Universal Music Group NV Beneish M-Score Historical Data
The historical data trend for Universal Music Group NV'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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Universal Music Group NV Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.44 |
-2.44 |
-2.77 |
- |
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Universal Music Group NV Semi-Annual Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.44 |
- |
-2.77 |
- |
- |
Competitive Comparison
For the Entertainment subindustry, Universal Music Group NV'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.
Universal Music Group NV Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, Universal Music Group NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Universal Music Group NV's Beneish M-Score falls into.
Universal Music Group NV 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 Universal Music Group NV 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 * 1.0381 | + | 0.528 * 1.0057 | + | 0.404 * 1.0059 | + | 0.892 * 1.0743 | + | 0.115 * 1.0018 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9335 | + | 4.679 * -0.047819 | - | 0.327 * 0.9379 |
| = | -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 €2,246 Mil.
Revenue was €11,108 Mil.
Gross Profit was €4,900 Mil.
Total Current Assets was €4,056 Mil.
Total Assets was €13,091 Mil.
Property, Plant and Equipment(Net PPE) was €493 Mil.
Depreciation, Depletion and Amortization(DDA) was €382 Mil.
Selling, General, & Admin. Expense(SGA) was €1,059 Mil.
Total Current Liabilities was €6,267 Mil.
Long-Term Debt & Capital Lease Obligation was €2,150 Mil.
Net Income was €1,259 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €1,885 Mil.
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Total Receivables was €2,014 Mil.
Revenue was €10,340 Mil.
Gross Profit was €4,587 Mil.
Total Current Assets was €3,604 Mil.
Total Assets was €11,639 Mil.
Property, Plant and Equipment(Net PPE) was €485 Mil.
Depreciation, Depletion and Amortization(DDA) was €377 Mil.
Selling, General, & Admin. Expense(SGA) was €1,056 Mil.
Total Current Liabilities was €6,520 Mil.
Long-Term Debt & Capital Lease Obligation was €1,459 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) |
| = | (2246 / 11108) | / | (2014 / 10340) |
| = | 0.202197 | / | 0.194778 |
| | = | 1.0381 |
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) |
| = | (4587 / 10340) | / | (4900 / 11108) |
| = | 0.443617 | / | 0.441124 |
| | = | 1.0057 |
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 - (4056 + 493) / 13091) | / | (1 - (3604 + 485) / 11639) |
| = | 0.652509 | / | 0.648681 |
| | = | 1.0059 |
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 |
| = | 11108 | / | 10340 |
| | = | 1.0743 |
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)) |
| = | (377 / (377 + 485)) | / | (382 / (382 + 493)) |
| = | 0.437355 | / | 0.436571 |
| | = | 1.0018 |
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) |
| = | (1059 / 11108) | / | (1056 / 10340) |
| = | 0.095337 | / | 0.102128 |
| | = | 0.9335 |
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) |
| = | ((2150 + 6267) / 13091) | / | ((1459 + 6520) / 11639) |
| = | 0.642961 | / | 0.68554 |
| | = | 0.9379 |
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 |
| = | (1259 - 0 | - | 1885) | / | 13091 |
| | = | -0.047819 |
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.
Universal Music Group NV has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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