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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Planet Fitness's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of Planet Fitness was -1.63. The lowest was -4.04. And the median was -2.74.
The historical data trend for Planet Fitness'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.
Planet Fitness Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.79 | -2.74 | -2.67 | -2.08 | -2.89 |
Planet Fitness Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.47 | -2.76 | -2.89 | -2.54 | -2.78 |
For the Leisure subindustry, Planet Fitness'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.
For the Travel & Leisure industry and Consumer Cyclical sector, Planet Fitness's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Planet Fitness's Beneish M-Score falls into.
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 Planet Fitness 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 * 0.9597 | + | 0.528 * 0.9714 | + | 0.404 * 0.9843 | + | 0.892 * 1.0747 | + | 0.115 * 1.0068 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0032 | + | 4.679 * -0.06327 | - | 0.327 * 1.0457 | |||||||
= | -2.78 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $63 Mil. Revenue was 300.941 + 248.017 + 285.086 + 277.551 = $1,112 Mil. Gross Profit was 158.743 + 134.879 + 144.414 + 143.062 = $581 Mil. Total Current Assets was $494 Mil. Total Assets was $2,974 Mil. Property, Plant and Equipment(Net PPE) was $794 Mil. Depreciation, Depletion and Amortization(DDA) was $156 Mil. Selling, General, & Admin. Expense(SGA) was $125 Mil. Total Current Liabilities was $272 Mil. Long-Term Debt & Capital Lease Obligation was $2,558 Mil. Net Income was 48.64 + 34.309 + 35.34 + 39.134 = $157 Mil. Non Operating Income was 1.043 + 0.647 + 2.881 + 0.148 = $5 Mil. Cash Flow from Operations was 78.216 + 89.732 + 63.334 + 109.59 = $341 Mil. |
Total Receivables was $61 Mil. Revenue was 286.463 + 222.225 + 281.268 + 244.386 = $1,034 Mil. Gross Profit was 150.24 + 119.869 + 134.2 + 120.954 = $525 Mil. Total Current Assets was $505 Mil. Total Assets was $2,848 Mil. Property, Plant and Equipment(Net PPE) was $702 Mil. Depreciation, Depletion and Amortization(DDA) was $139 Mil. Selling, General, & Admin. Expense(SGA) was $116 Mil. Total Current Liabilities was $274 Mil. Long-Term Debt & Capital Lease Obligation was $2,317 Mil. |
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) |
= | (62.514 / 1111.595) | / | (60.614 / 1034.342) | |
= | 0.056238 | / | 0.058602 | |
= | 0.9597 |
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) | |
= | (525.263 / 1034.342) | / | (581.098 / 1111.595) | |
= | 0.507823 | / | 0.522761 | |
= | 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 - (493.85 + 793.803) / 2974.04) | / | (1 - (505.339 + 702.051) / 2848.235) | |
= | 0.567036 | / | 0.576092 | |
= | 0.9843 |
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 | |
= | 1111.595 | / | 1034.342 | |
= | 1.0747 |
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)) |
= | (138.944 / (138.944 + 702.051)) | / | (155.833 / (155.833 + 793.803)) | |
= | 0.165214 | / | 0.164098 | |
= | 1.0068 |
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) |
= | (125.321 / 1111.595) | / | (116.238 / 1034.342) | |
= | 0.11274 | / | 0.112379 | |
= | 1.0032 |
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) |
= | ((2557.956 + 272.126) / 2974.04) | / | ((2317.387 + 274.414) / 2848.235) | |
= | 0.951595 | / | 0.909967 | |
= | 1.0457 |
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 | |
= | (157.423 - 4.719 | - | 340.872) | / | 2974.04 | |
= | -0.06327 |
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.
Planet Fitness has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Planet Fitness's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
William Bode | officer: Chief Operations Officer | 4 LIBERTY LANE WEST, HAMPTON NH 03842 |
Brian O'donnell | officer: VP, Chief Accounting Officer | 4 LIBERTY LANE WEST, HAMPTON NH 03842 |
Craig R Benson | director | |
Christopher Rondeau | director, officer: CEO | 4 LIBERTY LANE WEST, C/O PLANET FITNESS INC, HAMPTON NH 03842 |
Jennifer Simmons | officer: Div President, Corp Stores | 4 LIBERTY LANE WEST, HAMPTON NH 03842 |
Edward Hymes | officer: President, COO | 4 LIBERTY LANE WEST, HAMPTON NH 03842 |
Shane Mcguiness | officer: President, Corporate Clubs | 4 LIBERTY LANE WEST, HAMPTON NH 03842 |
Jeremy Tucker | officer: Chief Marketing Officer | 4 LIBERTY LANE WEST, HAMPTON NH 03842 |
Dorvin D Lively | officer: CFO | |
Fitzgerald Thomas J Iii | officer: Chief Financial Officer | 111 NORTH CANAL STREET, SUITE 850, CHICAGO IL 60606 |
Bernard Acoca | director | C/O EL POLLO LOCO HOLDINGS, INC., 3535 HARBOR BLVD., SUITE 100, COSTA MESA CA 92626 |
Christopher Tanco | director | 2001 COTTONWOOD VALLEY CIRCLE SOUTH, IRVING TX 75038 |
Craig Jeffrey Miller | officer: Chief Digital & Information Of | 5008 HARTRIDGE WAY, GREENSBORO NC 27407 |
Enshalla Anderson | director | 4 LIBERTY LANE WEST, HAMPTON NH 03842 |
David P Berg | director | 7601 PENN AVENUE SOUTH, RICHFIELD MN 55423 |
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