Zynga Beneish M-Score Historical Data
The historical data trend for Zynga'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.
Zynga Beneish M-Score Chart
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Zynga Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.28 |
-2.88 |
-2.94 |
-2.21 |
-2.47 |
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Zynga Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Mar21 |
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Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
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-2.08 |
-2.26 |
-2.78 |
-2.47 |
-2.85 |
Competitive Comparison of Zynga's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, Zynga'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.
Zynga's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Zynga's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zynga's Beneish M-Score falls into.
Zynga 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 Zynga 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 * 0.6806 | + | 0.528 * 0.9168 | + | 0.404 * 1.1439 | + | 0.892 * 1.2488 | + | 0.115 * 0.769 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9619 | + | 4.679 * -0.037184 | - | 0.327 * 1.009 |
| = | -2.73 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $233 Mil.
Revenue was 691.2 + 695.5 + 704.7 + 720 = $2,811 Mil.
Gross Profit was 439 + 435.4 + 463.9 + 466.7 = $1,805 Mil.
Total Current Assets was $1,267 Mil.
Total Assets was $5,860 Mil.
Property, Plant and Equipment(Net PPE) was $121 Mil.
Depreciation, Depletion and Amortization(DDA) was $252 Mil.
Selling, General, & Admin. Expense(SGA) was $1,144 Mil.
Total Current Liabilities was $1,128 Mil.
Long-Term Debt & Capital Lease Obligation was $1,674 Mil.
Net Income was -24.5 + -67.3 + -41.7 + 27.8 = $-106 Mil.
Non Operating Income was -15.7 + -10.4 + -67.4 + -9.1 = $-103 Mil.
Cash Flow from Operations was -202.7 + 157.9 + 98.6 + 161 = $215 Mil.
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Total Receivables was $275 Mil.
Revenue was 680.3 + 616 + 503.3 + 451.7 = $2,251 Mil.
Gross Profit was 419.6 + 365.6 + 267.4 + 272.5 = $1,325 Mil.
Total Current Assets was $1,833 Mil.
Total Assets was $6,006 Mil.
Property, Plant and Equipment(Net PPE) was $166 Mil.
Depreciation, Depletion and Amortization(DDA) was $180 Mil.
Selling, General, & Admin. Expense(SGA) was $953 Mil.
Total Current Liabilities was $1,424 Mil.
Long-Term Debt & Capital Lease Obligation was $1,422 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) |
| = | (233.4 / 2811.4) | / | (274.6 / 2251.3) |
| = | 0.083019 | / | 0.121974 |
| | = | 0.6806 |
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) |
| = | (1325.1 / 2251.3) | / | (1805 / 2811.4) |
| = | 0.588593 | / | 0.642029 |
| | = | 0.9168 |
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 - (1266.7 + 120.7) / 5860) | / | (1 - (1832.8 + 166.1) / 6006.4) |
| = | 0.763242 | / | 0.667205 |
| | = | 1.1439 |
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 |
| = | 2811.4 | / | 2251.3 |
| | = | 1.2488 |
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)) |
| = | (179.7 / (179.7 + 166.1)) | / | (251.6 / (251.6 + 120.7)) |
| = | 0.519665 | / | 0.675799 |
| | = | 0.769 |
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) |
| = | (1144.3 / 2811.4) | / | (952.6 / 2251.3) |
| = | 0.407021 | / | 0.423133 |
| | = | 0.9619 |
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) |
| = | ((1673.7 + 1127.6) / 5860) | / | ((1421.6 + 1424.2) / 6006.4) |
| = | 0.478038 | / | 0.473795 |
| | = | 1.009 |
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 |
| = | (-105.7 - -102.6 | - | 214.8) | / | 5860 |
| | = | -0.037184 |
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.
Zynga has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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