Snap Beneish M-Score Historical Data
The historical data trend for Snap'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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Snap Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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-4.13 |
-2.82 |
-2.58 |
-3.57 |
-3.19 |
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Snap 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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-3.57 |
-3.61 |
-3.46 |
-3.21 |
-3.19 |
Competitive Comparison
For the Internet Content & Information subindustry, Snap'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.
Snap Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, Snap's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Snap's Beneish M-Score falls into.
Snap 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 Snap 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 * 1.0794 | + | 0.528 * 1.1192 | + | 0.404 * 0.9768 | + | 0.892 * 1.0009 | + | 0.115 * 1.5564 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9545 | + | 4.679 * -0.191596 | - | 0.327 * 1.0239 |
| = | -3.19 |
* 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 $1,278 Mil.
Revenue was 1361.287 + 1188.551 + 1067.669 + 988.608 = $4,606 Mil.
Gross Profit was 739.783 + 632.798 + 570.795 + 548.622 = $2,492 Mil.
Total Current Assets was $4,976 Mil.
Total Assets was $7,968 Mil.
Property, Plant and Equipment(Net PPE) was $927 Mil.
Depreciation, Depletion and Amortization(DDA) was $168 Mil.
Selling, General, & Admin. Expense(SGA) was $1,980 Mil.
Total Current Liabilities was $1,134 Mil.
Long-Term Debt & Capital Lease Obligation was $4,296 Mil.
Net Income was -248.247 + -368.256 + -377.308 + -328.674 = $-1,322 Mil.
Non Operating Income was -34.447 + -20.662 + 1.323 + 11.372 = $-42 Mil.
Cash Flow from Operations was 164.574 + 12.781 + -81.936 + 151.102 = $247 Mil.
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Total Receivables was $1,183 Mil.
Revenue was 1299.735 + 1128.476 + 1110.909 + 1062.727 = $4,602 Mil.
Gross Profit was 818.424 + 661.719 + 664.532 + 641.83 = $2,787 Mil.
Total Current Assets was $5,257 Mil.
Total Assets was $8,030 Mil.
Property, Plant and Equipment(Net PPE) was $643 Mil.
Depreciation, Depletion and Amortization(DDA) was $202 Mil.
Selling, General, & Admin. Expense(SGA) was $2,072 Mil.
Total Current Liabilities was $1,216 Mil.
Long-Term Debt & Capital Lease Obligation was $4,129 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) |
| = | (1278.176 / 4606.115) | / | (1183.092 / 4601.847) |
| = | 0.277495 | / | 0.257091 |
| | = | 1.0794 |
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) |
| = | (2786.505 / 4601.847) | / | (2491.998 / 4606.115) |
| = | 0.605519 | / | 0.541019 |
| | = | 1.1192 |
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 - (4975.843 + 927.188) / 7967.758) | / | (1 - (5256.647 + 642.729) / 8029.538) |
| = | 0.259135 | / | 0.265291 |
| | = | 0.9768 |
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 |
| = | 4606.115 | / | 4601.847 |
| | = | 1.0009 |
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)) |
| = | (202.173 / (202.173 + 642.729)) | / | (168.441 / (168.441 + 927.188)) |
| = | 0.239286 | / | 0.153739 |
| | = | 1.5564 |
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) |
| = | (1979.515 / 4606.115) | / | (2072.011 / 4601.847) |
| = | 0.429758 | / | 0.450256 |
| | = | 0.9545 |
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) |
| = | ((4295.679 + 1134.118) / 7967.758) | / | ((4128.791 + 1215.599) / 8029.538) |
| = | 0.681471 | / | 0.665591 |
| | = | 1.0239 |
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 |
| = | (-1322.485 - -42.414 | - | 246.521) | / | 7967.758 |
| | = | -0.191596 |
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.
Snap has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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