American Tower Beneish M-Score Historical Data
The historical data trend for American Tower'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.
American Tower Beneish M-Score Chart
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American Tower Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.56 |
-2.22 |
-2.57 |
-2.67 |
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American Tower Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.75 |
-2.67 |
-2.54 |
-2.56 |
-2.84 |
Competitive Comparison of American Tower's Beneish M-Score
For the REIT - Specialty subindustry, American Tower'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.
American Tower's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, American Tower's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where American Tower's Beneish M-Score falls into.
American Tower 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 American Tower 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 * 0.7049 | + | 0.528 * 1.0257 | + | 0.404 * 0.9957 | + | 0.892 * 1.1003 | + | 0.115 * 1.2482 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.964 | + | 4.679 * -0.047613 | - | 0.327 * 0.9984 |
| = | -2.84 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $813 Mil.
Revenue was 2522.3 + 2900.3 + 2834.1 + 3588.1 = $11,845 Mil.
Gross Profit was 1870.5 + 2078.4 + 2045.8 + 2253.3 = $8,248 Mil.
Total Current Assets was $3,400 Mil.
Total Assets was $62,817 Mil.
Property, Plant and Equipment(Net PPE) was $27,606 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,389 Mil.
Selling, General, & Admin. Expense(SGA) was $1,011 Mil.
Total Current Liabilities was $7,070 Mil.
Long-Term Debt & Capital Lease Obligation was $40,451 Mil.
Net Income was -792.3 + 900.3 + 917.4 + 84.9 = $1,110 Mil.
Non Operating Income was -269.6 + 65.8 + 113 + -1041.4 = $-1,132 Mil.
Cash Flow from Operations was 1469.4 + 1338.5 + 1283.6 + 1141.9 = $5,233 Mil.
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Total Receivables was $1,048 Mil.
Revenue was 2521.1 + 2771.7 + 2767.2 + 2705 = $10,765 Mil.
Gross Profit was 1883.1 + 1944.4 + 1961.1 + 1900 = $7,689 Mil.
Total Current Assets was $3,850 Mil.
Total Assets was $65,653 Mil.
Property, Plant and Equipment(Net PPE) was $28,413 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,136 Mil.
Selling, General, & Admin. Expense(SGA) was $953 Mil.
Total Current Liabilities was $6,869 Mil.
Long-Term Debt & Capital Lease Obligation was $42,879 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) |
| = | (812.7 / 11844.8) | / | (1047.8 / 10765) |
| = | 0.068612 | / | 0.097334 |
| | = | 0.7049 |
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) |
| = | (7688.6 / 10765) | / | (8248 / 11844.8) |
| = | 0.714222 | / | 0.696339 |
| | = | 1.0257 |
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 - (3399.6 + 27606.4) / 62816.8) | / | (1 - (3849.9 + 28413.1) / 65653) |
| = | 0.506406 | / | 0.508583 |
| | = | 0.9957 |
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 |
| = | 11844.8 | / | 10765 |
| | = | 1.1003 |
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)) |
| = | (3136.3 / (3136.3 + 28413.1)) | / | (2388.8 / (2388.8 + 27606.4)) |
| = | 0.099409 | / | 0.079639 |
| | = | 1.2482 |
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) |
| = | (1010.7 / 11844.8) | / | (952.9 / 10765) |
| = | 0.085329 | / | 0.088518 |
| | = | 0.964 |
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) |
| = | ((40451 + 7069.5) / 62816.8) | / | ((42879.1 + 6868.7) / 65653) |
| = | 0.756493 | / | 0.757738 |
| | = | 0.9984 |
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 |
| = | (1110.3 - -1132.2 | - | 5233.4) | / | 62816.8 |
| | = | -0.047613 |
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.
American Tower has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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