.362) / 1459.374) |
| = | 0.20274 | / | 0.20677 |
| | = | 0.9805 |
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 |
| = | (37.209 - -0.363 | - | 79.137) | / | 1468.823 |
| | = | -0.028298 |
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.
Speedway Motorsports has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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