John Wiley & Sons Beneish M-Score Historical Data
The historical data trend for John Wiley & Sons'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.
John Wiley & Sons Beneish M-Score Chart
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John Wiley & Sons Annual Data
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| Beneish M-Score |
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-2.21 |
-2.77 |
-2.69 |
-2.70 |
-2.74 |
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John Wiley & Sons Quarterly Data
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Jan24 |
| Beneish M-Score |
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-2.59 |
-2.74 |
-3.06 |
-3.02 |
-3.00 |
Competitive Comparison of John Wiley & Sons's Beneish M-Score
For the Publishing subindustry, John Wiley & Sons'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.
John Wiley & Sons's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, John Wiley & Sons's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where John Wiley & Sons's Beneish M-Score falls into.
John Wiley & Sons 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 John Wiley & Sons 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 * 0.5996 | + | 0.528 * 0.9714 | + | 0.404 * 1.0448 | + | 0.892 * 0.9467 | + | 0.115 * 0.988 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7413 | + | 4.679 * -0.024762 | - | 0.327 * 1.093 |
| = | -3.00 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $161 Mil.
Revenue was 460.705 + 492.808 + 451.013 + 526.127 = $1,931 Mil.
Gross Profit was 317.043 + 337.194 + 293.912 + 351.97 = $1,300 Mil.
Total Current Assets was $384 Mil.
Total Assets was $2,707 Mil.
Property, Plant and Equipment(Net PPE) was $280 Mil.
Depreciation, Depletion and Amortization(DDA) was $179 Mil.
Selling, General, & Admin. Expense(SGA) was $751 Mil.
Total Current Liabilities was $712 Mil.
Long-Term Debt & Capital Lease Obligation was $999 Mil.
Net Income was -113.875 + -19.445 + -92.264 + 68.344 = $-157 Mil.
Non Operating Income was -149.126 + -80.44 + -117.852 + 9.511 = $-338 Mil.
Cash Flow from Operations was 107.838 + -1.151 + -82.335 + 223.353 = $248 Mil.
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Total Receivables was $284 Mil.
Revenue was 491.368 + 514.836 + 487.569 + 545.653 = $2,039 Mil.
Gross Profit was 317.317 + 344.534 + 313.538 + 358.649 = $1,334 Mil.
Total Current Assets was $531 Mil.
Total Assets was $3,150 Mil.
Property, Plant and Equipment(Net PPE) was $343 Mil.
Depreciation, Depletion and Amortization(DDA) was $216 Mil.
Selling, General, & Admin. Expense(SGA) was $1,071 Mil.
Total Current Liabilities was $761 Mil.
Long-Term Debt & Capital Lease Obligation was $1,060 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) |
| = | (161.009 / 1930.653) | / | (283.654 / 2039.426) |
| = | 0.083396 | / | 0.139085 |
| | = | 0.5996 |
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) |
| = | (1334.038 / 2039.426) | / | (1300.119 / 1930.653) |
| = | 0.654124 | / | 0.673409 |
| | = | 0.9714 |
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 - (384.002 + 279.645) / 2707.288) | / | (1 - (531.166 + 342.97) / 3150.255) |
| = | 0.754866 | / | 0.722519 |
| | = | 1.0448 |
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 |
| = | 1930.653 | / | 2039.426 |
| | = | 0.9467 |
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)) |
| = | (215.828 / (215.828 + 342.97)) | / | (179.487 / (179.487 + 279.645)) |
| = | 0.386236 | / | 0.390927 |
| | = | 0.988 |
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) |
| = | (751.478 / 1930.653) | / | (1070.909 / 2039.426) |
| = | 0.389235 | / | 0.525103 |
| | = | 0.7413 |
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) |
| = | ((998.743 + 712.139) / 2707.288) | / | ((1060.379 + 760.969) / 3150.255) |
| = | 0.631954 | / | 0.578159 |
| | = | 1.093 |
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 |
| = | (-157.24 - -337.907 | - | 247.705) | / | 2707.288 |
| | = | -0.024762 |
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.
John Wiley & Sons has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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