Liberty Formula One Group Beneish M-Score Historical Data
The historical data trend for Liberty Formula One Group'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.
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Liberty Formula One Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-3.00 |
-0.55 |
-2.79 |
-1.77 |
-2.14 |
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Liberty Formula One Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
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|
|
|
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|
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|
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-1.77 |
-2.23 |
-2.17 |
-2.08 |
-2.14 |
Competitive Comparison
For the Entertainment subindustry, Liberty Formula One Group'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.
Liberty Formula One Group Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Liberty Formula One Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Liberty Formula One Group's Beneish M-Score falls into.
Liberty Formula One Group 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 Liberty Formula One Group 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 * 0.4501 | + | 0.528 * 0.8332 | + | 0.404 * 0.9646 | + | 0.892 * 2.2215 | + | 0.115 * 1.5378 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0922 | + | 4.679 * -0.036038 | - | 0.327 * 1.0551 |
| = | -2.14 |
* 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 $123 Mil.
Revenue was 1230 + 887 + 724 + 2144 = $4,985 Mil.
Gross Profit was 330 + 272 + 205 + 1030 = $1,837 Mil.
Total Current Assets was $1,711 Mil.
Total Assets was $10,267 Mil.
Property, Plant and Equipment(Net PPE) was $838 Mil.
Depreciation, Depletion and Amortization(DDA) was $369 Mil.
Selling, General, & Admin. Expense(SGA) was $626 Mil.
Total Current Liabilities was $787 Mil.
Long-Term Debt & Capital Lease Obligation was $2,870 Mil.
Net Income was 60 + 118 + 116 + 183 = $477 Mil.
Non Operating Income was -17 + 98 + 127 + 20 = $228 Mil.
Cash Flow from Operations was 65 + 246 + 51 + 257 = $619 Mil.
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Total Receivables was $123 Mil.
Revenue was 754 + 715 + 744 + 31 = $2,244 Mil.
Gross Profit was 227 + 221 + 210 + 31 = $689 Mil.
Total Current Assets was $2,023 Mil.
Total Assets was $11,016 Mil.
Property, Plant and Equipment(Net PPE) was $408 Mil.
Depreciation, Depletion and Amortization(DDA) was $362 Mil.
Selling, General, & Admin. Expense(SGA) was $258 Mil.
Total Current Liabilities was $833 Mil.
Long-Term Debt & Capital Lease Obligation was $2,886 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) |
| = | (123 / 4985) | / | (123 / 2244) |
| = | 0.024674 | / | 0.054813 |
| | = | 0.4501 |
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) |
| = | (689 / 2244) | / | (1837 / 4985) |
| = | 0.307041 | / | 0.368506 |
| | = | 0.8332 |
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 - (1711 + 838) / 10267) | / | (1 - (2023 + 408) / 11016) |
| = | 0.751729 | / | 0.779321 |
| | = | 0.9646 |
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 |
| = | 4985 | / | 2244 |
| | = | 2.2215 |
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)) |
| = | (362 / (362 + 408)) | / | (369 / (369 + 838)) |
| = | 0.47013 | / | 0.305717 |
| | = | 1.5378 |
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) |
| = | (626 / 4985) | / | (258 / 2244) |
| = | 0.125577 | / | 0.114973 |
| | = | 1.0922 |
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) |
| = | ((2870 + 787) / 10267) | / | ((2886 + 833) / 11016) |
| = | 0.35619 | / | 0.3376 |
| | = | 1.0551 |
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 |
| = | (477 - 228 | - | 619) | / | 10267 |
| | = | -0.036038 |
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.
Liberty Formula One Group has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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