Outfront Media Beneish M-Score Historical Data
The historical data trend for Outfront Media'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.
Outfront Media Beneish M-Score Chart
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Outfront Media Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.45 |
-2.89 |
-2.17 |
-2.47 |
-2.73 |
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Outfront Media Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.56 |
-2.60 |
-2.64 |
-2.73 |
-2.65 |
Competitive Comparison of Outfront Media's Beneish M-Score
For the REIT - Specialty subindustry, Outfront Media'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.
Outfront Media's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Outfront Media's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Outfront Media's Beneish M-Score falls into.
Outfront Media 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 Outfront Media 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 * 0.9681 | + | 0.528 * 1.0206 | + | 0.404 * 1.0828 | + | 0.892 * 0.9846 | + | 0.115 * 0.8599 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9811 | + | 4.679 * -0.030381 | - | 0.327 * 1.1 |
| = | -2.67 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €232 Mil.
Revenue was 375.82 + 459.6 + 426.148 + 432.702 = €1,694 Mil.
Gross Profit was 156.216 + 233.01 + 201.455 + 205.737 = €796 Mil.
Total Current Assets was €331 Mil.
Total Assets was €5,073 Mil.
Property, Plant and Equipment(Net PPE) was €2,056 Mil.
Depreciation, Depletion and Amortization(DDA) was €143 Mil.
Selling, General, & Admin. Expense(SGA) was €400 Mil.
Total Current Liabilities was €572 Mil.
Long-Term Debt & Capital Lease Obligation was €3,752 Mil.
Net Income was -25.024 + 55.387 + 15.929 + -442.025 = €-396 Mil.
Non Operating Income was -8.464 + -4.31 + -11.431 + -471.745 = €-496 Mil.
Cash Flow from Operations was 28.152 + 96.285 + 57.626 + 72.271 = €254 Mil.
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Total Receivables was €243 Mil.
Revenue was 369.677 + 466.997 + 458.237 + 425.889 = €1,721 Mil.
Gross Profit was 149.72 + 240.909 + 223.311 + 211.62 = €826 Mil.
Total Current Assets was €317 Mil.
Total Assets was €5,641 Mil.
Property, Plant and Equipment(Net PPE) was €2,565 Mil.
Depreciation, Depletion and Amortization(DDA) was €152 Mil.
Selling, General, & Admin. Expense(SGA) was €414 Mil.
Total Current Liabilities was €555 Mil.
Long-Term Debt & Capital Lease Obligation was €3,817 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) |
| = | (231.564 / 1694.27) | / | (242.933 / 1720.8) |
| = | 0.136675 | / | 0.141174 |
| | = | 0.9681 |
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) |
| = | (825.56 / 1720.8) | / | (796.418 / 1694.27) |
| = | 0.479754 | / | 0.470066 |
| | = | 1.0206 |
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 - (330.648 + 2055.924) / 5072.88) | / | (1 - (317.28 + 2564.951) / 5641.08) |
| = | 0.529543 | / | 0.489064 |
| | = | 1.0828 |
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 |
| = | 1694.27 | / | 1720.8 |
| | = | 0.9846 |
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)) |
| = | (151.925 / (151.925 + 2564.951)) | / | (142.996 / (142.996 + 2055.924)) |
| = | 0.055919 | / | 0.06503 |
| | = | 0.8599 |
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) |
| = | (399.508 / 1694.27) | / | (413.594 / 1720.8) |
| = | 0.235799 | / | 0.24035 |
| | = | 0.9811 |
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) |
| = | ((3752.312 + 572.424) / 5072.88) | / | ((3817.165 + 554.889) / 5641.08) |
| = | 0.852521 | / | 0.775038 |
| | = | 1.1 |
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 |
| = | (-395.733 - -495.95 | - | 254.334) | / | 5072.88 |
| | = | -0.030381 |
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.
Outfront Media has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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