Adtran Holdings Beneish M-Score Historical Data
The historical data trend for Adtran Holdings'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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Adtran Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-3.26 |
-2.18 |
-2.46 |
-1.09 |
-3.25 |
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Adtran Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.09 |
-1.03 |
-1.01 |
-2.54 |
-3.25 |
Competitive Comparison
For the Communication Equipment subindustry, Adtran Holdings'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.
Adtran Holdings Beneish M-Score Distribution
For the Hardware industry and Technology sector, Adtran Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adtran Holdings's Beneish M-Score falls into.
Adtran Holdings 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 Adtran Holdings 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 * 0.6912 | + | 0.528 * 1.1009 | + | 0.404 * 0.9998 | + | 0.892 * 1.1205 | + | 0.115 * 0.7917 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1029 | + | 4.679 * -0.118639 | - | 0.327 * 1.1428 |
| = | -3.25 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $242 Mil.
Revenue was 225.479 + 272.331 + 327.378 + 323.912 = $1,149 Mil.
Gross Profit was 78.465 + 74.237 + 92.553 + 87.808 = $333 Mil.
Total Current Assets was $737 Mil.
Total Assets was $1,683 Mil.
Property, Plant and Equipment(Net PPE) was $123 Mil.
Depreciation, Depletion and Amortization(DDA) was $113 Mil.
Selling, General, & Admin. Expense(SGA) was $258 Mil.
Total Current Liabilities was $280 Mil.
Long-Term Debt & Capital Lease Obligation was $226 Mil.
Net Income was -127.155 + -72.735 + -39.097 + -40.083 = $-279 Mil.
Non Operating Income was -1.765 + -36.794 + 3.756 + 0.949 = $-34 Mil.
Cash Flow from Operations was -16.29 + 6.846 + -16.234 + -19.926 = $-46 Mil.
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Total Receivables was $312 Mil.
Revenue was 358.271 + 340.709 + 172.038 + 154.518 = $1,026 Mil.
Gross Profit was 107.403 + 103.027 + 62.506 + 54.316 = $327 Mil.
Total Current Assets was $882 Mil.
Total Assets was $1,943 Mil.
Property, Plant and Equipment(Net PPE) was $111 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $209 Mil.
Total Current Liabilities was $429 Mil.
Long-Term Debt & Capital Lease Obligation was $83 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) |
| = | (241.828 / 1149.1) | / | (312.266 / 1025.536) |
| = | 0.21045 | / | 0.304491 |
| | = | 0.6912 |
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) |
| = | (327.252 / 1025.536) | / | (333.063 / 1149.1) |
| = | 0.319103 | / | 0.289847 |
| | = | 1.1009 |
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 - (736.856 + 123.02) / 1682.512) | / | (1 - (882.358 + 110.699) / 1943.494) |
| = | 0.488933 | / | 0.489035 |
| | = | 0.9998 |
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 |
| = | 1149.1 | / | 1025.536 |
| | = | 1.1205 |
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)) |
| = | (67.553 / (67.553 + 110.699)) | / | (112.949 / (112.949 + 123.02)) |
| = | 0.378975 | / | 0.47866 |
| | = | 0.7917 |
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) |
| = | (258.149 / 1149.1) | / | (208.889 / 1025.536) |
| = | 0.224653 | / | 0.203688 |
| | = | 1.1029 |
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) |
| = | ((226.42 + 279.511) / 1682.512) | / | ((82.807 + 428.575) / 1943.494) |
| = | 0.3007 | / | 0.263125 |
| | = | 1.1428 |
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 |
| = | (-279.07 - -33.854 | - | -45.604) | / | 1682.512 |
| | = | -0.118639 |
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.
Adtran Holdings has a M-score of -3.25 suggests that the company is unlikely to be a manipulator.
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