Ascent Capital Group Beneish M-Score Historical Data
The historical data trend for Ascent Capital Group'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.
Ascent Capital Group Beneish M-Score Chart
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Ascent Capital Group Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-3.00 |
-3.09 |
-3.12 |
-3.21 |
-3.33 |
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Ascent Capital Group Quarterly Data
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Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
| Beneish M-Score |
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-3.15 |
-3.04 |
-3.33 |
-3.31 |
-40.77 |
Competitive Comparison of Ascent Capital Group's Beneish M-Score
For the Security & Protection Services subindustry, Ascent Capital Group'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.
Ascent Capital Group's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Ascent Capital Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ascent Capital Group's Beneish M-Score falls into.
Ascent Capital Group 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 Ascent Capital Group 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 | + | 0.528 * 0.9896 | + | 0.404 * 0.0003 | + | 0.892 * 0.9792 | + | 0.115 * 0.866 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8862 | + | 4.679 * -7.961514 | - | 0.327 * 0.0652 |
| = | -40.77 |
* 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 (Jun19) TTM: | Last Year (Jun18) TTM: |
Total Receivables was $0.0 Mil.
Revenue was 128.091 + 129.606 + 134.436 + 137.156 = $529.3 Mil.
Gross Profit was 99.555 + 102.842 + 106.304 + 102.097 = $410.8 Mil.
Total Current Assets was $30.1 Mil.
Total Assets was $30.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $213.9 Mil.
Selling, General, & Admin. Expense(SGA) was $120.7 Mil.
Total Current Liabilities was $2.1 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was 628.901 + -27.839 + -382.744 + -40.095 = $178.2 Mil.
Non Operating Income was 651.84 + -7.514 + -353.058 + -0.04 = $291.2 Mil.
Cash Flow from Operations was 50.305 + 47.813 + 23.397 + 5.862 = $127.4 Mil.
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Total Receivables was $12.5 Mil.
Revenue was 135.013 + 133.753 + 133.546 + 138.211 = $540.5 Mil.
Gross Profit was 101.966 + 101.052 + 104.152 + 107.998 = $415.2 Mil.
Total Current Assets was $145.4 Mil.
Total Assets was $1,786.6 Mil.
Property, Plant and Equipment(Net PPE) was $36.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $235.7 Mil.
Selling, General, & Admin. Expense(SGA) was $139.1 Mil.
Total Current Liabilities was $108.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,793.4 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) |
| = | (0 / 529.289) | / | (12.456 / 540.523) |
| = | 0 | / | 0.023044 |
| | = | 0 |
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) |
| = | (415.168 / 540.523) | / | (410.798 / 529.289) |
| = | 0.768086 | / | 0.776132 |
| | = | 0.9896 |
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 - (30.085 + 0.1) / 30.193) | / | (1 - (145.445 + 36.603) / 1786.602) |
| = | 0.000265 | / | 0.898104 |
| | = | 0.0003 |
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 |
| = | 529.289 | / | 540.523 |
| | = | 0.9792 |
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)) |
| = | (235.655 / (235.655 + 36.603)) | / | (213.866 / (213.866 + 0.1)) |
| = | 0.865558 | / | 0.999533 |
| | = | 0.866 |
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) |
| = | (120.72 / 529.289) | / | (139.114 / 540.523) |
| = | 0.22808 | / | 0.257369 |
| | = | 0.8862 |
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) |
| = | ((0 + 2.097) / 30.193) | / | ((1793.364 + 108.544) / 1786.602) |
| = | 0.069453 | / | 1.064539 |
| | = | 0.0652 |
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 |
| = | (178.223 - 291.228 | - | 127.377) | / | 30.193 |
| | = | -7.961514 |
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.
Ascent Capital Group has a M-score of -40.77 suggests that the company is unlikely to be a manipulator.
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