Topgolf Callaway Brands Beneish M-Score Historical Data
The historical data trend for Topgolf Callaway Brands'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.
Topgolf Callaway Brands Beneish M-Score Chart
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Topgolf Callaway Brands Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.86 |
-3.07 |
-1.96 |
-1.96 |
-2.42 |
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Topgolf Callaway Brands Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.39 |
-2.38 |
-2.29 |
-2.42 |
-2.63 |
Competitive Comparison of Topgolf Callaway Brands's Beneish M-Score
For the Leisure subindustry, Topgolf Callaway Brands'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.
Topgolf Callaway Brands's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Topgolf Callaway Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Topgolf Callaway Brands's Beneish M-Score falls into.
Topgolf Callaway Brands 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 Topgolf Callaway Brands 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 * 1.0388 | + | 0.528 * 0.9715 | + | 0.404 * 1.0006 | + | 0.892 * 1.0336 | + | 0.115 * 0.896 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0113 | + | 4.679 * -0.039859 | - | 0.327 * 1.0034 |
| = | -2.63 |
* 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 $522 Mil.
Revenue was 1144.2 + 897.1 + 1040.6 + 1179.7 = $4,262 Mil.
Gross Profit was 689.7 + 574.8 + 657.9 + 740.4 = $2,663 Mil.
Total Current Assets was $1,593 Mil.
Total Assets was $9,092 Mil.
Property, Plant and Equipment(Net PPE) was $3,570 Mil.
Depreciation, Depletion and Amortization(DDA) was $249 Mil.
Selling, General, & Admin. Expense(SGA) was $1,041 Mil.
Total Current Liabilities was $875 Mil.
Long-Term Debt & Capital Lease Obligation was $3,964 Mil.
Net Income was 6.5 + -77.1 + 29.7 + 117.4 = $77 Mil.
Non Operating Income was 0.2 + -4.7 + -1.7 + 1.6 = $-5 Mil.
Cash Flow from Operations was -73.3 + 137 + 249.5 + 130.3 = $444 Mil.
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Total Receivables was $486 Mil.
Revenue was 1167.4 + 851.3 + 988.5 + 1115.7 = $4,123 Mil.
Gross Profit was 681 + 545.5 + 609.6 + 666.6 = $2,503 Mil.
Total Current Assets was $1,755 Mil.
Total Assets was $8,941 Mil.
Property, Plant and Equipment(Net PPE) was $3,326 Mil.
Depreciation, Depletion and Amortization(DDA) was $206 Mil.
Selling, General, & Admin. Expense(SGA) was $996 Mil.
Total Current Liabilities was $1,075 Mil.
Long-Term Debt & Capital Lease Obligation was $3,668 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) |
| = | (521.5 / 4261.6) | / | (485.7 / 4122.9) |
| = | 0.122372 | / | 0.117805 |
| | = | 1.0388 |
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) |
| = | (2502.7 / 4122.9) | / | (2662.8 / 4261.6) |
| = | 0.607024 | / | 0.624836 |
| | = | 0.9715 |
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 - (1593.2 + 3570.4) / 9092) | / | (1 - (1754.8 + 3325.5) / 8941.4) |
| = | 0.432072 | / | 0.431823 |
| | = | 1.0006 |
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 |
| = | 4261.6 | / | 4122.9 |
| | = | 1.0336 |
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)) |
| = | (206.3 / (206.3 + 3325.5)) | / | (249 / (249 + 3570.4)) |
| = | 0.058412 | / | 0.065193 |
| | = | 0.896 |
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) |
| = | (1041.1 / 4261.6) | / | (996 / 4122.9) |
| = | 0.244298 | / | 0.241578 |
| | = | 1.0113 |
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) |
| = | ((3963.6 + 875) / 9092) | / | ((3667.9 + 1074.6) / 8941.4) |
| = | 0.532182 | / | 0.530398 |
| | = | 1.0034 |
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 |
| = | (76.5 - -4.6 | - | 443.5) | / | 9092 |
| | = | -0.039859 |
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.
Topgolf Callaway Brands has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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