Viad Beneish M-Score Historical Data
The historical data trend for Viad'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.
Viad Beneish M-Score Chart
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Viad Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-5.14 |
1.39 |
-3.30 |
-2.80 |
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Viad 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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-2.85 |
-2.80 |
-2.59 |
-2.49 |
-2.47 |
Competitive Comparison of Viad's Beneish M-Score
For the Specialty Business Services subindustry, Viad'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.
Viad's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Viad's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viad's Beneish M-Score falls into.
Viad 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 Viad 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 * 1.108 | + | 0.528 * 0.7643 | + | 0.404 * 0.9984 | + | 0.892 * 1.171 | + | 0.115 * 0.9145 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.063498 | - | 0.327 * 0.9426 |
| = | -2.47 |
* 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 $176 Mil.
Revenue was 455.704 + 378.538 + 273.497 + 291.679 = $1,399 Mil.
Gross Profit was 92.548 + 53.453 + -8.457 + 4.512 = $142 Mil.
Total Current Assets was $310 Mil.
Total Assets was $1,196 Mil.
Property, Plant and Equipment(Net PPE) was $689 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $308 Mil.
Long-Term Debt & Capital Lease Obligation was $478 Mil.
Net Income was 48.615 + 29.311 + -25.117 + -15.346 = $37 Mil.
Non Operating Income was -6.9 + 0.383 + -0.554 + -0.753 = $-8 Mil.
Cash Flow from Operations was 110.365 + 30.274 + -7.543 + -11.876 = $121 Mil.
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Total Receivables was $135 Mil.
Revenue was 365.899 + 320.311 + 260.791 + 248.027 = $1,195 Mil.
Gross Profit was 76.042 + 33.46 + -5.512 + -11.278 = $93 Mil.
Total Current Assets was $318 Mil.
Total Assets was $1,201 Mil.
Property, Plant and Equipment(Net PPE) was $684 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $7 Mil.
Total Current Liabilities was $267 Mil.
Long-Term Debt & Capital Lease Obligation was $570 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) |
| = | (175.522 / 1399.418) | / | (135.274 / 1195.028) |
| = | 0.125425 | / | 0.113197 |
| | = | 1.108 |
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) |
| = | (92.712 / 1195.028) | / | (142.056 / 1399.418) |
| = | 0.077581 | / | 0.101511 |
| | = | 0.7643 |
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 - (309.589 + 689.268) / 1195.828) | / | (1 - (318.35 + 684.135) / 1200.544) |
| = | 0.164715 | / | 0.164974 |
| | = | 0.9984 |
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 |
| = | 1399.418 | / | 1195.028 |
| | = | 1.171 |
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)) |
| = | (50.748 / (50.748 + 684.135)) | / | (56.297 / (56.297 + 689.268)) |
| = | 0.069056 | / | 0.075509 |
| | = | 0.9145 |
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) |
| = | (0 / 1399.418) | / | (6.702 / 1195.028) |
| = | 0 | / | 0.005608 |
| | = | 0 |
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) |
| = | ((478.389 + 307.659) / 1195.828) | / | ((570.248 + 266.931) / 1200.544) |
| = | 0.657325 | / | 0.697333 |
| | = | 0.9426 |
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 |
| = | (37.463 - -7.824 | - | 121.22) | / | 1195.828 |
| | = | -0.063498 |
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.
Viad has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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