Verizon Communications Beneish M-Score Historical Data
The historical data trend for Verizon Communications'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.
Verizon Communications Beneish M-Score Chart
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Verizon Communications Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.93 |
-2.58 |
-2.65 |
-2.73 |
-2.69 |
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Verizon Communications Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.73 |
-2.65 |
-2.63 |
-2.65 |
-2.69 |
Competitive Comparison of Verizon Communications's Beneish M-Score
For the Telecom Services subindustry, Verizon Communications'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.
Verizon Communications's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Verizon Communications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Verizon Communications's Beneish M-Score falls into.
Verizon Communications 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 Verizon Communications 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 * 0.9018 | + | 0.528 * 0.985 | + | 0.404 * 0.9921 | + | 0.892 * 3.229 | + | 0.115 * 0.8722 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0292 | + | 4.679 * -0.048505 | - | 0.327 * 0.9657 |
| = | -0.83 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ARS26,370,090 Mil.
Revenue was 36037810.36 + 31680163.608 + 29368817.58 + 27786492.972 = ARS124,873,285 Mil.
Gross Profit was 20368670.204 + 19095544.161 + 18201037.24 + 16941832.788 = ARS74,607,084 Mil.
Total Current Assets was ARS40,928,230 Mil.
Total Assets was ARS388,558,114 Mil.
Property, Plant and Equipment(Net PPE) was ARS134,323,941 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS16,547,828 Mil.
Selling, General, & Admin. Expense(SGA) was ARS31,593,922 Mil.
Total Current Liabilities was ARS65,418,711 Mil.
Long-Term Debt & Capital Lease Obligation was ARS142,722,091 Mil.
Net Income was 5055050.051 + 3142352.862 + 4113031.441 + 3877185.066 = ARS16,187,619 Mil.
Non Operating Income was 720130.007 + -46574.498 + -151339.498 + 93517.502 = ARS615,734 Mil.
Cash Flow from Operations was 10536320.105 + 9420405.086 + 8493817.379 + 5968270.101 = ARS34,418,813 Mil.
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Total Receivables was ARS9,055,685 Mil.
Revenue was 12681930.011 + 11665933.521 + 7823039.937 + 6501765.751 = ARS38,672,669 Mil.
Gross Profit was 7201228.006 + 6963655.242 + 4759679.962 + 3834050.489 = ARS22,758,614 Mil.
Total Current Assets was ARS13,289,854 Mil.
Total Assets was ARS137,272,055 Mil.
Property, Plant and Equipment(Net PPE) was ARS48,025,996 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS5,080,085 Mil.
Selling, General, & Admin. Expense(SGA) was ARS9,507,132 Mil.
Total Current Liabilities was ARS19,213,503 Mil.
Long-Term Debt & Capital Lease Obligation was ARS56,930,783 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) |
| = | (26370090.264 / 124873284.52) | / | (9055685.008 / 38672669.22) |
| = | 0.211175 | / | 0.234162 |
| | = | 0.9018 |
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) |
| = | (22758613.699 / 38672669.22) | / | (74607084.393 / 124873284.52) |
| = | 0.588493 | / | 0.597462 |
| | = | 0.985 |
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 - (40928230.409 + 134323941.343) / 388558113.886) | / | (1 - (13289854.012 + 48025996.043) / 137272055.124) |
| = | 0.548968 | / | 0.553326 |
| | = | 0.9921 |
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 |
| = | 124873284.52 | / | 38672669.22 |
| | = | 3.229 |
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)) |
| = | (5080085.406 / (5080085.406 + 48025996.043)) | / | (16547827.867 / (16547827.867 + 134323941.343)) |
| = | 0.095659 | / | 0.109681 |
| | = | 0.8722 |
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) |
| = | (31593922.192 / 124873284.52) | / | (9507131.649 / 38672669.22) |
| = | 0.253008 | / | 0.245836 |
| | = | 1.0292 |
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) |
| = | ((142722091.427 + 65418710.654) / 388558113.886) | / | ((56930783.051 + 19213503.017) / 137272055.124) |
| = | 0.535675 | / | 0.554696 |
| | = | 0.9657 |
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 |
| = | (16187619.42 - 615733.513 | - | 34418812.671) | / | 388558113.886 |
| | = | -0.048505 |
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.
Verizon Communications has a M-score of -0.83 signals that the company is likely to be a manipulator.
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