Snap Beneish M-Score Historical Data
The historical data trend for Snap'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.
Snap Beneish M-Score Chart
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Snap Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.82 |
-2.58 |
-3.57 |
-3.19 |
-3.03 |
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Snap 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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-3.19 |
-3.06 |
-3.14 |
-3.13 |
-3.03 |
Competitive Comparison of Snap's Beneish M-Score
For the Internet Content & Information subindustry, Snap'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.
Snap's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Snap's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Snap's Beneish M-Score falls into.
Snap 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 Snap 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 * 0.9438 | + | 0.528 * 1.0041 | + | 0.404 * 0.9774 | + | 0.892 * 1.1642 | + | 0.115 * 1.1868 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.859 | + | 4.679 * -0.133498 | - | 0.327 * 1.0033 |
| = | -2.97 |
* 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 €1,288 Mil.
Revenue was 1487.205 + 1236.689 + 1148.957 + 1099.191 = €4,972 Mil.
Gross Profit was 845.77 + 661.034 + 601.85 + 570.422 = €2,679 Mil.
Total Current Assets was €4,686 Mil.
Total Assets was €7,579 Mil.
Property, Plant and Equipment(Net PPE) was €974 Mil.
Depreciation, Depletion and Amortization(DDA) was €146 Mil.
Selling, General, & Admin. Expense(SGA) was €1,836 Mil.
Total Current Liabilities was €1,188 Mil.
Long-Term Debt & Capital Lease Obligation was €3,995 Mil.
Net Income was 8.691 + -138.076 + -230.968 + -280.683 = €-641 Mil.
Non Operating Income was 8.005 + -3.924 + -19.316 + -0.075 = €-15 Mil.
Cash Flow from Operations was 220.255 + 104.401 + -19.859 + 81.284 = €386 Mil.
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Total Receivables was €1,172 Mil.
Revenue was 1248.3 + 1113.672 + 985.458 + 923.36 = €4,271 Mil.
Gross Profit was 678.381 + 592.932 + 526.844 + 512.413 = €2,311 Mil.
Total Current Assets was €4,563 Mil.
Total Assets was €7,306 Mil.
Property, Plant and Equipment(Net PPE) was €850 Mil.
Depreciation, Depletion and Amortization(DDA) was €156 Mil.
Selling, General, & Admin. Expense(SGA) was €1,836 Mil.
Total Current Liabilities was €1,040 Mil.
Long-Term Debt & Capital Lease Obligation was €3,939 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) |
| = | (1287.791 / 4972.042) | / | (1172.087 / 4270.79) |
| = | 0.259006 | / | 0.274443 |
| | = | 0.9438 |
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) |
| = | (2310.57 / 4270.79) | / | (2679.076 / 4972.042) |
| = | 0.541017 | / | 0.538828 |
| | = | 1.0041 |
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 - (4685.953 + 973.65) / 7579.212) | / | (1 - (4562.848 + 850.231) / 7306.434) |
| = | 0.253273 | / | 0.259135 |
| | = | 0.9774 |
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 |
| = | 4972.042 | / | 4270.79 |
| | = | 1.1642 |
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)) |
| = | (156.121 / (156.121 + 850.231)) | / | (146.417 / (146.417 + 973.65)) |
| = | 0.155136 | / | 0.130722 |
| | = | 1.1868 |
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) |
| = | (1836.358 / 4972.042) | / | (1836.366 / 4270.79) |
| = | 0.369337 | / | 0.429983 |
| | = | 0.859 |
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) |
| = | ((3994.573 + 1187.588) / 7579.212) | / | ((3939.138 + 1039.986) / 7306.434) |
| = | 0.683733 | / | 0.681471 |
| | = | 1.0033 |
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 |
| = | (-641.036 - -15.31 | - | 386.081) | / | 7579.212 |
| | = | -0.133498 |
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.
Snap has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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