DISH Network (FRA:EOT) Beneish M-Score : -2.80 (As of May. 12, 2024)

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What is DISH Network Beneish M-Score?

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:

FRA:EOT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.68 Max: -1.91
Current: -2.8

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.

DISH Network Beneish M-Score Historical Data

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.

* Premium members only.

DISH Network Beneish M-Score Chart

DISH Network Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-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

Competitive Comparison of DISH Network's Beneish M-Score

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.

DISH Network's Beneish M-Score Distribution in the Telecommunication Services Industry

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.

DISH Network 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 DISH Network for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8449

0.528 * 1.1575

0.404 * 0.9537

0.892 * 0.9129

0.115 * 0.885

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1034

4.679 * -0.041897

0.327 * 1.0078

-2.87

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was €752 Mil.
Revenue was 3471.131 + 3610.386 + 3695.821 + 3816.944 = €14,594 Mil.
Gross Profit was 839.188 + 1034.627 + 1079.678 + 1161.615 = €4,115 Mil.
Total Current Assets was €2,950 Mil.
Total Assets was €50,359 Mil.
Property, Plant and Equipment(Net PPE) was €9,630 Mil.
Depreciation, Depletion and Amortization(DDA) was €938 Mil.
Selling, General, & Admin. Expense(SGA) was €2,370 Mil.
Total Current Liabilities was €5,425 Mil.
Long-Term Debt & Capital Lease Obligation was €21,809 Mil.
Net Income was -130.416 + 184.898 + 208.006 + 883.131 = €1,146 Mil.
Non Operating Income was -141.953 + 56.573 + -28.507 + 872.934 = €759 Mil.
Cash Flow from Operations was 345.078 + 565.284 + 688.707 + 897.364 = €2,496 Mil.

Total Receivables was €975 Mil.
Revenue was 4136.406 + 3982.625 + 3932.203 + 3935.292 = €15,987 Mil.
Gross Profit was 1272.899 + 1392.613 + 1221.628 + 1330.53 = €5,218 Mil.
Total Current Assets was €2,971 Mil.
Total Assets was €49,493 Mil.
Property, Plant and Equipment(Net PPE) was €7,589 Mil.
Depreciation, Depletion and Amortization(DDA) was €647 Mil.
Selling, General, & Admin. Expense(SGA) was €2,352 Mil.
Total Current Liabilities was €5,999 Mil.
Long-Term Debt & Capital Lease Obligation was €20,558 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)
	=	(752.034 / 14594.282)	/	(975.041 / 15986.526)
	=	0.051529	/	0.060991
	=	0.8449

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)
	=	(5217.67 / 15986.526)	/	(4115.108 / 14594.282)
	=	0.326379	/	0.281967
	=	1.1575

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 - (2949.64 + 9630.029) / 50358.76)	/	(1 - (2971.282 + 7588.836) / 49493.054)
	=	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
	=	14594.282	/	15986.526
	=	0.9129

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))
	=	(646.886 / (646.886 + 7588.836))	/	(937.931 / (937.931 + 9630.029))
	=	0.078546	/	0.088752
	=	0.885

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)
	=	(2369.503 / 14594.282)	/	(2352.337 / 15986.526)
	=	0.162358	/	0.147145
	=	1.1034

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)
	=	((21808.555 + 5424.539) / 50358.76)	/	((20558.158 + 5999.321) / 49493.054)
	=	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
	=	(1145.619 - 759.047	-	2496.433)	/	50358.76
	=	-0.041897

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 -2.87 suggests that the company is unlikely to be a manipulator.

DISH Network Beneish M-Score Related Terms

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DISH Network (FRA:EOT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » DISH Network Corp (FRA:EOT) » Definitions » Beneish M-Score

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Address

9601 South Meridian Boulevard, Englewood, CO, USA, 80112

Website

https://www.dish.com

From its founding in the 1980s, Dish Network has primarily focused on the satellite television business, capitalizing on technological advancements to expand its reach. The firm now serves 7 million U.S. customers. Dish launched an internet-based television offering under the Sling brand in 2015 and now serves about 2 million customers on this platform. Dish's future, however, hinges primarily on the wireless business. The firm has amassed a large portfolio of spectrum licenses over the past 15 years, spending about $30 billion in the process, and is now building a nationwide wireless network. It acquired Sprint's prepaid business and now serves about 8 million customers. Dish plans to merge with EchoStar, a firm it spun out in 2008 that provides satellite-based communications services.