Adventure Beneish M-Score Historical Data
The historical data trend for Adventure'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.
Adventure Beneish M-Score Chart
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Adventure Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-4.75 |
1.74 |
-0.14 |
-2.25 |
-2.08 |
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Adventure Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.14 |
-2.26 |
-2.08 |
-1.95 |
-1.91 |
Competitive Comparison of Adventure's Beneish M-Score
For the Travel Services subindustry, Adventure'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.
Adventure's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Adventure's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adventure's Beneish M-Score falls into.
Adventure 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 Adventure 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 * 1.5824 | + | 0.528 * 1.1123 | + | 0.404 * 1.1152 | + | 0.892 * 0.886 | + | 0.115 * 1.629 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9565 | + | 4.679 * -0.011831 | - | 0.327 * 0.9944 |
| = | -1.91 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was 円3,034 Mil.
Revenue was 0 + 6645.193 + 5800.14 + 6207.162 = 円18,652 Mil.
Gross Profit was 0 + 4267.606 + 3738.105 + 3984.716 = 円11,990 Mil.
Total Current Assets was 円21,834 Mil.
Total Assets was 円28,441 Mil.
Property, Plant and Equipment(Net PPE) was 円1,074 Mil.
Depreciation, Depletion and Amortization(DDA) was 円201 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,678 Mil.
Total Current Liabilities was 円8,831 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,550 Mil.
Net Income was 0 + 491.327 + -176.833 + 321.305 = 円636 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 0 + 190.402 + 781.88 = 円972 Mil.
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Total Receivables was 円2,164 Mil.
Revenue was 4763.258 + 5621.164 + 5030.953 + 5638.094 = 円21,053 Mil.
Gross Profit was 3196.734 + 4151.595 + 3902.094 + 3803.813 = 円15,054 Mil.
Total Current Assets was 円22,792 Mil.
Total Assets was 円28,919 Mil.
Property, Plant and Equipment(Net PPE) was 円1,082 Mil.
Depreciation, Depletion and Amortization(DDA) was 円375 Mil.
Selling, General, & Admin. Expense(SGA) was 円12,601 Mil.
Total Current Liabilities was 円8,062 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,665 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) |
| = | (3033.718 / 18652.495) | / | (2163.963 / 21053.469) |
| = | 0.162644 | / | 0.102784 |
| | = | 1.5824 |
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) |
| = | (15054.236 / 21053.469) | / | (11990.427 / 18652.495) |
| = | 0.715048 | / | 0.642832 |
| | = | 1.1123 |
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 - (21834.471 + 1073.881) / 28440.835) | / | (1 - (22791.863 + 1082.367) / 28918.68) |
| = | 0.194526 | / | 0.174436 |
| | = | 1.1152 |
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 |
| = | 18652.495 | / | 21053.469 |
| | = | 0.886 |
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)) |
| = | (374.974 / (374.974 + 1082.367)) | / | (201.443 / (201.443 + 1073.881)) |
| = | 0.2573 | / | 0.157954 |
| | = | 1.629 |
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) |
| = | (10678.163 / 18652.495) | / | (12601.281 / 21053.469) |
| = | 0.572479 | / | 0.598537 |
| | = | 0.9565 |
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) |
| = | ((6549.689 + 8830.649) / 28440.835) | / | ((7665.022 + 8061.544) / 28918.68) |
| = | 0.540784 | / | 0.54382 |
| | = | 0.9944 |
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 |
| = | (635.799 - 0 | - | 972.282) | / | 28440.835 |
| | = | -0.011831 |
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.
Adventure has a M-score of -1.91 suggests that the company is unlikely to be a manipulator.
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