Warner Music Group Beneish M-Score Historical Data
The historical data trend for Warner Music Group'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.
Warner Music Group Beneish M-Score Chart
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Warner Music Group Annual Data
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Sep15 |
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Sep24 |
| Beneish M-Score |
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-3.14 |
-2.54 |
-2.53 |
-2.45 |
-2.42 |
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Warner Music Group Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
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Mar24 |
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Mar25 |
| Beneish M-Score |
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-2.40 |
-2.47 |
-2.42 |
-2.59 |
-2.63 |
Competitive Comparison of Warner Music Group's Beneish M-Score
For the Entertainment subindustry, Warner Music Group'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.
Warner Music Group's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Warner Music Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Warner Music Group's Beneish M-Score falls into.
Warner Music Group 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 Warner Music Group 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 * 1.0269 | + | 0.528 * 1.0113 | + | 0.404 * 1.0208 | + | 0.892 * 0.9909 | + | 0.115 * 1.0037 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0166 | + | 4.679 * -0.03773 | - | 0.327 * 0.9911 |
| = | -2.63 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $1,218 Mil.
Revenue was 1484 + 1666 + 1630 + 1554 = $6,334 Mil.
Gross Profit was 693 + 772 + 776 + 724 = $2,965 Mil.
Total Current Assets was $2,599 Mil.
Total Assets was $9,568 Mil.
Property, Plant and Equipment(Net PPE) was $720 Mil.
Depreciation, Depletion and Amortization(DDA) was $339 Mil.
Selling, General, & Admin. Expense(SGA) was $1,773 Mil.
Total Current Liabilities was $3,916 Mil.
Long-Term Debt & Capital Lease Obligation was $4,508 Mil.
Net Income was 36 + 236 + 41 + 139 = $452 Mil.
Non Operating Income was -77 + 126 + -133 + 4 = $-80 Mil.
Cash Flow from Operations was 69 + 332 + 304 + 188 = $893 Mil.
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Total Receivables was $1,197 Mil.
Revenue was 1494 + 1748 + 1586 + 1564 = $6,392 Mil.
Gross Profit was 703 + 868 + 741 + 714 = $3,026 Mil.
Total Current Assets was $2,450 Mil.
Total Assets was $8,731 Mil.
Property, Plant and Equipment(Net PPE) was $695 Mil.
Depreciation, Depletion and Amortization(DDA) was $329 Mil.
Selling, General, & Admin. Expense(SGA) was $1,760 Mil.
Total Current Liabilities was $3,533 Mil.
Long-Term Debt & Capital Lease Obligation was $4,223 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) |
| = | (1218 / 6334) | / | (1197 / 6392) |
| = | 0.192296 | / | 0.187265 |
| | = | 1.0269 |
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) |
| = | (3026 / 6392) | / | (2965 / 6334) |
| = | 0.473404 | / | 0.468109 |
| | = | 1.0113 |
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 - (2599 + 720) / 9568) | / | (1 - (2450 + 695) / 8731) |
| = | 0.653115 | / | 0.639789 |
| | = | 1.0208 |
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 |
| = | 6334 | / | 6392 |
| | = | 0.9909 |
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)) |
| = | (329 / (329 + 695)) | / | (339 / (339 + 720)) |
| = | 0.321289 | / | 0.320113 |
| | = | 1.0037 |
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) |
| = | (1773 / 6334) | / | (1760 / 6392) |
| = | 0.279918 | / | 0.275344 |
| | = | 1.0166 |
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) |
| = | ((4508 + 3916) / 9568) | / | ((4223 + 3533) / 8731) |
| = | 0.880435 | / | 0.888329 |
| | = | 0.9911 |
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 |
| = | (452 - -80 | - | 893) | / | 9568 |
| | = | -0.03773 |
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.
Warner Music Group has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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