Ziff Davis Beneish M-Score Historical Data
The historical data trend for Ziff Davis'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.
Ziff Davis Beneish M-Score Chart
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Ziff Davis Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.71 |
-2.75 |
-2.75 |
-2.66 |
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Ziff Davis 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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-2.44 |
-2.66 |
-2.13 |
-2.17 |
-2.14 |
Competitive Comparison of Ziff Davis's Beneish M-Score
For the Advertising Agencies subindustry, Ziff Davis'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.
Ziff Davis's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Ziff Davis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ziff Davis's Beneish M-Score falls into.
Ziff Davis 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 Ziff Davis 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 * 1.6051 | + | 0.528 * 1.0007 | + | 0.404 * 1.0532 | + | 0.892 * 1.0058 | + | 0.115 * 1.0367 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0089 | + | 4.679 * -0.048318 | - | 0.327 * 1.0667 |
| = | -2.14 |
* 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 $471 Mil.
Revenue was 353.58 + 320.8 + 314.485 + 389.885 = $1,379 Mil.
Gross Profit was 300.337 + 268.21 + 267.418 + 341.27 = $1,177 Mil.
Total Current Assets was $951 Mil.
Total Assets was $3,419 Mil.
Property, Plant and Equipment(Net PPE) was $197 Mil.
Depreciation, Depletion and Amortization(DDA) was $222 Mil.
Selling, General, & Admin. Expense(SGA) was $911 Mil.
Total Current Liabilities was $667 Mil.
Long-Term Debt & Capital Lease Obligation was $864 Mil.
Net Income was -48.577 + 36.91 + 10.627 + 63.422 = $62 Mil.
Non Operating Income was -87.906 + 8.318 + -14.589 + -2.421 = $-97 Mil.
Cash Flow from Operations was 105.96 + 50.564 + 75.558 + 92.119 = $324 Mil.
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Total Receivables was $291 Mil.
Revenue was 340.985 + 326.016 + 307.142 + 396.7 = $1,371 Mil.
Gross Profit was 285.459 + 278.595 + 261.412 + 345.853 = $1,171 Mil.
Total Current Assets was $1,064 Mil.
Total Assets was $3,383 Mil.
Property, Plant and Equipment(Net PPE) was $186 Mil.
Depreciation, Depletion and Amortization(DDA) was $226 Mil.
Selling, General, & Admin. Expense(SGA) was $898 Mil.
Total Current Liabilities was $419 Mil.
Long-Term Debt & Capital Lease Obligation was $1,001 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) |
| = | (470.55 / 1378.75) | / | (291.485 / 1370.843) |
| = | 0.341287 | / | 0.212632 |
| | = | 1.6051 |
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) |
| = | (1171.319 / 1370.843) | / | (1177.235 / 1378.75) |
| = | 0.854452 | / | 0.853842 |
| | = | 1.0007 |
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 - (951.017 + 197.482) / 3419.445) | / | (1 - (1063.663 + 186.165) / 3383.227) |
| = | 0.664127 | / | 0.630581 |
| | = | 1.0532 |
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 |
| = | 1378.75 | / | 1370.843 |
| | = | 1.0058 |
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)) |
| = | (225.853 / (225.853 + 186.165)) | / | (221.578 / (221.578 + 197.482)) |
| = | 0.548163 | / | 0.52875 |
| | = | 1.0367 |
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) |
| = | (910.76 / 1378.75) | / | (897.582 / 1370.843) |
| = | 0.660569 | / | 0.654766 |
| | = | 1.0089 |
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) |
| = | ((863.741 + 667.394) / 3419.445) | / | ((1000.743 + 419.498) / 3383.227) |
| = | 0.447773 | / | 0.419789 |
| | = | 1.0667 |
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 |
| = | (62.382 - -96.598 | - | 324.201) | / | 3419.445 |
| | = | -0.048318 |
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.
Ziff Davis has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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