Roblox Beneish M-Score Historical Data
The historical data trend for Roblox'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.
Roblox Beneish M-Score Chart
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Roblox Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-3.26 |
-3.30 |
-2.57 |
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Roblox Quarterly Data
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Dec18 |
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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-3.30 |
-2.38 |
-2.47 |
-2.45 |
-2.57 |
Competitive Comparison of Roblox's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, Roblox'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.
Roblox's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Roblox's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roblox's Beneish M-Score falls into.
Roblox 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 Roblox 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 * 1.0735 | + | 0.528 * 0.9815 | + | 0.404 * 3.1906 | + | 0.892 * 1.2581 | + | 0.115 * 0.7852 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0282 | + | 4.679 * -0.260956 | - | 0.327 * 1.0341 |
| = | -2.57 |
* 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 $520 Mil.
Revenue was 749.939 + 713.225 + 680.766 + 655.344 = $2,799 Mil.
Gross Profit was 578.275 + 549.644 + 518.737 + 503.503 = $2,150 Mil.
Total Current Assets was $3,275 Mil.
Total Assets was $6,168 Mil.
Property, Plant and Equipment(Net PPE) was $1,360 Mil.
Depreciation, Depletion and Amortization(DDA) was $208 Mil.
Selling, General, & Admin. Expense(SGA) was $537 Mil.
Total Current Liabilities was $3,052 Mil.
Long-Term Debt & Capital Lease Obligation was $1,652 Mil.
Net Income was -323.698 + -277.158 + -282.777 + -268.313 = $-1,152 Mil.
Non Operating Income was 0.898 + -4.262 + 3.277 + -0.44 = $-1 Mil.
Cash Flow from Operations was 143.305 + 112.704 + 28.39 + 173.781 = $458 Mil.
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Total Receivables was $385 Mil.
Revenue was 579.004 + 517.707 + 591.207 + 537.134 = $2,225 Mil.
Gross Profit was 436.572 + 391.27 + 448.05 + 401.502 = $1,677 Mil.
Total Current Assets was $3,839 Mil.
Total Assets was $5,375 Mil.
Property, Plant and Equipment(Net PPE) was $1,118 Mil.
Depreciation, Depletion and Amortization(DDA) was $130 Mil.
Selling, General, & Admin. Expense(SGA) was $415 Mil.
Total Current Liabilities was $2,481 Mil.
Long-Term Debt & Capital Lease Obligation was $1,484 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) |
| = | (520.466 / 2799.274) | / | (385.379 / 2225.052) |
| = | 0.185929 | / | 0.1732 |
| | = | 1.0735 |
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) |
| = | (1677.394 / 2225.052) | / | (2150.159 / 2799.274) |
| = | 0.753867 | / | 0.768113 |
| | = | 0.9815 |
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 - (3275.413 + 1360.467) / 6168.078) | / | (1 - (3838.604 + 1118.376) / 5375.487) |
| = | 0.248408 | / | 0.077855 |
| | = | 3.1906 |
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 |
| = | 2799.274 | / | 2225.052 |
| | = | 1.2581 |
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)) |
| = | (130.083 / (130.083 + 1118.376)) | / | (208.142 / (208.142 + 1360.467)) |
| = | 0.104195 | / | 0.132692 |
| | = | 0.7852 |
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) |
| = | (536.515 / 2799.274) | / | (414.765 / 2225.052) |
| = | 0.191662 | / | 0.186407 |
| | = | 1.0282 |
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) |
| = | ((1651.506 + 3052.366) / 6168.078) | / | ((1483.574 + 2480.835) / 5375.487) |
| = | 0.762616 | / | 0.737498 |
| | = | 1.0341 |
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 |
| = | (-1151.946 - -0.527 | - | 458.18) | / | 6168.078 |
| | = | -0.260956 |
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.
Roblox has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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