Pinterest Beneish M-Score Historical Data
The historical data trend for Pinterest'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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Pinterest Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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-4.95 |
-2.30 |
-2.32 |
-2.91 |
-3.21 |
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Pinterest 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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-2.91 |
-3.20 |
-3.53 |
-3.30 |
-3.21 |
Competitive Comparison
For the Internet Content & Information subindustry, Pinterest'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.
Pinterest Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, Pinterest's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pinterest's Beneish M-Score falls into.
Pinterest 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 Pinterest 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 * 1.0272 | + | 0.528 * 0.9785 | + | 0.404 * 0.9936 | + | 0.892 * 1.0901 | + | 0.115 * 1.0094 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0229 | + | 4.679 * -0.181496 | - | 0.327 * 0.918 |
| = | -3.21 |
* 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 $763 Mil.
Revenue was 981.262 + 763.203 + 708.025 + 602.581 = $3,055 Mil.
Gross Profit was 803.166 + 592.205 + 539.285 + 431.655 = $2,366 Mil.
Total Current Assets was $3,339 Mil.
Total Assets was $3,594 Mil.
Property, Plant and Equipment(Net PPE) was $124 Mil.
Depreciation, Depletion and Amortization(DDA) was $22 Mil.
Selling, General, & Admin. Expense(SGA) was $1,424 Mil.
Total Current Liabilities was $317 Mil.
Long-Term Debt & Capital Lease Obligation was $161 Mil.
Net Income was 201.178 + 6.733 + -34.942 + -208.579 = $-36 Mil.
Non Operating Income was 5.893 + -4.596 + 2.18 + 0.322 = $4 Mil.
Cash Flow from Operations was 258.28 + 108.505 + 62.719 + 183.457 = $613 Mil.
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Total Receivables was $682 Mil.
Revenue was 877.209 + 684.55 + 665.93 + 574.885 = $2,803 Mil.
Gross Profit was 692.181 + 501.947 + 501.034 + 428.815 = $2,124 Mil.
Total Current Assets was $3,455 Mil.
Total Assets was $3,863 Mil.
Property, Plant and Equipment(Net PPE) was $266 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $1,277 Mil.
Total Current Liabilities was $381 Mil.
Long-Term Debt & Capital Lease Obligation was $179 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) |
| = | (763.159 / 3055.071) | / | (681.532 / 2802.574) |
| = | 0.249801 | / | 0.243181 |
| | = | 1.0272 |
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) |
| = | (2123.977 / 2802.574) | / | (2366.311 / 3055.071) |
| = | 0.757867 | / | 0.774552 |
| | = | 0.9785 |
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 - (3338.559 + 124.344) / 3594.405) | / | (1 - (3454.677 + 265.828) / 3862.73) |
| = | 0.036585 | / | 0.03682 |
| | = | 0.9936 |
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 |
| = | 3055.071 | / | 2802.574 |
| | = | 1.0901 |
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)) |
| = | (46.489 / (46.489 + 265.828)) | / | (21.509 / (21.509 + 124.344)) |
| = | 0.148852 | / | 0.14747 |
| | = | 1.0094 |
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) |
| = | (1423.573 / 3055.071) | / | (1276.674 / 2802.574) |
| = | 0.465971 | / | 0.455536 |
| | = | 1.0229 |
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) |
| = | ((160.616 + 317.09) / 3594.405) | / | ((178.694 + 380.531) / 3862.73) |
| = | 0.132903 | / | 0.144775 |
| | = | 0.918 |
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 |
| = | (-35.61 - 3.799 | - | 612.961) | / | 3594.405 |
| | = | -0.181496 |
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.
Pinterest has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.
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