Broadcom Beneish M-Score Historical Data
The historical data trend for Broadcom'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.
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Broadcom Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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|
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|
|
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-3.17 |
-3.37 |
-2.98 |
-2.49 |
-2.69 |
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Broadcom Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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|
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-2.56 |
-2.76 |
-2.70 |
-2.69 |
-2.21 |
Competitive Comparison
For the Semiconductors subindustry, Broadcom'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.
Broadcom Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Broadcom's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Broadcom's Beneish M-Score falls into.
Broadcom 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 Broadcom 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 * 1.409 | + | 0.528 * 0.9987 | + | 0.404 * 1.1692 | + | 0.892 * 1.0787 | + | 0.115 * 1.0471 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7691 | + | 4.679 * -0.035961 | - | 0.327 * 0.8434 |
| = | -2.21 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was €4,562 Mil.
Revenue was 10980.198 + 8802.365 + 8023.904 + 7964.496 = €35,771 Mil.
Gross Profit was 6770.25 + 6067.429 + 5572.256 + 5576.88 = €23,987 Mil.
Total Current Assets was €24,962 Mil.
Total Assets was €163,285 Mil.
Property, Plant and Equipment(Net PPE) was €2,444 Mil.
Depreciation, Depletion and Amortization(DDA) was €4,734 Mil.
Selling, General, & Admin. Expense(SGA) was €2,589 Mil.
Total Current Liabilities was €18,699 Mil.
Long-Term Debt & Capital Lease Obligation was €67,444 Mil.
Net Income was 1216.35 + 3337.228 + 2985.912 + 3174.672 = €10,714 Mil.
Non Operating Income was -399.33 + -393.952 + -79.552 + 94.848 = €-778 Mil.
Cash Flow from Operations was 4420.17 + 4572.116 + 4265.976 + 4105.824 = €17,364 Mil.
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Total Receivables was €3,001 Mil.
Revenue was 8273.12 + 9063.95 + 8320.112 + 7503.378 = €33,161 Mil.
Gross Profit was 5571.712 + 6014.89 + 5584.423 + 5036.514 = €22,208 Mil.
Total Current Assets was €17,480 Mil.
Total Assets was €67,722 Mil.
Property, Plant and Equipment(Net PPE) was €2,043 Mil.
Depreciation, Depletion and Amortization(DDA) was €4,559 Mil.
Selling, General, & Admin. Expense(SGA) was €1,357 Mil.
Total Current Liabilities was €6,944 Mil.
Long-Term Debt & Capital Lease Obligation was €35,419 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) |
| = | (4561.542 / 35770.963) | / | (3001.152 / 33160.56) |
| = | 0.127521 | / | 0.090504 |
| | = | 1.409 |
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) |
| = | (22207.539 / 33160.56) | / | (23986.815 / 35770.963) |
| = | 0.669697 | / | 0.670567 |
| | = | 0.9987 |
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 - (24962.256 + 2443.716) / 163284.66) | / | (1 - (17479.808 + 2042.528) / 67721.728) |
| = | 0.832158 | / | 0.711727 |
| | = | 1.1692 |
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 |
| = | 35770.963 | / | 33160.56 |
| | = | 1.0787 |
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)) |
| = | (4558.711 / (4558.711 + 2042.528)) | / | (4734.21 / (4734.21 + 2443.716)) |
| = | 0.690584 | / | 0.659551 |
| | = | 1.0471 |
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) |
| = | (2589.15 / 35770.963) | / | (1356.771 / 33160.56) |
| = | 0.072381 | / | 0.040915 |
| | = | 1.7691 |
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) |
| = | ((67443.624 + 18698.742) / 163284.66) | / | ((35418.976 + 6944.224) / 67721.728) |
| = | 0.527559 | / | 0.625548 |
| | = | 0.8434 |
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 |
| = | (10714.162 - -777.986 | - | 17364.086) | / | 163284.66 |
| | = | -0.035961 |
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.
Broadcom has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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