CommScope Holding Co Beneish M-Score Historical Data
The historical data trend for CommScope Holding Co'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.
CommScope Holding Co Beneish M-Score Chart
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CommScope Holding Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.85 |
-2.89 |
-2.67 |
-2.80 |
-3.47 |
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CommScope Holding Co 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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-2.80 |
-2.72 |
-2.87 |
-3.23 |
-3.47 |
Competitive Comparison of CommScope Holding Co's Beneish M-Score
For the Communication Equipment subindustry, CommScope Holding Co'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.
CommScope Holding Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, CommScope Holding Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CommScope Holding Co's Beneish M-Score falls into.
CommScope Holding Co 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 CommScope Holding Co 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 * 0.8993 | + | 0.528 * 0.929 | + | 0.404 * 1.0181 | + | 0.892 * 0.7694 | + | 0.115 * 1.0154 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0905 | + | 4.679 * -0.127978 | - | 0.327 * 1.1477 |
| = | -3.47 |
* 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 $815 Mil.
Revenue was 269.8 + 1599.5 + 1918.4 + 2001.5 = $5,789 Mil.
Gross Profit was 293.2 + 546.2 + 617.2 + 691.7 = $2,148 Mil.
Total Current Assets was $2,863 Mil.
Total Assets was $9,372 Mil.
Property, Plant and Equipment(Net PPE) was $501 Mil.
Depreciation, Depletion and Amortization(DDA) was $561 Mil.
Selling, General, & Admin. Expense(SGA) was $873 Mil.
Total Current Liabilities was $1,409 Mil.
Long-Term Debt & Capital Lease Obligation was $9,247 Mil.
Net Income was -525.2 + -828.7 + -100.4 + 3.4 = $-1,451 Mil.
Non Operating Income was 391 + -909.1 + -33.1 + 9.8 = $-541 Mil.
Cash Flow from Operations was 60.4 + 138.8 + 136.8 + -46.1 = $290 Mil.
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Total Receivables was $1,178 Mil.
Revenue was 614.5 + 2381.4 + 2300.2 + 2228.6 = $7,525 Mil.
Gross Profit was 538.2 + 736.3 + 683.2 + 636.3 = $2,594 Mil.
Total Current Assets was $3,726 Mil.
Total Assets was $11,685 Mil.
Property, Plant and Equipment(Net PPE) was $601 Mil.
Depreciation, Depletion and Amortization(DDA) was $696 Mil.
Selling, General, & Admin. Expense(SGA) was $1,041 Mil.
Total Current Liabilities was $2,108 Mil.
Long-Term Debt & Capital Lease Obligation was $9,470 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) |
| = | (815.2 / 5789.2) | / | (1178.2 / 7524.7) |
| = | 0.140814 | / | 0.156578 |
| | = | 0.8993 |
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) |
| = | (2594 / 7524.7) | / | (2148.3 / 5789.2) |
| = | 0.344731 | / | 0.371088 |
| | = | 0.929 |
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 - (2862.7 + 500.6) / 9371.9) | / | (1 - (3726.1 + 601) / 11685.4) |
| = | 0.641129 | / | 0.6297 |
| | = | 1.0181 |
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 |
| = | 5789.2 | / | 7524.7 |
| | = | 0.7694 |
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)) |
| = | (696.1 / (696.1 + 601)) | / | (561.2 / (561.2 + 500.6)) |
| = | 0.536659 | / | 0.528536 |
| | = | 1.0154 |
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) |
| = | (873.3 / 5789.2) | / | (1040.9 / 7524.7) |
| = | 0.15085 | / | 0.138331 |
| | = | 1.0905 |
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) |
| = | ((9246.6 + 1409.4) / 9371.9) | / | ((9469.6 + 2107.5) / 11685.4) |
| = | 1.137016 | / | 0.990732 |
| | = | 1.1477 |
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 |
| = | (-1450.9 - -541.4 | - | 289.9) | / | 9371.9 |
| | = | -0.127978 |
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.
CommScope Holding Co has a M-score of -3.47 suggests that the company is unlikely to be a manipulator.
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