Peloton Interactive Beneish M-Score Historical Data
The historical data trend for Peloton Interactive'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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Peloton Interactive Annual Data
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Trend |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
| Beneish M-Score |
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|
- |
- |
-2.47 |
-0.25 |
-2.05 |
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Peloton Interactive Quarterly Data
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Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
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|
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0.32 |
-2.05 |
-2.34 |
-2.35 |
-3.12 |
Competitive Comparison
For the Leisure subindustry, Peloton Interactive'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.
Peloton Interactive Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Peloton Interactive's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Peloton Interactive's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
Peloton Interactive 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 Peloton Interactive 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 * 1.9626 | + | 0.528 * 1.0497 | + | 0.404 * 0.6616 | + | 0.892 * 0.7387 | + | 0.115 * 0.697 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0135 | + | 4.679 * -0.193316 | - | 0.327 * 1.7358 |
| = | -3.12 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $108 Mil.
Revenue was 748.8 + 792.7 + 616.5 + 678.7 = $2,837 Mil.
Gross Profit was 270.2 + 235 + 217.2 + -29.8 = $693 Mil.
Total Current Assets was $1,818 Mil.
Total Assets was $3,016 Mil.
Property, Plant and Equipment(Net PPE) was $1,024 Mil.
Depreciation, Depletion and Amortization(DDA) was $134 Mil.
Selling, General, & Admin. Expense(SGA) was $1,536 Mil.
Total Current Liabilities was $813 Mil.
Long-Term Debt & Capital Lease Obligation was $2,297 Mil.
Net Income was -275.9 + -335.4 + -408.5 + -1255.3 = $-2,275 Mil.
Non Operating Income was -44.8 + -62.4 + -187.7 + -722.7 = $-1,018 Mil.
Cash Flow from Operations was -40.9 + -88.5 + -202.8 + -342.2 = $-674 Mil.
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Total Receivables was $75 Mil.
Revenue was 964.3 + 1133.9 + 805.1 + 936.8 = $3,840 Mil.
Gross Profit was 184.2 + 281 + 263 + 256 = $984 Mil.
Total Current Assets was $2,571 Mil.
Total Assets was $4,415 Mil.
Property, Plant and Equipment(Net PPE) was $1,458 Mil.
Depreciation, Depletion and Amortization(DDA) was $127 Mil.
Selling, General, & Admin. Expense(SGA) was $2,051 Mil.
Total Current Liabilities was $1,031 Mil.
Long-Term Debt & Capital Lease Obligation was $1,591 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) |
| = | (108.3 / 2836.7) | / | (74.7 / 3840.1) |
| = | 0.038178 | / | 0.019453 |
| | = | 1.9626 |
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) |
| = | (984.2 / 3840.1) | / | (692.6 / 2836.7) |
| = | 0.256295 | / | 0.244157 |
| | = | 1.0497 |
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 - (1817.6 + 1024.3) / 3016.3) | / | (1 - (2571.3 + 1457.7) / 4414.8) |
| = | 0.057819 | / | 0.087388 |
| | = | 0.6616 |
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 |
| = | 2836.7 | / | 3840.1 |
| | = | 0.7387 |
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)) |
| = | (127.4 / (127.4 + 1457.7)) | / | (133.5 / (133.5 + 1024.3)) |
| = | 0.080373 | / | 0.115305 |
| | = | 0.697 |
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) |
| = | (1535.9 / 2836.7) | / | (2051.4 / 3840.1) |
| = | 0.541439 | / | 0.534205 |
| | = | 1.0135 |
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) |
| = | ((2297 + 813.2) / 3016.3) | / | ((1591.3 + 1031.3) / 4414.8) |
| = | 1.031131 | / | 0.594047 |
| | = | 1.7358 |
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 |
| = | (-2275.1 - -1017.6 | - | -674.4) | / | 3016.3 |
| | = | -0.193316 |
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.
Peloton Interactive has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
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