Sea Beneish M-Score Historical Data
The historical data trend for Sea'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.
|
Sea Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.95 |
-2.08 |
-1.84 |
-2.29 |
-2.49 |
|
Sea Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.29 |
-2.56 |
-2.42 |
-2.54 |
-2.49 |
Competitive Comparison
For the Internet Retail subindustry, Sea'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.
Sea Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Sea's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sea's Beneish M-Score falls into.
Sea 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 Sea 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 * 0.8751 | + | 0.528 * 0.9327 | + | 0.404 * 2.2341 | + | 0.892 * 1.0493 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7741 | + | 4.679 * -0.095381 | - | 0.327 * 0.9807 |
| = | -2.49 |
* 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 $3,018 Mil.
Revenue was 3616.628 + 3310.168 + 3095.66 + 3041.104 = $13,064 Mil.
Gross Profit was 1524.787 + 1441.292 + 1450.878 + 1416.69 = $5,834 Mil.
Total Current Assets was $11,774 Mil.
Total Assets was $18,883 Mil.
Property, Plant and Equipment(Net PPE) was $2,224 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $3,914 Mil.
Total Current Liabilities was $8,169 Mil.
Long-Term Debt & Capital Lease Obligation was $3,859 Mil.
Net Income was -109.74 + -143.978 + 321.605 + 88.075 = $156 Mil.
Non Operating Income was -49.166 + 45.875 + 34.421 + -153.762 = $-123 Mil.
Cash Flow from Operations was 278.833 + 599.839 + 595.48 + 605.536 = $2,080 Mil.
|
Total Receivables was $3,286 Mil.
Revenue was 3451.584 + 3155.951 + 2942.599 + 2899.571 = $12,450 Mil.
Gross Profit was 1697.313 + 1227.718 + 1090.218 + 1170.028 = $5,185 Mil.
Total Current Assets was $12,688 Mil.
Total Assets was $17,003 Mil.
Property, Plant and Equipment(Net PPE) was $2,346 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $4,818 Mil.
Total Current Liabilities was $6,936 Mil.
Long-Term Debt & Capital Lease Obligation was $4,107 Mil.
|
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) |
| = | (3017.632 / 13063.56) | / | (3286.29 / 12449.705) |
| = | 0.230996 | / | 0.263965 |
| | = | 0.8751 |
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) |
| = | (5185.277 / 12449.705) | / | (5833.647 / 13063.56) |
| = | 0.416498 | / | 0.446559 |
| | = | 0.9327 |
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 - (11773.934 + 2223.68) / 18883.232) | / | (1 - (12688.012 + 2345.735) / 17002.796) |
| = | 0.258728 | / | 0.115807 |
| | = | 2.2341 |
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 |
| = | 13063.56 | / | 12449.705 |
| | = | 1.0493 |
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)) |
| = | (0 / (0 + 2345.735)) | / | (0 / (0 + 2223.68)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (3913.947 / 13063.56) | / | (4818.433 / 12449.705) |
| = | 0.299608 | / | 0.387032 |
| | = | 0.7741 |
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) |
| = | ((3858.622 + 8168.941) / 18883.232) | / | ((4107.412 + 6935.692) / 17002.796) |
| = | 0.636944 | / | 0.649488 |
| | = | 0.9807 |
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 |
| = | (155.962 - -122.632 | - | 2079.688) | / | 18883.232 |
| | = | -0.095381 |
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.
Sea has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
SE has been successfully added to your