VIZIO Holding Beneish M-Score Historical Data
The historical data trend for VIZIO Holding'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.
VIZIO Holding Beneish M-Score Chart
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VIZIO Holding Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-3.09 |
-2.55 |
-2.33 |
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VIZIO Holding Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-2.56 |
-2.19 |
-2.43 |
-2.33 |
Competitive Comparison of VIZIO Holding's Beneish M-Score
For the Consumer Electronics subindustry, VIZIO Holding'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.
VIZIO Holding's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, VIZIO Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VIZIO Holding's Beneish M-Score falls into.
VIZIO Holding 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 VIZIO Holding 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 * 1.1959 | + | 0.528 * 0.7912 | + | 0.404 * 1.1902 | + | 0.892 * 0.9018 | + | 0.115 * 0.561 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2092 | + | 4.679 * 0.02977 | - | 0.327 * 0.8963 |
| = | -2.33 |
* 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 $390 Mil.
Revenue was 502.7 + 426.2 + 394.4 + 356.7 = $1,680 Mil.
Gross Profit was 98.2 + 96.5 + 86.1 + 75.4 = $356 Mil.
Total Current Assets was $794 Mil.
Total Assets was $961 Mil.
Property, Plant and Equipment(Net PPE) was $20 Mil.
Depreciation, Depletion and Amortization(DDA) was $7 Mil.
Selling, General, & Admin. Expense(SGA) was $286 Mil.
Total Current Liabilities was $492 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 13.2 + 13.8 + 1.9 + -0.7 = $28 Mil.
Non Operating Income was 0.2 + -0.1 + 0.3 + 0 = $0 Mil.
Cash Flow from Operations was 14.3 + 12.5 + -8.3 + -19.3 = $-1 Mil.
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Total Receivables was $362 Mil.
Revenue was 533.5 + 435 + 408.9 + 485.5 = $1,863 Mil.
Gross Profit was 85.7 + 80.1 + 73.9 + 72.8 = $313 Mil.
Total Current Assets was $778 Mil.
Total Assets was $916 Mil.
Property, Plant and Equipment(Net PPE) was $20 Mil.
Depreciation, Depletion and Amortization(DDA) was $4 Mil.
Selling, General, & Admin. Expense(SGA) was $262 Mil.
Total Current Liabilities was $523 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (390.2 / 1680) | / | (361.8 / 1862.9) |
| = | 0.232262 | / | 0.194213 |
| | = | 1.1959 |
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) |
| = | (312.5 / 1862.9) | / | (356.2 / 1680) |
| = | 0.167749 | / | 0.212024 |
| | = | 0.7912 |
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 - (794.4 + 19.7) / 960.7) | / | (1 - (778.4 + 19.9) / 915.7) |
| = | 0.152597 | / | 0.128208 |
| | = | 1.1902 |
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 |
| = | 1680 | / | 1862.9 |
| | = | 0.9018 |
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)) |
| = | (3.6 / (3.6 + 19.9)) | / | (7.4 / (7.4 + 19.7)) |
| = | 0.153191 | / | 0.273063 |
| | = | 0.561 |
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) |
| = | (285.5 / 1680) | / | (261.8 / 1862.9) |
| = | 0.16994 | / | 0.140534 |
| | = | 1.2092 |
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) |
| = | ((0 + 492) / 960.7) | / | ((0 + 523.2) / 915.7) |
| = | 0.512127 | / | 0.571366 |
| | = | 0.8963 |
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 |
| = | (28.2 - 0.4 | - | -0.8) | / | 960.7 |
| | = | 0.02977 |
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.
VIZIO Holding has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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