Comcast (Comcast) Beneish M-Score : -2.68 (As of Apr. 25, 2024)

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What is Comcast Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Comcast's Beneish M-Score or its related term are showing as below:

CCZ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -2.69 Max: -2.36
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Comcast was -2.36. The lowest was -2.74. And the median was -2.69.

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.

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Comcast Beneish M-Score Chart

Comcast Annual Data

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

Comcast Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-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:

-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

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $13,813.00 Mil.
Revenue was 31253 + 30115 + 30513 + 29691 = $121,572.00 Mil.
Gross Profit was 20997 + 21462 + 21664 + 20687 = $84,810.00 Mil.
Total Current Assets was $23,987.00 Mil.
Total Assets was $264,811.00 Mil.
Property, Plant and Equipment(Net PPE) was $59,686.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $14,336.00 Mil.
Selling, General, & Admin. Expense(SGA) was $47,161.00 Mil.
Total Current Liabilities was $40,198.00 Mil.
Long-Term Debt & Capital Lease Obligation was $95,021.00 Mil.
Net Income was 3260 + 4046 + 4248 + 3834 = $15,388.00 Mil.
Non Operating Income was 578 + 50 + 15 + 607 = $1,250.00 Mil.
Cash Flow from Operations was 5922 + 8153 + 7198 + 7228 = $28,501.00 Mil.

Total Receivables was $12,671.00 Mil.
Revenue was 30553 + 29849 + 30016 + 31010 = $121,428.00 Mil.
Gross Profit was 20747 + 20899 + 21128 + 20440 = $83,214.00 Mil.
Total Current Assets was $21,826.00 Mil.
Total Assets was $257,275.00 Mil.
Property, Plant and Equipment(Net PPE) was $55,485.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,821.00 Mil.
Selling, General, & Admin. Expense(SGA) was $46,770.00 Mil.
Total Current Liabilities was $27,887.00 Mil.
Long-Term Debt & Capital Lease Obligation was $98,240.00 Mil.

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.

Comcast Beneish M-Score Related Terms

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Comcast (Comcast) Business Description

Industry

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Address

One Comcast Center, Philadelphia, PA, USA, 19103-2838

Website

https://www.comcastcorporation.com

Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to 62 million U.S. homes and businesses, or nearly half of the country. About 55% of the homes in this territory subscribe to at least one Comcast service. Comcast acquired NBCUniversal from General Electric in 2011. NBCU owns several cable networks, including CNBC, MSNBC, and USA, the NBC broadcast network, the Peacock streaming platform, several local NBC affiliates, Universal Studios, and several theme parks. Sky, acquired in 2018, is the dominant television provider in the U.K. and has invested heavily in proprietary content to build this position. Sky is also the largest pay-television provider in Italy and has a presence in Germany and Austria.