Dolby Laboratories Beneish M-Score Historical Data
The historical data trend for Dolby Laboratories'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.
Dolby Laboratories Beneish M-Score Chart
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Dolby Laboratories Annual Data
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Sep14 |
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Sep19 |
Sep20 |
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Sep23 |
| Beneish M-Score |
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-2.39 |
-2.90 |
-2.57 |
-2.59 |
-2.68 |
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Dolby Laboratories Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-2.62 |
-2.58 |
-2.54 |
-2.68 |
-2.65 |
Competitive Comparison of Dolby Laboratories's Beneish M-Score
For the Specialty Business Services subindustry, Dolby Laboratories'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.
Dolby Laboratories's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Dolby Laboratories's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dolby Laboratories's Beneish M-Score falls into.
Dolby Laboratories 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 Dolby Laboratories 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 * 0.9762 | + | 0.528 * 1.0018 | + | 0.404 * 1.0731 | + | 0.892 * 1.035 | + | 0.115 * 0.9789 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9634 | + | 4.679 * -0.02997 | - | 0.327 * 1.2355 |
| = | -2.65 |
* 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 $511 Mil.
Revenue was 315.574 + 290.562 + 298.37 + 375.891 = $1,280 Mil.
Gross Profit was 283.514 + 255.01 + 256.855 + 334.842 = $1,130 Mil.
Total Current Assets was $1,451 Mil.
Total Assets was $2,936 Mil.
Property, Plant and Equipment(Net PPE) was $517 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $615 Mil.
Total Current Liabilities was $394 Mil.
Long-Term Debt & Capital Lease Obligation was $34 Mil.
Net Income was 66.981 + 9.186 + 16.399 + 95.696 = $188 Mil.
Non Operating Income was -0.666 + -27.349 + -16.056 + 1.217 = $-43 Mil.
Cash Flow from Operations was 8.409 + 85.015 + 121.129 + 104.542 = $319 Mil.
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Total Receivables was $506 Mil.
Revenue was 334.921 + 278.204 + 289.585 + 334.371 = $1,237 Mil.
Gross Profit was 300.471 + 241.025 + 253.628 + 298.856 = $1,094 Mil.
Total Current Assets was $1,349 Mil.
Total Assets was $2,749 Mil.
Property, Plant and Equipment(Net PPE) was $556 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $617 Mil.
Total Current Liabilities was $290 Mil.
Long-Term Debt & Capital Lease Obligation was $34 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) |
| = | (510.787 / 1280.397) | / | (505.52 / 1237.081) |
| = | 0.398929 | / | 0.408639 |
| | = | 0.9762 |
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) |
| = | (1093.98 / 1237.081) | / | (1130.221 / 1280.397) |
| = | 0.884324 | / | 0.882711 |
| | = | 1.0018 |
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 - (1451.355 + 517.322) / 2935.529) | / | (1 - (1349.415 + 555.523) / 2748.523) |
| = | 0.329362 | / | 0.306923 |
| | = | 1.0731 |
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 |
| = | 1280.397 | / | 1237.081 |
| | = | 1.035 |
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)) |
| = | (98.55 / (98.55 + 555.523)) | / | (94.112 / (94.112 + 517.322)) |
| = | 0.150671 | / | 0.15392 |
| | = | 0.9789 |
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) |
| = | (614.833 / 1280.397) | / | (616.594 / 1237.081) |
| = | 0.480189 | / | 0.498427 |
| | = | 0.9634 |
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) |
| = | ((34.319 + 394.096) / 2935.529) | / | ((34.221 + 290.447) / 2748.523) |
| = | 0.145941 | / | 0.118125 |
| | = | 1.2355 |
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 |
| = | (188.262 - -42.854 | - | 319.095) | / | 2935.529 |
| | = | -0.02997 |
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.
Dolby Laboratories has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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