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 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-2.93 |
-2.58 |
-2.65 |
-2.73 |
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Verizon Communications Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.75 |
-2.75 |
-2.74 |
-2.73 |
-2.65 |
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 * 1.6732 | + | 0.528 * 0.9573 | + | 0.404 * 0.998 | + | 0.892 * 2.8235 | + | 0.115 * 1.3869 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1063 | + | 4.679 * -0.022754 | - | 0.327 * 0.9914 |
| = | -0.33 |
* 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 ARS21,331,258 Mil.
Revenue was 27786492.972 + 12681930.011 + 11665933.521 + 7823039.937 = ARS59,957,396 Mil.
Gross Profit was 16941832.788 + 7201228.006 + 6963655.242 + 4759679.962 = ARS35,866,396 Mil.
Total Current Assets was ARS31,978,773 Mil.
Total Assets was ARS320,283,120 Mil.
Property, Plant and Equipment(Net PPE) was ARS111,390,297 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS7,971,977 Mil.
Selling, General, & Admin. Expense(SGA) was ARS14,884,799 Mil.
Total Current Liabilities was ARS45,184,118 Mil.
Long-Term Debt & Capital Lease Obligation was ARS131,226,117 Mil.
Net Income was 3877185.066 + -976505.001 + 1666461.946 + 1115519.991 = ARS5,682,662 Mil.
Non Operating Income was 159232.503 + -2436028.002 + 18897.301 + 20400 = ARS-2,237,498 Mil.
Cash Flow from Operations was 5968270.101 + 3132397.003 + 3771761.204 + 2335439.981 = ARS15,207,868 Mil.
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Total Receivables was ARS4,515,203 Mil.
Revenue was 6501765.751 + 5909829.986 + 4757786.879 + 4065830.426 = ARS21,235,213 Mil.
Gross Profit was 3834050.489 + 3267330.76 + 2728977.96 + 2330671.802 = ARS12,161,031 Mil.
Total Current Assets was ARS7,056,881 Mil.
Total Assets was ARS74,617,798 Mil.
Property, Plant and Equipment(Net PPE) was ARS26,261,112 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS2,680,934 Mil.
Selling, General, & Admin. Expense(SGA) was ARS4,765,003 Mil.
Total Current Liabilities was ARS9,436,569 Mil.
Long-Term Debt & Capital Lease Obligation was ARS32,017,917 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) |
| = | (21331257.863 / 59957396.441) | / | (4515202.905 / 21235213.042) |
| = | 0.355774 | / | 0.212628 |
| | = | 1.6732 |
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) |
| = | (12161031.011 / 21235213.042) | / | (35866395.998 / 59957396.441) |
| = | 0.572682 | / | 0.598198 |
| | = | 0.9573 |
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 - (31978773.044 + 111390296.894) / 320283120.445) | / | (1 - (7056881.264 + 26261112.311) / 74617797.537) |
| = | 0.552368 | / | 0.553485 |
| | = | 0.998 |
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 |
| = | 59957396.441 | / | 21235213.042 |
| | = | 2.8235 |
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)) |
| = | (2680934.328 / (2680934.328 + 26261112.311)) | / | (7971977.05 / (7971977.05 + 111390296.894)) |
| = | 0.092631 | / | 0.066788 |
| | = | 1.3869 |
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) |
| = | (14884798.931 / 59957396.441) | / | (4765002.775 / 21235213.042) |
| = | 0.248256 | / | 0.224392 |
| | = | 1.1063 |
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) |
| = | ((131226117.231 + 45184118.268) / 320283120.445) | / | ((32017916.995 + 9436568.62) / 74617797.537) |
| = | 0.550795 | / | 0.555558 |
| | = | 0.9914 |
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 |
| = | (5682662.002 - -2237498.198 | - | 15207868.289) | / | 320283120.445 |
| | = | -0.022754 |
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 -0.33 signals that the company is likely to be a manipulator.
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