Alcatel-Lucent Beneish M-Score Historical Data
The historical data trend for Alcatel-Lucent'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.
Alcatel-Lucent Beneish M-Score Chart
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Alcatel-Lucent Annual Data
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Trend |
Dec06 |
Dec07 |
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Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.28 |
-2.94 |
-3.68 |
-2.35 |
-2.53 |
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Alcatel-Lucent Quarterly Data
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Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
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Mar13 |
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Mar14 |
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Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Jun16 |
| Beneish M-Score |
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-3.52 |
-2.23 |
-2.16 |
-2.53 |
-1.49 |
Competitive Comparison of Alcatel-Lucent's Beneish M-Score
For the Communication Equipment subindustry, Alcatel-Lucent'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.
Alcatel-Lucent's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Alcatel-Lucent's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alcatel-Lucent's Beneish M-Score falls into.
Alcatel-Lucent 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 Alcatel-Lucent 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 | + | 0.528 * 0.9714 | + | 0.404 * 1.0653 | + | 0.892 * 0.8645 | + | 0.115 * 3.7688 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2722 | + | 4.679 * 0.143581 | - | 0.327 * 0.7927 |
| = | -1.58 |
* 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 (Jun16) TTM: | Last Year (Mar15) TTM: |
Total Receivables was $3,273 Mil.
Revenue was 2174.157 + 4532.68 + 3848.485 + 3872.054 = $14,427 Mil.
Gross Profit was 577.528 + 1786.492 + 1326.599 + 1349.046 = $5,040 Mil.
Total Current Assets was $11,124 Mil.
Total Assets was $26,067 Mil.
Property, Plant and Equipment(Net PPE) was $1,458 Mil.
Depreciation, Depletion and Amortization(DDA) was $527 Mil.
Selling, General, & Admin. Expense(SGA) was $1,953 Mil.
Total Current Liabilities was $8,418 Mil.
Long-Term Debt & Capital Lease Obligation was $3,551 Mil.
Net Income was 879.775 + 586.057 + -231.201 + -54.994 = $1,180 Mil.
Non Operating Income was -110.112 + -107.843 + -32.548 + 0 = $-251 Mil.
Cash Flow from Operations was -3101.124 + 1276.688 + 32.548 + -520.763 = $-2,313 Mil.
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Total Receivables was $0 Mil.
Revenue was 3501.082 + 4540.074 + 4193.299 + 4455.163 = $16,690 Mil.
Gross Profit was 1211.039 + 1577.065 + 1423.969 + 1451.087 = $5,663 Mil.
Total Current Assets was $13,312 Mil.
Total Assets was $25,880 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $531 Mil.
Selling, General, & Admin. Expense(SGA) was $1,776 Mil.
Total Current Liabilities was $9,380 Mil.
Long-Term Debt & Capital Lease Obligation was $5,610 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) |
| = | (3273.034 / 14427.376) | / | (0 / 16689.618) |
| = | 0.226863 | / | 0 |
| | = | 1 |
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) |
| = | (5663.16 / 16689.618) | / | (5039.665 / 14427.376) |
| = | 0.339322 | / | 0.349313 |
| | = | 0.9714 |
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 - (11123.596 + 1458.427) / 26067.416) | / | (1 - (13311.688 + 0) / 25879.87) |
| = | 0.517328 | / | 0.485635 |
| | = | 1.0653 |
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 |
| = | 14427.376 | / | 16689.618 |
| | = | 0.8645 |
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)) |
| = | (531.252 / (531.252 + 0)) | / | (526.739 / (526.739 + 1458.427)) |
| = | 1 | / | 0.265338 |
| | = | 3.7688 |
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) |
| = | (1953.274 / 14427.376) | / | (1776.087 / 16689.618) |
| = | 0.135387 | / | 0.106419 |
| | = | 1.2722 |
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) |
| = | ((3550.562 + 8417.978) / 26067.416) | / | ((5610.39 + 9379.87) / 25879.87) |
| = | 0.459138 | / | 0.579225 |
| | = | 0.7927 |
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 |
| = | (1179.637 - -250.503 | - | -2312.651) | / | 26067.416 |
| | = | 0.143581 |
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.
Alcatel-Lucent has a M-score of -1.58 signals that the company is likely to be a manipulator.
Alcatel-Lucent (Alcatel-Lucent) Business Description
Traded in Other Exchanges
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Alcatel-Lucent SA was incorporated on June 18, 1898. The Company is engaged in designing, manufacturing, operations and sales of equipment, material and software related to domestic, industrial, civil, military or other applications concerning electricity, telecommunications, computers, electronics, aerospace industry, nuclear energy, metallurgy, and, in general, of all the means of production or transmission of energy or communication. The Company's core Networking segment includes three business divisions: IP Routing, IP Transport and IP Platforms. The IP ROUTING focus is on the intelligent IP router market and emerging Software Defined Networking (SDN) markets and related professional services. In IP TRANSPORT segment company designs, manufactures and markets optical networking equipment to transport information over fiber optic connections over long distances on land or under sea, as well as for short distances in metropolitan and regional areas. The portfolio also includes related professional services and microwave wireless transmission equipment. In IP PLATFORMS, the Company offers software and services to service providers that allow them to meet the market evolution needs of mobile and fixed networks. The Company's access segment includes four business divisions: WIRELESS are committed to a wireless access portfolio that is suited to the operators that are moving to 4G/LTE quickly and decisively. FIXED ACCESS IP-based fixed access products and related professional services provides support for both DSL and fiber, allowing service providers to extend Ultra-Broadband access to the customer's premise regardless of technology and to seamlessly combine copper and fiber access technologies and FTTx deployment models to achieve the fastest return-on-investment and time-to-market. In LICENSING the Intellectual Property Business Group works to monetize the patent portfolio through licensing and patent sales while also maintaining and prosecuting patents. The managed services portfolio includes Build-Operate-Manage-Transfer (BOMT) Solutions, Operations Transformation Solutions, and Network Operations Services. These services can be delivered across a wide array of network technologies including Network Access (FTTx), Next generation wireless (LTE, Small Cells, 4G), and IP Networks. The Company's Other segment includes Enterprise and Government businesses to provide end-to-end products, solutions and services for small, medium, large and extra-large companies to improve conversations and collaboration across employees, customers and partners. The Company sells all of its products and services to the world's telecommunications service providers through its direct sales force. The Company's competitors include Avaya, Cisco Systems, Ericsson, Fujitsu, Huawei, Nokia Solutions and Networks (NSN), Samsung, Adtran, Calix, Ciena, Juniper, Ericsson and Huawei.
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