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.
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Comcast Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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|
|
|
|
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-2.36 |
-2.53 |
-2.66 |
-2.70 |
-2.70 |
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Comcast Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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|
|
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-2.62 |
-2.57 |
-2.70 |
-2.65 |
-2.67 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 0.9639 | + | 0.528 * 0.9921 | + | 0.404 * 0.996 | + | 0.892 * 1.1162 | + | 0.115 * 0.9676 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0972 | + | 4.679 * -0.0508 | - | 0.327 * 0.992 |
| = | -2.67 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $11,955 Mil.
Revenue was 30016 + 31010 + 30336 + 30298 = $121,660 Mil.
Gross Profit was 21128 + 20440 + 20456 + 19903 = $81,927 Mil.
Total Current Assets was $24,192 Mil.
Total Assets was $267,032 Mil.
Property, Plant and Equipment(Net PPE) was $53,508 Mil.
Depreciation, Depletion and Amortization(DDA) was $14,075 Mil.
Selling, General, & Admin. Expense(SGA) was $8,486 Mil.
Total Current Liabilities was $27,585 Mil.
Long-Term Debt & Capital Lease Obligation was $91,459 Mil.
Net Income was 3396 + 3549 + 3057 + 4035 = $14,037 Mil.
Non Operating Income was -896 + 188 + 182 + 767 = $241 Mil.
Cash Flow from Operations was 6327 + 7257 + 7689 + 6100 = $27,373 Mil.
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Total Receivables was $11,111 Mil.
Revenue was 28546 + 27205 + 27708 + 25532 = $108,991 Mil.
Gross Profit was 19290 + 18286 + 18270 + 16967 = $72,813 Mil.
Total Current Assets was $27,046 Mil.
Total Assets was $277,004 Mil.
Property, Plant and Equipment(Net PPE) was $52,769 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,317 Mil.
Selling, General, & Admin. Expense(SGA) was $6,929 Mil.
Total Current Liabilities was $29,314 Mil.
Long-Term Debt & Capital Lease Obligation was $95,175 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) |
| = | (11955 / 121660) | / | (11111 / 108991) |
| = | 0.09826566 | / | 0.1019442 |
| | = | 0.9639 |
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) |
| = | (72813 / 108991) | / | (81927 / 121660) |
| = | 0.66806434 | / | 0.6734095 |
| | = | 0.9921 |
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 - (24192 + 53508) / 267032) | / | (1 - (27046 + 52769) / 277004) |
| = | 0.70902364 | / | 0.71186337 |
| | = | 0.996 |
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 |
| = | 121660 | / | 108991 |
| | = | 1.1162 |
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)) |
| = | (13317 / (13317 + 52769)) | / | (14075 / (14075 + 53508)) |
| = | 0.20151015 | / | 0.20826243 |
| | = | 0.9676 |
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) |
| = | (8486 / 121660) | / | (6929 / 108991) |
| = | 0.06975177 | / | 0.06357406 |
| | = | 1.0972 |
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) |
| = | ((91459 + 27585) / 267032) | / | ((95175 + 29314) / 277004) |
| = | 0.44580425 | / | 0.44941228 |
| | = | 0.992 |
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 |
| = | (14037 - 241 | - | 27373) | / | 267032 |
| | = | -0.0508 |
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 -2.67 suggests that the company is unlikely to be a manipulator.
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