Blitzway Studios Co Beneish M-Score Historical Data
The historical data trend for Blitzway Studios Co'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.
Blitzway Studios Co Beneish M-Score Chart
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Blitzway Studios Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
0.07 |
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Blitzway Studios Co Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.30 |
-3.78 |
1.01 |
0.07 |
-3.75 |
Competitive Comparison of Blitzway Studios Co's Beneish M-Score
For the Specialty Business Services subindustry, Blitzway Studios Co'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.
Blitzway Studios Co's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Blitzway Studios Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Blitzway Studios Co's Beneish M-Score falls into.
Blitzway Studios Co 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 Blitzway Studios Co 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 | + | 0.528 * 1.4731 | + | 0.404 * 2.2008 | + | 0.892 * 0.6439 | + | 0.115 * 0.1011 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.0906 | + | 4.679 * -0.059055 | - | 0.327 * 1.0803 |
| = | -3.75 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩0 Mil.
Revenue was 4678.165 + 4124.398 + 1443.483 + 2024.137 = ₩12,270 Mil.
Gross Profit was 1523.255 + -192.505 + 87.84 + 221.55 = ₩1,640 Mil.
Total Current Assets was ₩18,428 Mil.
Total Assets was ₩58,331 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,823 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,027 Mil.
Total Current Liabilities was ₩13,445 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was -745.1 + -4291.449 + -1872.746 + -1786.11 = ₩-8,695 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + -1102.954 + -2462.256 + -1685.431 = ₩-5,251 Mil.
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Total Receivables was ₩508 Mil.
Revenue was 1347.726 + 4168.833 + 1373.541 + 12164.728 = ₩19,055 Mil.
Gross Profit was 220.223 + 644.1 + 585.374 + 2302.325 = ₩3,752 Mil.
Total Current Assets was ₩17,119 Mil.
Total Assets was ₩48,160 Mil.
Property, Plant and Equipment(Net PPE) was ₩16,071 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,807 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,023 Mil.
Total Current Liabilities was ₩8,943 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,333 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) |
| = | (0 / 12270.183) | / | (507.897 / 19054.828) |
| = | 0 | / | 0.026655 |
| | = | 0 |
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) |
| = | (3752.022 / 19054.828) | / | (1640.14 / 12270.183) |
| = | 0.196907 | / | 0.133669 |
| | = | 1.4731 |
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 - (18427.682 + 0) / 58331.455) | / | (1 - (17118.905 + 16070.892) / 48159.564) |
| = | 0.684087 | / | 0.310837 |
| | = | 2.2008 |
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 |
| = | 12270.183 | / | 19054.828 |
| | = | 0.6439 |
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)) |
| = | (1806.927 / (1806.927 + 16070.892)) | / | (1822.636 / (1822.636 + 0)) |
| = | 0.101071 | / | 1 |
| | = | 0.1011 |
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) |
| = | (4026.519 / 12270.183) | / | (2023.222 / 19054.828) |
| = | 0.328155 | / | 0.106179 |
| | = | 3.0906 |
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) |
| = | ((0 + 13445.341) / 58331.455) | / | ((1332.92 + 8942.896) / 48159.564) |
| = | 0.230499 | / | 0.21337 |
| | = | 1.0803 |
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 |
| = | (-8695.405 - 0 | - | -5250.641) | / | 58331.455 |
| | = | -0.059055 |
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.
Blitzway Studios Co has a M-score of -3.75 suggests that the company is unlikely to be a manipulator.
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