Frontier Communications Beneish M-Score Historical Data
The historical data trend for Frontier 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.
Frontier Communications Beneish M-Score Chart
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Frontier Communications Annual Data
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Dec11 |
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Dec16 |
Dec17 |
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Dec19 |
Dec20 |
| Beneish M-Score |
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-1.95 |
-2.85 |
-2.91 |
-3.26 |
-2.83 |
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Frontier Communications Quarterly Data
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Jun16 |
Sep16 |
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Mar17 |
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Mar20 |
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Mar21 |
| Beneish M-Score |
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-3.37 |
-2.83 |
-2.82 |
-2.83 |
-2.80 |
Competitive Comparison of Frontier Communications's Beneish M-Score
For the Telecom Services subindustry, Frontier 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.
Frontier Communications's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Frontier Communications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Frontier Communications's Beneish M-Score falls into.
Frontier 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 Frontier 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 * 0.992 | + | 0.528 * 0.9978 | + | 0.404 * 0.8317 | + | 0.892 * 0.8689 | + | 0.115 * 1.0865 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0353 | + | 4.679 * -0.091038 | - | 0.327 * 0.3835 |
| = | -2.89 |
* 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 (Mar21) TTM: | Last Year (Mar20) TTM: |
Total Receivables was $562.00 Mil.
Revenue was 1676 + 1695 + 1726 + 1801 = $6,898.00 Mil.
Gross Profit was 1056 + 1066 + 1069 + 1116 = $4,307.00 Mil.
Total Current Assets was $2,847.00 Mil.
Total Assets was $16,960.00 Mil.
Property, Plant and Equipment(Net PPE) was $12,987.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,570.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1,612.00 Mil.
Total Current Liabilities was $7,151.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 60 + -50 + 15 + -181 = $-156.00 Mil.
Non Operating Income was -25 + -224 + -148 + -392 = $-789.00 Mil.
Cash Flow from Operations was 665 + 497 + 542 + 473 = $2,177.00 Mil.
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Total Receivables was $652.00 Mil.
Revenue was 1933 + 1942 + 1997 + 2067 = $7,939.00 Mil.
Gross Profit was 1203 + 1213 + 1226 + 1304 = $4,946.00 Mil.
Total Current Assets was $3,202.00 Mil.
Total Assets was $17,488.00 Mil.
Property, Plant and Equipment(Net PPE) was $12,890.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,711.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1,792.00 Mil.
Total Current Liabilities was $19,229.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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) |
| = | (562 / 6898) | / | (652 / 7939) |
| = | 0.081473 | / | 0.082126 |
| | = | 0.992 |
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) |
| = | (4946 / 7939) | / | (4307 / 6898) |
| = | 0.623 | / | 0.624384 |
| | = | 0.9978 |
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 - (2847 + 12987) / 16960) | / | (1 - (3202 + 12890) / 17488) |
| = | 0.066392 | / | 0.079826 |
| | = | 0.8317 |
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 |
| = | 6898 | / | 7939 |
| | = | 0.8689 |
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)) |
| = | (1711 / (1711 + 12890)) | / | (1570 / (1570 + 12987)) |
| = | 0.117184 | / | 0.107852 |
| | = | 1.0865 |
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) |
| = | (1612 / 6898) | / | (1792 / 7939) |
| = | 0.233691 | / | 0.225721 |
| | = | 1.0353 |
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 + 7151) / 16960) | / | ((0 + 19229) / 17488) |
| = | 0.421639 | / | 1.099554 |
| | = | 0.3835 |
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 |
| = | (-156 - -789 | - | 2177) | / | 16960 |
| | = | -0.091038 |
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.
Frontier Communications has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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