Ziff Davis Beneish M-Score Historical Data
The historical data trend for Ziff Davis'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.
Ziff Davis Beneish M-Score Chart
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Ziff Davis Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.71 |
-2.75 |
-2.75 |
-2.66 |
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Ziff Davis 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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-2.75 |
-2.67 |
-2.53 |
-2.44 |
-2.66 |
Competitive Comparison of Ziff Davis's Beneish M-Score
For the Advertising Agencies subindustry, Ziff Davis'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.
Ziff Davis's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Ziff Davis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ziff Davis's Beneish M-Score falls into.
Ziff Davis 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 Ziff Davis 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 * 1.1301 | + | 0.528 * 1.0047 | + | 0.404 * 0.9377 | + | 0.892 * 0.9806 | + | 0.115 * 1.0174 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.035 | + | 4.679 * -0.053011 | - | 0.327 * 1.0191 |
| = | -2.66 |
* 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 $338 Mil.
Revenue was 389.885 + 340.985 + 326.016 + 307.142 = $1,364 Mil.
Gross Profit was 341.27 + 285.459 + 278.595 + 261.412 = $1,167 Mil.
Total Current Assets was $1,191 Mil.
Total Assets was $3,471 Mil.
Property, Plant and Equipment(Net PPE) was $188 Mil.
Depreciation, Depletion and Amortization(DDA) was $237 Mil.
Selling, General, & Admin. Expense(SGA) was $908 Mil.
Total Current Liabilities was $432 Mil.
Long-Term Debt & Capital Lease Obligation was $1,001 Mil.
Net Income was 63.422 + -30.971 + 16.679 + -7.627 = $42 Mil.
Non Operating Income was -2.421 + -66.44 + -4.699 + -20.896 = $-94 Mil.
Cash Flow from Operations was 92.119 + 72.808 + 39.728 + 115.307 = $320 Mil.
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Total Receivables was $305 Mil.
Revenue was 396.7 + 341.873 + 337.356 + 315.068 = $1,391 Mil.
Gross Profit was 345.853 + 289.27 + 291.352 + 268.968 = $1,195 Mil.
Total Current Assets was $1,084 Mil.
Total Assets was $3,533 Mil.
Property, Plant and Equipment(Net PPE) was $178 Mil.
Depreciation, Depletion and Amortization(DDA) was $233 Mil.
Selling, General, & Admin. Expense(SGA) was $895 Mil.
Total Current Liabilities was $432 Mil.
Long-Term Debt & Capital Lease Obligation was $999 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) |
| = | (337.703 / 1364.028) | / | (304.739 / 1390.997) |
| = | 0.247578 | / | 0.21908 |
| | = | 1.1301 |
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) |
| = | (1195.443 / 1390.997) | / | (1166.736 / 1364.028) |
| = | 0.859415 | / | 0.855361 |
| | = | 1.0047 |
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 - (1190.994 + 188.169) / 3471.022) | / | (1 - (1084.272 + 178.184) / 3533.27) |
| = | 0.602664 | / | 0.642695 |
| | = | 0.9377 |
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 |
| = | 1364.028 | / | 1390.997 |
| | = | 0.9806 |
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)) |
| = | (233.4 / (233.4 + 178.184)) | / | (236.966 / (236.966 + 188.169)) |
| = | 0.567077 | / | 0.55739 |
| | = | 1.0174 |
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) |
| = | (908.415 / 1364.028) | / | (895.04 / 1390.997) |
| = | 0.66598 | / | 0.643452 |
| | = | 1.035 |
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) |
| = | ((1001.312 + 431.833) / 3471.022) | / | ((999.053 + 432.448) / 3533.27) |
| = | 0.412888 | / | 0.405149 |
| | = | 1.0191 |
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 |
| = | (41.503 - -94.456 | - | 319.962) | / | 3471.022 |
| | = | -0.053011 |
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.
Ziff Davis has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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