Bowlero Beneish M-Score Historical Data
The historical data trend for Bowlero'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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Bowlero Annual Data
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Trend |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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- |
- |
-2.45 |
-2.85 |
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Bowlero Quarterly Data
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|
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
-2.10 |
-2.40 |
-2.85 |
-2.73 |
-2.74 |
Competitive Comparison
For the Leisure subindustry, Bowlero'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.
Bowlero Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Bowlero's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bowlero's Beneish M-Score falls into.
Bowlero 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 Bowlero 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 * 0.7383 | + | 0.528 * 1.1364 | + | 0.404 * 0.7245 | + | 0.892 * 1.0574 | + | 0.115 * 1.836 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0404 | + | 4.679 * -0.018231 | - | 0.327 * 1.0989 |
| = | -2.74 |
* 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 Mil.
Revenue was 305.671 + 227.405 + 239.42 + 315.725 = $1,088 Mil.
Gross Profit was 90.581 + 44.484 + 57.248 + 126.421 = $319 Mil.
Total Current Assets was $237 Mil.
Total Assets was $3,192 Mil.
Property, Plant and Equipment(Net PPE) was $1,889 Mil.
Depreciation, Depletion and Amortization(DDA) was $122 Mil.
Selling, General, & Admin. Expense(SGA) was $146 Mil.
Total Current Liabilities was $195 Mil.
Long-Term Debt & Capital Lease Obligation was $2,354 Mil.
Net Income was -63.469 + 18.219 + 146.22 + -32.073 = $69 Mil.
Non Operating Income was -64.151 + 40.63 + 71.012 + -93.505 = $-46 Mil.
Cash Flow from Operations was 55.116 + 16.083 + 8.985 + 92.923 = $173 Mil.
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Total Receivables was $9 Mil.
Revenue was 273.385 + 230.26 + 267.717 + 257.82 = $1,029 Mil.
Gross Profit was 93.679 + 65.058 + 82.488 + 101.329 = $343 Mil.
Total Current Assets was $139 Mil.
Total Assets was $1,941 Mil.
Property, Plant and Equipment(Net PPE) was $907 Mil.
Depreciation, Depletion and Amortization(DDA) was $114 Mil.
Selling, General, & Admin. Expense(SGA) was $133 Mil.
Total Current Liabilities was $139 Mil.
Long-Term Debt & Capital Lease Obligation was $1,272 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) |
| = | (6.875 / 1088.221) | / | (8.807 / 1029.182) |
| = | 0.006318 | / | 0.008557 |
| | = | 0.7383 |
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) |
| = | (342.554 / 1029.182) | / | (318.734 / 1088.221) |
| = | 0.332841 | / | 0.292895 |
| | = | 1.1364 |
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 - (237.369 + 1888.558) / 3192.162) | / | (1 - (138.906 + 907.43) / 1941.269) |
| = | 0.334017 | / | 0.461004 |
| | = | 0.7245 |
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 |
| = | 1088.221 | / | 1029.182 |
| | = | 1.0574 |
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)) |
| = | (114.026 / (114.026 + 907.43)) | / | (122.258 / (122.258 + 1888.558)) |
| = | 0.111631 | / | 0.0608 |
| | = | 1.836 |
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) |
| = | (146.25 / 1088.221) | / | (132.95 / 1029.182) |
| = | 0.134394 | / | 0.12918 |
| | = | 1.0404 |
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) |
| = | ((2353.965 + 195.133) / 3192.162) | / | ((1271.692 + 139.018) / 1941.269) |
| = | 0.798549 | / | 0.726695 |
| | = | 1.0989 |
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 |
| = | (68.897 - -46.014 | - | 173.107) | / | 3192.162 |
| | = | -0.018231 |
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.
Bowlero has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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