Meredith Beneish M-Score Historical Data
The historical data trend for Meredith'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.
Meredith Beneish M-Score Chart
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Meredith Annual Data
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Trend |
Jun12 |
Jun13 |
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Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
| Beneish M-Score |
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-2.46 |
-1.92 |
-2.34 |
-2.86 |
-2.53 |
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Meredith Quarterly Data
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Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
| Beneish M-Score |
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-2.87 |
-2.84 |
-2.78 |
-2.53 |
-2.52 |
Competitive Comparison of Meredith's Beneish M-Score
For the Publishing subindustry, Meredith'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.
Meredith's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Meredith's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Meredith's Beneish M-Score falls into.
Meredith 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 Meredith 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 * 0.9736 | + | 0.528 * 0.9853 | + | 0.404 * 0.993 | + | 0.892 * 1.0623 | + | 0.115 * 1.2463 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9767 | + | 4.679 * -0.022732 | - | 0.327 * 0.9577 |
| = | -2.52 |
* 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 (Sep21) TTM: | Last Year (Sep20) TTM: |
Total Receivables was $501 Mil.
Revenue was 708.6 + 717.9 + 664.5 + 901.5 = $2,993 Mil.
Gross Profit was 442.2 + 453.2 + 412.3 + 635 = $1,943 Mil.
Total Current Assets was $1,084 Mil.
Total Assets was $5,503 Mil.
Property, Plant and Equipment(Net PPE) was $711 Mil.
Depreciation, Depletion and Amortization(DDA) was $158 Mil.
Selling, General, & Admin. Expense(SGA) was $1,286 Mil.
Total Current Liabilities was $778 Mil.
Long-Term Debt & Capital Lease Obligation was $3,169 Mil.
Net Income was 24.8 + 36.7 + 79.1 + 148.5 = $289 Mil.
Non Operating Income was -16.9 + -14.8 + 87.9 + -4 = $52 Mil.
Cash Flow from Operations was 42.3 + 60.8 + 76 + 182.9 = $362 Mil.
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Total Receivables was $485 Mil.
Revenue was 693.5 + 611.2 + 701.7 + 810.5 = $2,817 Mil.
Gross Profit was 452.4 + 374.8 + 444.3 + 530.4 = $1,802 Mil.
Total Current Assets was $1,017 Mil.
Total Assets was $5,602 Mil.
Property, Plant and Equipment(Net PPE) was $784 Mil.
Depreciation, Depletion and Amortization(DDA) was $229 Mil.
Selling, General, & Admin. Expense(SGA) was $1,240 Mil.
Total Current Liabilities was $753 Mil.
Long-Term Debt & Capital Lease Obligation was $3,442 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) |
| = | (501.3 / 2992.5) | / | (484.7 / 2816.9) |
| = | 0.167519 | / | 0.172069 |
| | = | 0.9736 |
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) |
| = | (1801.9 / 2816.9) | / | (1942.7 / 2992.5) |
| = | 0.639675 | / | 0.64919 |
| | = | 0.9853 |
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 - (1084.2 + 711.4) / 5503.3) | / | (1 - (1017.1 + 784) / 5601.8) |
| = | 0.673723 | / | 0.678478 |
| | = | 0.993 |
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 |
| = | 2992.5 | / | 2816.9 |
| | = | 1.0623 |
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)) |
| = | (229.1 / (229.1 + 784)) | / | (157.7 / (157.7 + 711.4)) |
| = | 0.226138 | / | 0.181452 |
| | = | 1.2463 |
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) |
| = | (1286.1 / 2992.5) | / | (1239.5 / 2816.9) |
| = | 0.429774 | / | 0.440023 |
| | = | 0.9767 |
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) |
| = | ((3168.5 + 777.5) / 5503.3) | / | ((3441.7 + 752.5) / 5601.8) |
| = | 0.717024 | / | 0.748724 |
| | = | 0.9577 |
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 |
| = | (289.1 - 52.2 | - | 362) | / | 5503.3 |
| | = | -0.022732 |
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.
Meredith has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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