Sphere Entertainment Co Beneish M-Score Historical Data
The historical data trend for Sphere Entertainment Co'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.
Sphere Entertainment Co Beneish M-Score Chart
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Sphere Entertainment Co Annual Data
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Trend |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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- |
-1.99 |
1.08 |
-2.40 |
6.97 |
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Sphere Entertainment Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.11 |
-1.79 |
6.97 |
2.84 |
-2.59 |
Competitive Comparison of Sphere Entertainment Co's Beneish M-Score
For the Entertainment subindustry, Sphere Entertainment Co'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.
Sphere Entertainment Co's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Sphere Entertainment Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sphere Entertainment Co's Beneish M-Score falls into.
Sphere Entertainment Co 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 Sphere Entertainment Co 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 * 1.2063 | + | 0.528 * 1.3294 | + | 0.404 * 0.8162 | + | 0.892 * 0.7253 | + | 0.115 * 0.6819 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5319 | + | 4.679 * -0.024743 | - | 0.327 * 0.73 |
| = | -2.59 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $215.1 Mil.
Revenue was 314.157 + 118.007 + -565.661 + 363.297 = $229.8 Mil.
Gross Profit was 154.391 + 33.508 + -248.937 + 153.156 = $92.1 Mil.
Total Current Assets was $878.6 Mil.
Total Assets was $4,883.3 Mil.
Property, Plant and Equipment(Net PPE) was $3,374.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $138.9 Mil.
Selling, General, & Admin. Expense(SGA) was $392.6 Mil.
Total Current Liabilities was $1,398.5 Mil.
Long-Term Debt & Capital Lease Obligation was $630.7 Mil.
Net Income was -173.248 + 66.425 + 536.792 + -56.847 = $373.1 Mil.
Non Operating Income was -119.652 + 38.805 + 539.963 + -15.555 = $443.6 Mil.
Cash Flow from Operations was 46.403 + -94.641 + 15.767 + 82.859 = $50.4 Mil.
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Total Receivables was $245.8 Mil.
Revenue was 159.541 + 123.129 + -318.387 + 352.534 = $316.8 Mil.
Gross Profit was 69.141 + 47.709 + -102.589 + 154.567 = $168.8 Mil.
Total Current Assets was $916.2 Mil.
Total Assets was $5,849.7 Mil.
Property, Plant and Equipment(Net PPE) was $4,008.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $111.0 Mil.
Selling, General, & Admin. Expense(SGA) was $353.3 Mil.
Total Current Liabilities was $964.5 Mil.
Long-Term Debt & Capital Lease Obligation was $2,365.2 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) |
| = | (215.061 / 229.8) | / | (245.797 / 316.817) |
| = | 0.935862 | / | 0.775833 |
| | = | 1.2063 |
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) |
| = | (168.828 / 316.817) | / | (92.118 / 229.8) |
| = | 0.532888 | / | 0.400862 |
| | = | 1.3294 |
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 - (878.648 + 3374.532) / 4883.284) | / | (1 - (916.156 + 4008.752) / 5849.662) |
| = | 0.129033 | / | 0.158087 |
| | = | 0.8162 |
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 |
| = | 229.8 | / | 316.817 |
| | = | 0.7253 |
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)) |
| = | (111.029 / (111.029 + 4008.752)) | / | (138.851 / (138.851 + 3374.532)) |
| = | 0.02695 | / | 0.039521 |
| | = | 0.6819 |
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) |
| = | (392.622 / 229.8) | / | (353.347 / 316.817) |
| = | 1.708538 | / | 1.115303 |
| | = | 1.5319 |
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) |
| = | ((630.709 + 1398.528) / 4883.284) | / | ((2365.242 + 964.47) / 5849.662) |
| = | 0.415548 | / | 0.569214 |
| | = | 0.73 |
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 |
| = | (373.122 - 443.561 | - | 50.388) | / | 4883.284 |
| | = | -0.024743 |
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.
Sphere Entertainment Co has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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