Comcast (MEX:CMCS A) Beneish M-Score : -2.71 (As of Jun. 25, 2025)

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What is Comcast 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Comcast's Beneish M-Score or its related term are showing as below:

MEX:CMCS A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.67 Max: -2.3
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Comcast was -2.30. The lowest was -2.88. And the median was -2.67.

Comcast Beneish M-Score Historical Data

The historical data trend for Comcast'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.

Comcast Beneish M-Score Chart

Comcast Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.70

-2.69

-2.67

-2.69

Comcast Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.69	-2.69	-2.60	-2.69	-2.71

Competitive Comparison of Comcast's Beneish M-Score

For the Telecom Services subindustry, Comcast'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.

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

For the Telecommunication Services industry and Communication Services sector, Comcast's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Comcast's Beneish M-Score falls into.

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Comcast 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 Comcast 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 * 1.0231

0.528 * 0.9958

0.404 * 0.9705

0.892 * 1.1807

0.115 * 1.035

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0007

4.679 * -0.042564

0.327 * 0.9859

-2.50

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was MXN263,522 Mil.
Revenue was 611434.224 + 665588.809 + 631467.921 + 543887.218 = MXN2,452,378 Mil.
Gross Profit was 439278.471 + 456489.561 + 430311.816 + 398040.878 = MXN1,724,121 Mil.
Total Current Assets was MXN558,795 Mil.
Total Assets was MXN5,478,092 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,294,840 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN299,896 Mil.
Selling, General, & Admin. Expense(SGA) was MXN161,459 Mil.
Total Current Liabilities was MXN865,893 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,887,760 Mil.
Net Income was 69046.425 + 99627.679 + 71456.099 + 71979.685 = MXN312,110 Mil.
Non Operating Income was -2373.151 + -7320.351 + -59.071 + -7950.925 = MXN-17,703 Mil.
Cash Flow from Operations was 169680.311 + 168514.056 + 138245.596 + 86544.167 = MXN562,984 Mil.

Total Receivables was MXN218,141 Mil.
Revenue was 498850.233 + 530496.172 + 524570.083 + 523111.821 = MXN2,077,028 Mil.
Gross Profit was 352421.475 + 356408.285 + 373861.786 + 371405.45 = MXN1,454,097 Mil.
Total Current Assets was MXN397,945 Mil.
Total Assets was MXN4,374,789 Mil.
Property, Plant and Equipment(Net PPE) was MXN994,414 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN240,317 Mil.
Selling, General, & Admin. Expense(SGA) was MXN136,659 Mil.
Total Current Liabilities was MXN669,227 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,561,226 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)
	=	(263522.074 / 2452378.172)	/	(218141.176 / 2077028.309)
	=	0.107456	/	0.105026
	=	1.0231

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)
	=	(1454096.996 / 2077028.309)	/	(1724120.726 / 2452378.172)
	=	0.700085	/	0.70304
	=	0.9958

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 - (558795.275 + 1294840.395) / 5478092.218)	/	(1 - (397945.003 + 994414.408) / 4374789.416)
	=	0.661628	/	0.681731
	=	0.9705

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
	=	2452378.172	/	2077028.309
	=	1.1807

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))
	=	(240317.329 / (240317.329 + 994414.408))	/	(299895.658 / (299895.658 + 1294840.395))
	=	0.194631	/	0.188053
	=	1.035

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)
	=	(161458.798 / 2452378.172)	/	(136658.509 / 2077028.309)
	=	0.065838	/	0.065795
	=	1.0007

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)
	=	((1887759.948 + 865893.316) / 5478092.218)	/	((1561226.305 + 669227.387) / 4374789.416)
	=	0.502666	/	0.509843
	=	0.9859

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
	=	(312109.888 - -17703.498	-	562984.13)	/	5478092.218
	=	-0.042564

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.

Comcast has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

Comcast Beneish M-Score Related Terms

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Comcast Business Description

Industry

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Traded in Other Exchanges

CCZ:USA CMCSA:USA 1CMCSA:Italy CTP2d:UK 0QYF:UK CTP2:Germany CTP2:Germany CTP2:Germany CTP2:Germany CMCSA:Chile CMCS34:Brazil CMCS:Austria

Address

One Comcast Center, Philadelphia, PA, USA, 19103-2838

Website

https://www.comcastcorporation.com

Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to 64 million US homes and businesses, or nearly half of the country. About 50% of the locations in this territory subscribe to at least one Comcast service. Comcast acquired NBCUniversal from General Electric in 2011. NBCU owns several cable networks, including CNBC, MSNBC, and USA, the NBC network, the Peacock streaming platform, several local NBC affiliates, Universal Studios, and several theme parks. The firm plans to spin off most of its cable networks later in 2025. Finally, Sky, acquired in 2018, is a large television provider in the UK and Italy, and it also has a presence in Germany and Austria.

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