iHeartMedia Beneish M-Score Historical Data
The historical data trend for iHeartMedia'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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iHeartMedia Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.09 |
-2.70 |
-2.50 |
-2.70 |
-2.81 |
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iHeartMedia 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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-2.70 |
-2.76 |
-2.78 |
-2.81 |
-2.81 |
Competitive Comparison
For the Broadcasting subindustry, iHeartMedia'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.
iHeartMedia Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, iHeartMedia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where iHeartMedia's Beneish M-Score falls into.
iHeartMedia 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 iHeartMedia 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 * 1.0464 | + | 0.528 * 1.0332 | + | 0.404 * 0.9319 | + | 0.892 * 0.9588 | + | 0.115 * 0.9126 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0844 | + | 4.679 * -0.053483 | - | 0.327 * 1.1536 |
| = | -2.81 |
* 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 $1,041 Mil.
Revenue was 1066.783 + 952.989 + 920.014 + 811.239 = $3,751 Mil.
Gross Profit was 652.227 + 572.992 + 564.953 + 466.619 = $2,257 Mil.
Total Current Assets was $1,507 Mil.
Total Assets was $6,953 Mil.
Property, Plant and Equipment(Net PPE) was $1,264 Mil.
Depreciation, Depletion and Amortization(DDA) was $428 Mil.
Selling, General, & Admin. Expense(SGA) was $1,656 Mil.
Total Current Liabilities was $848 Mil.
Long-Term Debt & Capital Lease Obligation was $5,978 Mil.
Net Income was 13.123 + -9.053 + -884.47 + -222.26 = $-1,103 Mil.
Non Operating Income was -5.714 + 11.744 + -944.022 + -5.886 = $-944 Mil.
Cash Flow from Operations was 154.104 + 96.169 + 56.772 + -93.983 = $213 Mil.
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Total Receivables was $1,038 Mil.
Revenue was 1125.89 + 988.93 + 954.005 + 843.458 = $3,912 Mil.
Gross Profit was 713.189 + 617.211 + 588.623 + 512.934 = $2,432 Mil.
Total Current Assets was $1,473 Mil.
Total Assets was $8,336 Mil.
Property, Plant and Equipment(Net PPE) was $1,483 Mil.
Depreciation, Depletion and Amortization(DDA) was $446 Mil.
Selling, General, & Admin. Expense(SGA) was $1,593 Mil.
Total Current Liabilities was $832 Mil.
Long-Term Debt & Capital Lease Obligation was $6,262 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) |
| = | (1041.214 / 3751.025) | / | (1037.827 / 3912.283) |
| = | 0.277581 | / | 0.265274 |
| | = | 1.0464 |
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) |
| = | (2431.957 / 3912.283) | / | (2256.791 / 3751.025) |
| = | 0.621621 | / | 0.601646 |
| | = | 1.0332 |
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 - (1506.916 + 1263.857) / 6952.611) | / | (1 - (1472.779 + 1483.122) / 8335.887) |
| = | 0.601477 | / | 0.645401 |
| | = | 0.9319 |
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 |
| = | 3751.025 | / | 3912.283 |
| | = | 0.9588 |
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)) |
| = | (445.664 / (445.664 + 1483.122)) | / | (428.483 / (428.483 + 1263.857)) |
| = | 0.231059 | / | 0.25319 |
| | = | 0.9126 |
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) |
| = | (1656.171 / 3751.025) | / | (1592.946 / 3912.283) |
| = | 0.441525 | / | 0.407165 |
| | = | 1.0844 |
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) |
| = | ((5977.63 + 848.436) / 6952.611) | / | ((6262.421 + 831.818) / 8335.887) |
| = | 0.981799 | / | 0.851048 |
| | = | 1.1536 |
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 |
| = | (-1102.66 - -943.878 | - | 213.062) | / | 6952.611 |
| | = | -0.053483 |
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.
iHeartMedia has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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