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Comcast Beneish M-Score

: -2.67 (As of Today)
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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 -2.67 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:

CMCSA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63   Med: -2.62   Max: 3.7
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Comcast was 3.70. The lowest was -3.63. And the median was -2.62.


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 Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.36 -2.53 -2.66 -2.70 -2.70

Comcast Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -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.
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.




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.


Comcast Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Comcast's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Comcast Business Description

Comcast logo
Address
One Comcast Center, Philadelphia, PA, USA, 19103-2838
Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to roughly 61 million U.S. homes and businesses, or nearly half of the country. About 57% of the homes 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 broadcast network, several local NBC affiliates, Universal Studios, and several theme parks. Sky, acquired in 2018, is the dominant television provider in the U.K. and has invested heavily in exclusive and proprietary content to build this position. The firm is also the largest pay-television provider in Italy and has a presence in Germany and Austria.
Executives
Strong Dana officer: CEO - Sky C/O COMCAST CORPORATION ONE COMCAST CENTER PHILADELPHIA PA 19103-2838
Bergman Naomi M. director 210 E. EARLL DRIVE PHOENIX AZ 85012
Miller Adam Louis officer: Sr. EVP ONE COMCAST CENTER PHILADELPHIA PA 19103-2838
Shell Jeff officer: CEO - NBCUniversal C/O COMCAST CORPORATION ONE COMCAST CENTER PHILADELPHIA PA 19103
Bacon Kenneth J director 5404 WISCONSIN AVENUE SUITE 410 CHEVY CHASE MD 20815
Reid Thomas J. officer: Senior EVP, GC and Secretary ONE COMCAST CENTER PHILADELPHIA PA 19103
Montiel Maritza Gomez director C/O APTARGROUP, INC. 265 EXCHANGE DRIVE, SUITE 100 CRYSTAL LAKE IL 60014
Roberts Brian L director, officer: Chairman of Board, Pres. & CEO COMCAST CORP 1500 MARKET STREET-35TH FLOOR PHILIDELPHIA PA 19102-2148
Watson David N officer: Sr. EVP 1100 CASSATT ROAD BERWYN PA 19312
Murdock Daniel C. officer: SVP & Chief Accounting Officer 1500 MARKET STREET PHILADELPHIA PA 19102
Nakahara Asuka director 527 GREYSTONE ROAD MERION PA 19066
Novak David C director 1441 GARDINER LANE LOUISVILLE KY 40213
Bell Madeline S. director ONE COMCAST CENTER PHILADELPHIA PA 19103-2838
Cavanagh Michael J officer: CFO 1 BANK ONE PLAZA IL1-0877 CHICAGO IL 60670
Burke Stephen B officer: Executive Vice President 41 CENTRAL PARK WEST - APT 11A NEW YORK NY 10023

Comcast Headlines

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