Comcast Beneish M-Score Historical Data
The historical data trend for Comcast'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.
Comcast Beneish M-Score Chart
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Comcast Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.72 |
-2.70 |
-2.69 |
-2.68 |
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Comcast 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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-2.69 |
-2.74 |
-2.67 |
-2.68 |
-2.68 |
Competitive Comparison of Comcast's Beneish M-Score
For the Telecom Services subindustry, Comcast'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.
Comcast's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Comcast's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Comcast's Beneish M-Score falls into.
Comcast 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 Comcast 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 * 1.0888 | + | 0.528 * 0.9823 | + | 0.404 * 0.9779 | + | 0.892 * 1.0012 | + | 0.115 * 1.0297 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0072 | + | 4.679 * -0.054239 | - | 0.327 * 1.0416 |
| = | -2.68 |
* 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 $13,813 Mil.
Revenue was 31253 + 30115 + 30513 + 29691 = $121,572 Mil.
Gross Profit was 20997 + 21462 + 21664 + 20687 = $84,810 Mil.
Total Current Assets was $23,987 Mil.
Total Assets was $264,811 Mil.
Property, Plant and Equipment(Net PPE) was $59,686 Mil.
Depreciation, Depletion and Amortization(DDA) was $14,336 Mil.
Selling, General, & Admin. Expense(SGA) was $47,161 Mil.
Total Current Liabilities was $40,198 Mil.
Long-Term Debt & Capital Lease Obligation was $95,021 Mil.
Net Income was 3260 + 4046 + 4248 + 3834 = $15,388 Mil.
Non Operating Income was 578 + 50 + 15 + 607 = $1,250 Mil.
Cash Flow from Operations was 5922 + 8153 + 7198 + 7228 = $28,501 Mil.
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Total Receivables was $12,671 Mil.
Revenue was 30553 + 29849 + 30016 + 31010 = $121,428 Mil.
Gross Profit was 20747 + 20899 + 21128 + 20440 = $83,214 Mil.
Total Current Assets was $21,826 Mil.
Total Assets was $257,275 Mil.
Property, Plant and Equipment(Net PPE) was $55,485 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,821 Mil.
Selling, General, & Admin. Expense(SGA) was $46,770 Mil.
Total Current Liabilities was $27,887 Mil.
Long-Term Debt & Capital Lease Obligation was $98,240 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) |
| = | (13813 / 121572) | / | (12671 / 121428) |
| = | 0.11362 | / | 0.10435 |
| | = | 1.0888 |
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) |
| = | (83214 / 121428) | / | (84810 / 121572) |
| = | 0.685295 | / | 0.697611 |
| | = | 0.9823 |
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 - (23987 + 59686) / 264811) | / | (1 - (21826 + 55485) / 257275) |
| = | 0.684027 | / | 0.699501 |
| | = | 0.9779 |
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 |
| = | 121572 | / | 121428 |
| | = | 1.0012 |
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)) |
| = | (13821 / (13821 + 55485)) | / | (14336 / (14336 + 59686)) |
| = | 0.19942 | / | 0.193672 |
| | = | 1.0297 |
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) |
| = | (47161 / 121572) | / | (46770 / 121428) |
| = | 0.387926 | / | 0.385167 |
| | = | 1.0072 |
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) |
| = | ((95021 + 40198) / 264811) | / | ((98240 + 27887) / 257275) |
| = | 0.510625 | / | 0.490242 |
| | = | 1.0416 |
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 |
| = | (15388 - 1250 | - | 28501) | / | 264811 |
| | = | -0.054239 |
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.
Comcast has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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