Warner Bros. Discovery Beneish M-Score Historical Data
The historical data trend for Warner Bros. Discovery'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.
Warner Bros. Discovery Beneish M-Score Chart
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Warner Bros. Discovery Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.67 |
-2.80 |
-0.66 |
-2.84 |
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Warner Bros. Discovery 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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-0.66 |
-0.41 |
-2.10 |
-2.66 |
-2.84 |
Competitive Comparison of Warner Bros. Discovery's Beneish M-Score
For the Entertainment subindustry, Warner Bros. Discovery'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.
Warner Bros. Discovery's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Warner Bros. Discovery's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Warner Bros. Discovery's Beneish M-Score falls into.
Warner Bros. Discovery 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 Warner Bros. Discovery 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 * 0.7862 | + | 0.528 * 0.9731 | + | 0.404 * 0.9763 | + | 0.892 * 1.2219 | + | 0.115 * 0.9999 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8199 | + | 4.679 * -0.078993 | - | 0.327 * 0.9813 |
| = | -2.84 |
* 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 $7,312 Mil.
Revenue was 10284 + 9979 + 10358 + 10700 = $41,321 Mil.
Gross Profit was 4388 + 4670 + 3722 + 4015 = $16,795 Mil.
Total Current Assets was $14,218 Mil.
Total Assets was $122,757 Mil.
Property, Plant and Equipment(Net PPE) was $5,957 Mil.
Depreciation, Depletion and Amortization(DDA) was $24,009 Mil.
Selling, General, & Admin. Expense(SGA) was $9,696 Mil.
Total Current Liabilities was $15,332 Mil.
Long-Term Debt & Capital Lease Obligation was $41,889 Mil.
Net Income was -400 + -417 + -1240 + -1069 = $-3,126 Mil.
Non Operating Income was -71 + -391 + -152 + -292 = $-906 Mil.
Cash Flow from Operations was 3578 + 2516 + 2014 + -631 = $7,477 Mil.
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Total Receivables was $7,611 Mil.
Revenue was 11008 + 9823 + 9827 + 3159 = $33,817 Mil.
Gross Profit was 4054 + 4196 + 3202 + 1923 = $13,375 Mil.
Total Current Assets was $13,999 Mil.
Total Assets was $134,001 Mil.
Property, Plant and Equipment(Net PPE) was $5,301 Mil.
Depreciation, Depletion and Amortization(DDA) was $21,354 Mil.
Selling, General, & Admin. Expense(SGA) was $9,678 Mil.
Total Current Liabilities was $15,017 Mil.
Long-Term Debt & Capital Lease Obligation was $48,634 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) |
| = | (7312 / 41321) | / | (7611 / 33817) |
| = | 0.176956 | / | 0.225064 |
| | = | 0.7862 |
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) |
| = | (13375 / 33817) | / | (16795 / 41321) |
| = | 0.395511 | / | 0.406452 |
| | = | 0.9731 |
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 - (14218 + 5957) / 122757) | / | (1 - (13999 + 5301) / 134001) |
| = | 0.835651 | / | 0.855971 |
| | = | 0.9763 |
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 |
| = | 41321 | / | 33817 |
| | = | 1.2219 |
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)) |
| = | (21354 / (21354 + 5301)) | / | (24009 / (24009 + 5957)) |
| = | 0.801125 | / | 0.801208 |
| | = | 0.9999 |
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) |
| = | (9696 / 41321) | / | (9678 / 33817) |
| = | 0.234651 | / | 0.286187 |
| | = | 0.8199 |
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) |
| = | ((41889 + 15332) / 122757) | / | ((48634 + 15017) / 134001) |
| = | 0.466132 | / | 0.475004 |
| | = | 0.9813 |
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 |
| = | (-3126 - -906 | - | 7477) | / | 122757 |
| | = | -0.078993 |
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.
Warner Bros. Discovery has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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