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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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Roku's Beneish M-Score or its related term are showing as below:
During the past 9 years, the highest Beneish M-Score of Roku was 1.36. The lowest was -3.98. And the median was -2.36.
The historical data trend for Roku'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.
Roku Annual Data | |||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | ||||||||||
Beneish M-Score | Get a 7-Day Free Trial | 0.60 | -2.46 | -1.65 | -3.11 | -3.67 |
Roku Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.98 | -3.67 | -3.84 | -3.57 | -2.88 |
For the Entertainment subindustry, Roku'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 Media - Diversified industry and Communication Services sector, Roku's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roku'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 Roku 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 * 0.8756 | + | 0.528 * 0.9687 | + | 0.404 * 1.0641 | + | 0.892 * 1.1571 | + | 0.115 * 0.8859 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7608 | + | 4.679 * -0.102207 | - | 0.327 * 0.9567 | |||||||
= | -2.88 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $730 Mil. Revenue was 1062.203 + 968.179 + 881.469 + 984.425 = $3,896 Mil. Gross Profit was 480.075 + 424.7 + 388.291 + 437.924 = $1,731 Mil. Total Current Assets was $3,186 Mil. Total Assets was $4,303 Mil. Property, Plant and Equipment(Net PPE) was $537 Mil. Depreciation, Depletion and Amortization(DDA) was $113 Mil. Selling, General, & Admin. Expense(SGA) was $1,296 Mil. Total Current Liabilities was $1,241 Mil. Long-Term Debt & Capital Lease Obligation was $535 Mil. Net Income was -9.03 + -33.953 + -50.855 + -78.291 = $-172 Mil. Non Operating Income was 30.88 + 28.129 + 25.956 + 27.665 = $113 Mil. Cash Flow from Operations was 68.664 + 23.406 + 46.683 + 16.327 = $155 Mil. |
Total Receivables was $720 Mil. Revenue was 912.018 + 847.186 + 740.99 + 867.056 = $3,367 Mil. Gross Profit was 368.823 + 378.271 + 337.597 + 364.379 = $1,449 Mil. Total Current Assets was $2,971 Mil. Total Assets was $4,191 Mil. Property, Plant and Equipment(Net PPE) was $689 Mil. Depreciation, Depletion and Amortization(DDA) was $126 Mil. Selling, General, & Admin. Expense(SGA) was $1,472 Mil. Total Current Liabilities was $1,208 Mil. Long-Term Debt & Capital Lease Obligation was $600 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) |
= | (729.911 / 3896.276) | / | (720.398 / 3367.25) | |
= | 0.187336 | / | 0.213943 | |
= | 0.8756 |
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) | |
= | (1449.07 / 3367.25) | / | (1730.99 / 3896.276) | |
= | 0.430342 | / | 0.444268 | |
= | 0.9687 |
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 - (3186.43 + 537.325) / 4303.416) | / | (1 - (2971.001 + 689.308) / 4190.779) | |
= | 0.134698 | / | 0.12658 | |
= | 1.0641 |
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 | |
= | 3896.276 | / | 3367.25 | |
= | 1.1571 |
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)) |
= | (125.573 / (125.573 + 689.308)) | / | (113.145 / (113.145 + 537.325)) | |
= | 0.1541 | / | 0.173943 | |
= | 0.8859 |
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) |
= | (1295.661 / 3896.276) | / | (1471.832 / 3367.25) | |
= | 0.332538 | / | 0.437102 | |
= | 0.7608 |
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) |
= | ((535.378 + 1240.608) / 4303.416) | / | ((600.047 + 1207.744) / 4190.779) | |
= | 0.412692 | / | 0.431373 | |
= | 0.9567 |
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 | |
= | (-172.129 - 112.63 | - | 155.08) | / | 4303.416 | |
= | -0.102207 |
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.
Roku has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Roku's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Dan Jedda | officer: CFO | C/O STITCH FIX, INC., 1 MONTGOMERY STREET, SUITE 1500, SAN FRANCISCO CA 94104 |
Charles Collier | officer: President, Roku Media | 1155 COLEMAN AVE, SAN JOSE CA 95110 |
Anthony J. Wood | director, 10 percent owner, officer: CEO and Chairman BOD | C/O ROKU, INC., 150 WINCHESTER CIRCLE, LOS GATOS CA 95032 |
Matthew C. Banks | officer: VP, Corp Controller & CAO | 1155 COLEMAN AVE, SAN JOSE CA 95110 |
Gilbert Fuchsberg | officer: SVP, Corporate Development | 1155 COLEMAN AVE, SAN JOSE CA 95110 |
Stephen H Kay | officer: SVP General Counsel, Secretary | 6922 HOLLYWOOD BLVD., 12TH FLOOR, LOS ANGELES CA 90028 |
Mai Fyfield | director | C/O ROKU, INC., 150 WINCHESTER CIRCLE, LOS GATOS CA 95032 |
Jeffrey M Blackburn | director | PO BOX 81226, SEATTLE WA 98108-1226 |
Mustafa Ozgen | officer: President, Devices | 150 WINCHESTER CIRCLE, LOS GATOS CA 95032 |
Gidon Katz | officer: President, Consumer Experience | 1155 COLEMAN AVE, SAN JOSE CA 95110 |
Ray A. Rothrock | director | 3340 HILLVIEW AVENUE, PALO ALTO CA 94304 |
Ravi Ahuja | director | C/O TWENTY-FIRST CENTURY FOX, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Gina Luna | director | 24955 INTERSTATE 45 N, THE WOODLANDS TX 77380 |
Laurie Simon Hodrick | director | C/O 655 BROAD STREET, NEWARK NJ 07102 |
Jeff Hastings | director | AVID TECHNOLOGY, INC., ONE PARK WEST, TEWKSBURY MA 01876 |
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