World Wrestling Entertainment Beneish M-Score Historical Data
The historical data trend for World Wrestling Entertainment'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.
World Wrestling Entertainment Beneish M-Score Chart
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World Wrestling Entertainment Annual Data
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Trend |
Dec13 |
Dec14 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.03 |
-2.16 |
-3.94 |
-0.62 |
-3.16 |
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World Wrestling Entertainment Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
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Mar20 |
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Sep20 |
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Mar21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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-2.25 |
-2.58 |
-3.16 |
-3.05 |
-2.64 |
Competitive Comparison of World Wrestling Entertainment's Beneish M-Score
For the Entertainment subindustry, World Wrestling Entertainment'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.
World Wrestling Entertainment's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, World Wrestling Entertainment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where World Wrestling Entertainment's Beneish M-Score falls into.
World Wrestling Entertainment 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 World Wrestling Entertainment 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 * 0.8411 | + | 0.528 * 1.0146 | + | 0.404 * 1.2685 | + | 0.892 * 1.0897 | + | 0.115 * 1.2111 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3198 | + | 4.679 * -0.065352 | - | 0.327 * 0.6108 |
| = | -2.64 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $162 Mil.
Revenue was 410.374 + 297.551 + 325.3 + 304.64 = $1,338 Mil.
Gross Profit was 181.222 + 121.967 + 138.867 + 138.021 = $580 Mil.
Total Current Assets was $744 Mil.
Total Assets was $1,507 Mil.
Property, Plant and Equipment(Net PPE) was $679 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General, & Admin. Expense(SGA) was $281 Mil.
Total Current Liabilities was $197 Mil.
Long-Term Debt & Capital Lease Obligation was $396 Mil.
Net Income was 52.001 + 36.678 + 38.828 + 41.62 = $169 Mil.
Non Operating Income was -1.565 + 2.453 + 2.356 + -0.099 = $3 Mil.
Cash Flow from Operations was 77.014 + 12.579 + 123.03 + 51.859 = $264 Mil.
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Total Receivables was $177 Mil.
Revenue was 328.135 + 333.448 + 310.257 + 255.853 = $1,228 Mil.
Gross Profit was 131.248 + 152.763 + 139.275 + 116.814 = $540 Mil.
Total Current Assets was $679 Mil.
Total Assets was $1,279 Mil.
Property, Plant and Equipment(Net PPE) was $544 Mil.
Depreciation, Depletion and Amortization(DDA) was $84 Mil.
Selling, General, & Admin. Expense(SGA) was $195 Mil.
Total Current Liabilities was $425 Mil.
Long-Term Debt & Capital Lease Obligation was $399 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) |
| = | (161.949 / 1337.865) | / | (176.68 / 1227.693) |
| = | 0.12105 | / | 0.143912 |
| | = | 0.8411 |
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) |
| = | (540.1 / 1227.693) | / | (580.077 / 1337.865) |
| = | 0.439931 | / | 0.433584 |
| | = | 1.0146 |
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 - (743.513 + 678.8) / 1507.22) | / | (1 - (678.526 + 543.725) / 1279.054) |
| = | 0.056334 | / | 0.04441 |
| | = | 1.2685 |
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 |
| = | 1337.865 | / | 1227.693 |
| | = | 1.0897 |
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)) |
| = | (84.317 / (84.317 + 543.725)) | / | (84.626 / (84.626 + 678.8)) |
| = | 0.134254 | / | 0.11085 |
| | = | 1.2111 |
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) |
| = | (280.999 / 1337.865) | / | (195.379 / 1227.693) |
| = | 0.210035 | / | 0.159143 |
| | = | 1.3198 |
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) |
| = | ((396.338 + 196.947) / 1507.22) | / | ((399.135 + 425.204) / 1279.054) |
| = | 0.393629 | / | 0.644491 |
| | = | 0.6108 |
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 |
| = | (169.127 - 3.145 | - | 264.482) | / | 1507.22 |
| | = | -0.065352 |
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.
World Wrestling Entertainment has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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