Outfront Media Beneish M-Score Historical Data
The historical data trend for Outfront 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.
Outfront Media Beneish M-Score Chart
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Outfront Media Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.45 |
-2.89 |
-2.17 |
-2.51 |
-2.70 |
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Outfront Media Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.64 |
-2.70 |
-2.66 |
-2.68 |
-2.68 |
Competitive Comparison of Outfront Media's Beneish M-Score
For the REIT - Specialty subindustry, Outfront 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.
Outfront Media's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Outfront Media's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Outfront Media's Beneish M-Score falls into.
Outfront 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 Outfront 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 * 0.9359 | + | 0.528 * 0.9886 | + | 0.404 * 1.0148 | + | 0.892 * 1.0137 | + | 0.115 * 1.015 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0187 | + | 4.679 * -0.032881 | - | 0.327 * 0.9834 |
| = | -2.68 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $281 Mil.
Revenue was 451.9 + 477.3 + 408.5 + 501.2 = $1,839 Mil.
Gross Profit was 218.8 + 237.5 + 169.8 + 248.9 = $875 Mil.
Total Current Assets was $344 Mil.
Total Assets was $5,204 Mil.
Property, Plant and Equipment(Net PPE) was $2,176 Mil.
Depreciation, Depletion and Amortization(DDA) was $148 Mil.
Selling, General, & Admin. Expense(SGA) was $446 Mil.
Total Current Liabilities was $527 Mil.
Long-Term Debt & Capital Lease Obligation was $3,846 Mil.
Net Income was 34.6 + 176.8 + -27.2 + 55.2 = $239 Mil.
Non Operating Income was -1.6 + 146.3 + -9.2 + -4.7 = $131 Mil.
Cash Flow from Operations was 73.1 + 71 + 30.6 + 105 = $280 Mil.
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Total Receivables was $296 Mil.
Revenue was 454.8 + 468.8 + 395.8 + 494.7 = $1,814 Mil.
Gross Profit was 215 + 222.9 + 160.3 + 255.2 = $853 Mil.
Total Current Assets was $381 Mil.
Total Assets was $5,555 Mil.
Property, Plant and Equipment(Net PPE) was $2,351 Mil.
Depreciation, Depletion and Amortization(DDA) was $162 Mil.
Selling, General, & Admin. Expense(SGA) was $432 Mil.
Total Current Liabilities was $657 Mil.
Long-Term Debt & Capital Lease Obligation was $4,090 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) |
| = | (281.2 / 1838.9) | / | (296.4 / 1814.1) |
| = | 0.152918 | / | 0.163387 |
| | = | 0.9359 |
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) |
| = | (853.4 / 1814.1) | / | (875 / 1838.9) |
| = | 0.470426 | / | 0.475828 |
| | = | 0.9886 |
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 - (343.9 + 2176.4) / 5203.6) | / | (1 - (381 + 2351.2) / 5554.8) |
| = | 0.515662 | / | 0.508137 |
| | = | 1.0148 |
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 |
| = | 1838.9 | / | 1814.1 |
| | = | 1.0137 |
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)) |
| = | (161.9 / (161.9 + 2351.2)) | / | (147.5 / (147.5 + 2176.4)) |
| = | 0.064422 | / | 0.063471 |
| | = | 1.015 |
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) |
| = | (446.2 / 1838.9) | / | (432.1 / 1814.1) |
| = | 0.242645 | / | 0.23819 |
| | = | 1.0187 |
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) |
| = | ((3845.7 + 527.2) / 5203.6) | / | ((4089.6 + 657) / 5554.8) |
| = | 0.840361 | / | 0.854504 |
| | = | 0.9834 |
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 |
| = | (239.4 - 130.8 | - | 279.7) | / | 5203.6 |
| | = | -0.032881 |
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.
Outfront Media has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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