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.
Comcast Beneish M-Score Chart
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Comcast Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.70 |
-2.70 |
-2.69 |
-2.67 |
-2.69 |
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Comcast Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-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.
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:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9671 | + | 0.528 * 0.9948 | + | 0.404 * 0.9705 | + | 0.892 * 1.0133 | + | 0.115 * 0.9895 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9992 | + | 4.679 * -0.042966 | - | 0.327 * 0.9859 |
| = | -2.71 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $12,881 Mil.
Revenue was 29887 + 31914 + 32070 + 29688 = $123,559 Mil.
Gross Profit was 21472 + 21888 + 21854 + 21727 = $86,941 Mil.
Total Current Assets was $27,314 Mil.
Total Assets was $267,770 Mil.
Property, Plant and Equipment(Net PPE) was $63,292 Mil.
Depreciation, Depletion and Amortization(DDA) was $15,100 Mil.
Selling, General, & Admin. Expense(SGA) was $8,126 Mil.
Total Current Liabilities was $42,325 Mil.
Long-Term Debt & Capital Lease Obligation was $92,274 Mil.
Net Income was 3375 + 4777 + 3629 + 3929 = $15,710 Mil.
Non Operating Income was -116 + -351 + -3 + -434 = $-904 Mil.
Cash Flow from Operations was 8294 + 8080 + 7021 + 4724 = $28,119 Mil.
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Total Receivables was $13,144 Mil.
Revenue was 30058 + 31253 + 30115 + 30513 = $121,939 Mil.
Gross Profit was 21235 + 20997 + 21463 + 21664 = $85,359 Mil.
Total Current Assets was $23,978 Mil.
Total Assets was $263,601 Mil.
Property, Plant and Equipment(Net PPE) was $59,918 Mil.
Depreciation, Depletion and Amortization(DDA) was $14,110 Mil.
Selling, General, & Admin. Expense(SGA) was $8,026 Mil.
Total Current Liabilities was $40,324 Mil.
Long-Term Debt & Capital Lease Obligation was $94,071 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) |
| = | (12881 / 123559) | / | (13144 / 121939) |
| = | 0.10425 | / | 0.107792 |
| | = | 0.9671 |
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) |
| = | (85359 / 121939) | / | (86941 / 123559) |
| = | 0.700014 | / | 0.70364 |
| | = | 0.9948 |
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 - (27314 + 63292) / 267770) | / | (1 - (23978 + 59918) / 263601) |
| = | 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 |
| = | 123559 | / | 121939 |
| | = | 1.0133 |
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)) |
| = | (14110 / (14110 + 59918)) | / | (15100 / (15100 + 63292)) |
| = | 0.190604 | / | 0.192622 |
| | = | 0.9895 |
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) |
| = | (8126 / 123559) | / | (8026 / 121939) |
| = | 0.065766 | / | 0.06582 |
| | = | 0.9992 |
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) |
| = | ((92274 + 42325) / 267770) | / | ((94071 + 40324) / 263601) |
| = | 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 |
| = | (15710 - -904 | - | 28119) | / | 267770 |
| | = | -0.042966 |
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 -2.71 suggests that the company is unlikely to be a manipulator.
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