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The Walt Disney Company DIS

Communication Services  —  Entertainment
102.24 0.91 0.90% as of 2 Oct
Market cap
$175.1B
P/E
20.8×
S&P 500 Member Dow Jones Member Dividend Champion (3y) Cash Flow Champion (5y) Revenue Champion (5y) Insider Buys (last 12m)
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Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

The Walt Disney Company (DIS) Beneish M-score

The Walt Disney Company's Beneish M-score for fiscal 2025 is −2.53; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

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Annual

Period Beneish M-score Change (points)
FY2025 −2.53 0.16
FY2024 −2.68 (0.04)
FY2023 −2.65 (0.12)
FY2022 −2.53 (0.11)
FY2021 −2.42 0.49
FY2020 −2.91 (1.20)
FY2019 −1.70 0.73
FY2018 −2.43 0.25
FY2017 −2.68 (0.11)
FY2016 −2.57 —

How fiscal 2025’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 1.00 — 0.92
Gross margin index 0.95 — 0.50
Asset quality index 1.00 — 0.40
Sales growth index 1.03 — 0.92
Depreciation index 1.36 — 0.16
SG&A index 1.01 — −0.17
Total accruals to total assets (0.02) — −0.11
Leverage index 0.94 — −0.31
Beneish M-score Low — no pattern the model associates with manipulation −2.53

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
ROKU Roku, Inc. compare −3.2×
TKO TKO Group Holdings, Inc. compare −2.6×
WBD Warner Bros. Discovery, Inc. compare −2.6×
DIS The Walt Disney Company −2.5×
LYV Live Nation Entertainment, Inc. compare −2.5×
FOXA Fox Corporation compare −2.2×
FOX Fox Corporation compare −2.2×
FWONK Liberty Media Corporation - Liberty Formula One Series C compare −1.9×
NFLX Netflix, Inc. compare —

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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