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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 -3.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for United States Cellular's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of United States Cellular was -2.49. The lowest was -3.10. And the median was -2.82.
The historical data trend for United States Cellular'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.
United States Cellular Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.92 | -3.06 | -2.65 | -2.95 | -3.00 |
United States Cellular Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.78 | -2.87 | -3.03 | -3.00 | -3.05 |
For the Telecom Services subindustry, United States Cellular'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.
For the Telecommunication Services industry and Communication Services sector, United States Cellular's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United States Cellular's Beneish M-Score falls into.
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 United States Cellular 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 * 0.9854 | + | 0.528 * 0.9354 | + | 0.404 * 1.026 | + | 0.892 * 0.9337 | + | 0.115 * 1.032 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0141 | + | 4.679 * -0.104167 | - | 0.327 * 0.948 | |||||||
= | -3.05 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $932 Mil. Revenue was 950 + 1000 + 963 + 957 = $3,870 Mil. Gross Profit was 552 + 537 + 550 + 539 = $2,178 Mil. Total Current Assets was $1,395 Mil. Total Assets was $10,704 Mil. Property, Plant and Equipment(Net PPE) was $3,450 Mil. Depreciation, Depletion and Amortization(DDA) was $651 Mil. Selling, General, & Admin. Expense(SGA) was $1,353 Mil. Total Current Liabilities was $837 Mil. Long-Term Debt & Capital Lease Obligation was $3,856 Mil. Net Income was 18 + 14 + 23 + 5 = $60 Mil. Non Operating Income was 37 + 36 + 39 + 35 = $147 Mil. Cash Flow from Operations was 203 + 147 + 329 + 349 = $1,028 Mil. |
Total Receivables was $1,013 Mil. Revenue was 986 + 1049 + 1083 + 1027 = $4,145 Mil. Gross Profit was 551 + 539 + 532 + 560 = $2,182 Mil. Total Current Assets was $1,562 Mil. Total Assets was $10,997 Mil. Property, Plant and Equipment(Net PPE) was $3,568 Mil. Depreciation, Depletion and Amortization(DDA) was $699 Mil. Selling, General, & Admin. Expense(SGA) was $1,429 Mil. Total Current Liabilities was $953 Mil. Long-Term Debt & Capital Lease Obligation was $4,133 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) |
= | (932 / 3870) | / | (1013 / 4145) | |
= | 0.240827 | / | 0.244391 | |
= | 0.9854 |
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) | |
= | (2182 / 4145) | / | (2178 / 3870) | |
= | 0.526417 | / | 0.562791 | |
= | 0.9354 |
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 - (1395 + 3450) / 10704) | / | (1 - (1562 + 3568) / 10997) | |
= | 0.547365 | / | 0.533509 | |
= | 1.026 |
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 | |
= | 3870 | / | 4145 | |
= | 0.9337 |
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)) |
= | (699 / (699 + 3568)) | / | (651 / (651 + 3450)) | |
= | 0.163815 | / | 0.158742 | |
= | 1.032 |
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) |
= | (1353 / 3870) | / | (1429 / 4145) | |
= | 0.349612 | / | 0.344753 | |
= | 1.0141 |
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) |
= | ((3856 + 837) / 10704) | / | ((4133 + 953) / 10997) | |
= | 0.438434 | / | 0.46249 | |
= | 0.948 |
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 | |
= | (60 - 147 | - | 1028) | / | 10704 | |
= | -0.104167 |
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.
United States Cellular has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of United States Cellular's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael Irizarry | officer: EVP & CTO-Engineering and IS | 8410 W BRYN MAWR, CHICAGO IL 60631 |
Kevin R Lowell | officer: EVP, Chief People Officer | 8410 W. BRYN MAWR AVE, CHICAGO IL 60631 |
Xavier Williams | director | C/O AMERICAN VIRTUAL CLOUD TECHNOLOGIES, 1720 PEACHTREE ST., SUITE 629, ATLANTA GA 30309 |
James W Butman | director | 30 N. LASALLE STREET, STE. 4000, CHICAGO IL 60602 |
Gregory P Josefowicz | director | 850 76TH STREET SW, GRAND RAPIDS MI 49518 |
Deirdre Drake | officer: SVP-Chief HR Officer | 8410 W. BRYN MAWR AVE, CHICAGO IL 60631 |
Esteban C Iriarte | director | 8410 W. BRYN MAWR, CHICAGO IL 60631 |
Vicki L Villacrez | director | 30 N. LASALLE STREET, SUITE 4000, CHICAGO IL 60602 |
Ronald E Daly | director | |
J Samuel Crowley | director | 8410 WEST BRYN MAWR ST STE 700, CHICAGO IL 60631 |
Jay Ellison | officer: EVP-Operations | |
Laurent C Therivel | director, officer: President and CEO | 8410 W. BRYN MAWR STREET, CHICAGO IL 60631 |
Kenneth R Meyers | director, officer: President and CEO | |
Anita J Kroll | officer: Chief Accounting Officer | 30 N. LASALLE STREET, SUITE 4000, CHICAGO IL 60602 |
Steven T Campbell | director, officer: EVP-Finance, CFO and Treasurer | 8410 W. BRYN MAWR, CHICAGO IL 60631 |
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