Artist Studio Beneish M-Score Historical Data
The historical data trend for Artist Studio'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.
Artist Studio Beneish M-Score Chart
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Artist Studio Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-0.21 |
68.33 |
-3.74 |
-5.19 |
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Artist Studio Quarterly Data
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Dec18 |
Dec19 |
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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-3.74 |
-3.76 |
-4.70 |
-3.34 |
-5.19 |
Competitive Comparison of Artist Studio's Beneish M-Score
For the Entertainment subindustry, Artist Studio'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.
Artist Studio's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Artist Studio's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Artist Studio's Beneish M-Score falls into.
Artist Studio 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 Artist Studio 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 * 0.2078 | + | 0.528 * 0.2001 | + | 0.404 * 0.6917 | + | 0.892 * 0.6523 | + | 0.115 * 1.4787 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.1357 | + | 4.679 * -0.252547 | - | 0.327 * 0.39 |
| = | -5.19 |
* 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 ₩922 Mil.
Revenue was 3709.913 + 8577.275 + 9584.276 + 5435.327 = ₩27,307 Mil.
Gross Profit was -3371.353 + 1185.627 + -350.208 + 386.427 = ₩-2,150 Mil.
Total Current Assets was ₩50,439 Mil.
Total Assets was ₩59,270 Mil.
Property, Plant and Equipment(Net PPE) was ₩584 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩400 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,626 Mil.
Total Current Liabilities was ₩2,952 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,678 Mil.
Net Income was -13946.969 + 332.243 + -930.642 + -409.188 = ₩-14,955 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1200.698 + 4444.878 + -768.927 + -2461.445 = ₩14 Mil.
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Total Receivables was ₩6,801 Mil.
Revenue was 7943.005 + 5420.491 + 18376.45 + 10123.668 = ₩41,864 Mil.
Gross Profit was -2349.275 + -1797.025 + 1570.98 + 1915.847 = ₩-659 Mil.
Total Current Assets was ₩39,741 Mil.
Total Assets was ₩50,859 Mil.
Property, Plant and Equipment(Net PPE) was ₩887 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,339 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,167 Mil.
Total Current Liabilities was ₩8,192 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,992 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) |
| = | (921.859 / 27306.791) | / | (6800.967 / 41863.614) |
| = | 0.033759 | / | 0.162455 |
| | = | 0.2078 |
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) |
| = | (-659.473 / 41863.614) | / | (-2149.507 / 27306.791) |
| = | -0.015753 | / | -0.078717 |
| | = | 0.2001 |
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 - (50438.929 + 583.979) / 59269.511) | / | (1 - (39741.41 + 887.192) / 50859.306) |
| = | 0.139137 | / | 0.201157 |
| | = | 0.6917 |
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 |
| = | 27306.791 | / | 41863.614 |
| | = | 0.6523 |
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)) |
| = | (1338.629 / (1338.629 + 887.192)) | / | (400.333 / (400.333 + 583.979)) |
| = | 0.601409 | / | 0.406714 |
| | = | 1.4787 |
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) |
| = | (1625.872 / 27306.791) | / | (1167.12 / 41863.614) |
| = | 0.059541 | / | 0.027879 |
| | = | 2.1357 |
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) |
| = | ((1677.608 + 2951.622) / 59269.511) | / | ((1992.161 + 8192.088) / 50859.306) |
| = | 0.078105 | / | 0.200244 |
| | = | 0.39 |
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 |
| = | (-14954.556 - 0 | - | 13.808) | / | 59269.511 |
| | = | -0.252547 |
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.
Artist Studio has a M-score of -5.19 suggests that the company is unlikely to be a manipulator.
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