Sonos Beneish M-Score Historical Data
The historical data trend for Sonos'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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Sonos Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.93 |
0.17 |
-2.16 |
-1.38 |
-3.21 |
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Sonos 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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-2.10 |
-2.09 |
-2.55 |
-3.21 |
-3.52 |
Competitive Comparison
For the Consumer Electronics subindustry, Sonos'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.
Sonos Beneish M-Score Distribution
For the Hardware industry and Technology sector, Sonos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sonos's Beneish M-Score falls into.
Sonos 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 Sonos 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 * 0.8128 | + | 0.528 * 0.9697 | + | 0.404 * 1.0699 | + | 0.892 * 0.9063 | + | 0.115 * 1.0225 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.053 | + | 4.679 * -0.171956 | - | 0.327 * 0.9496 |
| = | -3.52 |
* 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 $81 Mil.
Revenue was 612.869 + 305.147 + 373.356 + 304.173 = $1,596 Mil.
Gross Profit was 282.679 + 128.054 + 171.762 + 131.618 = $714 Mil.
Total Current Assets was $759 Mil.
Total Assets was $1,110 Mil.
Property, Plant and Equipment(Net PPE) was $141 Mil.
Depreciation, Depletion and Amortization(DDA) was $50 Mil.
Selling, General, & Admin. Expense(SGA) was $429 Mil.
Total Current Liabilities was $376 Mil.
Long-Term Debt & Capital Lease Obligation was $61 Mil.
Net Income was 80.947 + -31.24 + -23.571 + -30.652 = $-5 Mil.
Non Operating Income was 10.029 + -15.789 + 1.424 + -2.832 = $-7 Mil.
Cash Flow from Operations was 275.401 + 22.195 + 8.887 + -112.962 = $194 Mil.
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Total Receivables was $110 Mil.
Revenue was 672.579 + 316.29 + 371.783 + 399.781 = $1,760 Mil.
Gross Profit was 285.057 + 124.1 + 175.848 + 179.034 = $764 Mil.
Total Current Assets was $882 Mil.
Total Assets was $1,207 Mil.
Property, Plant and Equipment(Net PPE) was $111 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $449 Mil.
Total Current Liabilities was $478 Mil.
Long-Term Debt & Capital Lease Obligation was $22 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) |
| = | (80.811 / 1595.545) | / | (109.703 / 1760.433) |
| = | 0.050648 | / | 0.062316 |
| | = | 0.8128 |
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) |
| = | (764.039 / 1760.433) | / | (714.113 / 1595.545) |
| = | 0.434006 | / | 0.447567 |
| | = | 0.9697 |
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 - (758.886 + 140.673) / 1109.99) | / | (1 - (882.057 + 110.962) / 1206.875) |
| = | 0.189579 | / | 0.177198 |
| | = | 1.0699 |
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 |
| = | 1595.545 | / | 1760.433 |
| | = | 0.9063 |
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)) |
| = | (40.419 / (40.419 + 110.962)) | / | (49.715 / (49.715 + 140.673)) |
| = | 0.267002 | / | 0.261125 |
| | = | 1.0225 |
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) |
| = | (428.635 / 1595.545) | / | (449.113 / 1760.433) |
| = | 0.268645 | / | 0.255115 |
| | = | 1.053 |
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) |
| = | ((60.622 + 376.001) / 1109.99) | / | ((22.318 + 477.639) / 1206.875) |
| = | 0.393358 | / | 0.414257 |
| | = | 0.9496 |
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 |
| = | (-4.516 - -7.168 | - | 193.521) | / | 1109.99 |
| | = | -0.171956 |
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.
Sonos has a M-score of -3.52 suggests that the company is unlikely to be a manipulator.
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