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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 -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for DISH Network's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of DISH Network was -1.91. The lowest was -3.09. And the median was -2.68.
The historical data trend for DISH Network'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.
DISH Network Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.93 | -2.62 | -2.07 | -2.69 | -2.52 |
DISH Network Quarterly Data | ||||||||||||||||||||
Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.50 | -2.52 | -2.75 | -2.81 | -2.80 |
For the Telecom Services subindustry, DISH Network'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, DISH Network's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DISH Network'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 DISH Network 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 * 0.9094 | + | 0.528 * 1.1588 | + | 0.404 * 0.9537 | + | 0.892 * 0.9142 | + | 0.115 * 0.945 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1064 | + | 4.679 * -0.041926 | - | 0.327 * 1.0078 | |||||||
= | -2.80 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $803 Mil. Revenue was 3704.516 + 3911.577 + 3956.982 + 4043.373 = $15,616 Mil. Gross Profit was 895.612 + 1120.939 + 1155.972 + 1230.524 = $4,403 Mil. Total Current Assets was $3,148 Mil. Total Assets was $53,745 Mil. Property, Plant and Equipment(Net PPE) was $10,278 Mil. Depreciation, Depletion and Amortization(DDA) was $1,004 Mil. Selling, General, & Admin. Expense(SGA) was $2,535 Mil. Total Current Liabilities was $5,789 Mil. Long-Term Debt & Capital Lease Obligation was $23,275 Mil. Net Income was -139.185 + 200.323 + 222.705 + 935.52 = $1,219 Mil. Non Operating Income was -151.497 + 61.292 + -30.521 + 924.718 = $804 Mil. Cash Flow from Operations was 368.28 + 612.442 + 737.374 + 950.597 = $2,669 Mil. |
Total Receivables was $965 Mil. Revenue was 4095.451 + 4209.963 + 4330.62 + 4446.658 = $17,083 Mil. Gross Profit was 1260.296 + 1472.107 + 1345.405 + 1503.424 = $5,581 Mil. Total Current Assets was $2,942 Mil. Total Assets was $49,003 Mil. Property, Plant and Equipment(Net PPE) was $7,514 Mil. Depreciation, Depletion and Amortization(DDA) was $690 Mil. Selling, General, & Admin. Expense(SGA) was $2,507 Mil. Total Current Liabilities was $5,940 Mil. Long-Term Debt & Capital Lease Obligation was $20,355 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) |
= | (802.598 / 15616.448) | / | (965.387 / 17082.692) | |
= | 0.051394 | / | 0.056513 | |
= | 0.9094 |
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) | |
= | (5581.232 / 17082.692) | / | (4403.047 / 15616.448) | |
= | 0.326719 | / | 0.281949 | |
= | 1.1588 |
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 - (3147.962 + 10277.512) / 53744.674) | / | (1 - (2941.863 + 7513.699) / 49003.024) | |
= | 0.750199 | / | 0.786634 | |
= | 0.9537 |
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 | |
= | 15616.448 | / | 17082.692 | |
= | 0.9142 |
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)) |
= | (690.086 / (690.086 + 7513.699)) | / | (1004.277 / (1004.277 + 10277.512)) | |
= | 0.084118 | / | 0.089018 | |
= | 0.945 |
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) |
= | (2535.477 / 15616.448) | / | (2506.806 / 17082.692) | |
= | 0.162359 | / | 0.146745 | |
= | 1.1064 |
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) |
= | ((23274.872 + 5789.263) / 53744.674) | / | ((20354.612 + 5939.922) / 49003.024) | |
= | 0.540782 | / | 0.53659 | |
= | 1.0078 |
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 | |
= | (1219.363 - 803.992 | - | 2668.693) | / | 53744.674 | |
= | -0.041926 |
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.
DISH Network has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of DISH Network's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Paul W Orban | officer: SVP & Chief Accounting Officer | 9601 SOUTH MERIDIAN BOULEVARD, ENGLEWOOD CO 80112 |
Ergen Two-year June 2023 Dish Grat | 10 percent owner | C/O CANTEY M. ERGEN, 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
Thomas A Cullen | officer: EVP, Corporate Development | DISH NETWORK CORPORATION, 9601 SOUTH MERIDIAN BLVD., ENGLEWOOD CO 80112 |
Ergen Two-year May 2023 Dish Grat | 10 percent owner | C/O CANTEY M. ERGEN, TRUSTEE, 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
James Defranco | director, officer: Executive Vice President | 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
Douglas Balsbough | officer: EVP and Chief People Officer | 10 FARM SPRINGS ROAD, FARMINGTON CT 06032 |
Stephen J Bye | director | 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
Ergen Two-year December 2022 Dish Grat | 10 percent owner | C/O CANTEY ERGEN, 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
Ergen Two-year June 2022 Dish Grat | 10 percent owner | C/O CANTEY M. ERGEN, 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
George R Brokaw | director | DISH NETWORK CORPORATION, 9601 S MERIDIAN BLVD, ENGLEWOOD CO 80112 |
Ergen Two-year May 2022 Dish Grat | 10 percent owner | C/O CANTEY M. ERGEN, 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
Narayan Raghu Iyengar | officer: EVP & CHIEF OPERATING OFFICER | 415 SOUTH 18TH STREET, ST. LOUIS MO 63103 |
Ergen Two-year December 2021 Dish Grat | 10 percent owner | C/O DISH NETWORK L.L.C., 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
David A. Scott | officer: EVP & Chief HR Officer | 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
Ergen Two-year June 2021 Dish Grat | 10 percent owner | 9601 S. MERIDIAN BLVD., ENGLEWOOD CO 80112 |
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