Viasat Beneish M-Score Historical Data
The historical data trend for Viasat'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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Viasat Annual Data
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|
Trend |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
|
|
|
|
|
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-2.99 |
-2.80 |
-2.98 |
-3.39 |
-2.48 |
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Viasat Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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-3.39 |
-2.68 |
-2.57 |
-2.30 |
-2.48 |
Competitive Comparison
For the Communication Equipment subindustry, Viasat'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.
Viasat Beneish M-Score Distribution
For the Hardware industry and Technology sector, Viasat's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viasat's Beneish M-Score falls into.
Viasat 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 Viasat 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 * 1.2184 | + | 0.528 * 1.0086 | + | 0.404 * 0.9796 | + | 0.892 * 1.2356 | + | 0.115 * 0.9719 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0383 | + | 4.679 * -0.0822 | - | 0.327 * 1.052 |
| = | -2.48 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $359 Mil.
Revenue was 701.704 + 719.717 + 701.354 + 664.86 = $2,788 Mil.
Gross Profit was 204.122 + 219.596 + 212.911 + 210.884 = $848 Mil.
Total Current Assets was $1,159 Mil.
Total Assets was $6,389 Mil.
Property, Plant and Equipment(Net PPE) was $4,098 Mil.
Depreciation, Depletion and Amortization(DDA) was $495 Mil.
Selling, General, & Admin. Expense(SGA) was $657 Mil.
Total Current Liabilities was $770 Mil.
Long-Term Debt & Capital Lease Obligation was $2,779 Mil.
Net Income was -29.18 + -6.613 + 3.291 + 16.968 = $-16 Mil.
Non Operating Income was 0 + 0 + 0 + 4.118 = $4 Mil.
Cash Flow from Operations was 119.263 + 158.579 + 162.67 + 65.129 = $506 Mil.
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Total Receivables was $239 Mil.
Revenue was 595.782 + 575.559 + 554.278 + 530.488 = $2,256 Mil.
Gross Profit was 195.669 + 184.27 + 166.965 + 144.919 = $692 Mil.
Total Current Assets was $991 Mil.
Total Assets was $5,349 Mil.
Property, Plant and Equipment(Net PPE) was $3,391 Mil.
Depreciation, Depletion and Amortization(DDA) was $397 Mil.
Selling, General, & Admin. Expense(SGA) was $512 Mil.
Total Current Liabilities was $708 Mil.
Long-Term Debt & Capital Lease Obligation was $2,116 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) |
| = | (359.269 / 2787.635) | / | (238.652 / 2256.107) |
| = | 0.1288795 | / | 0.10578044 |
| | = | 1.2184 |
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) |
| = | (691.823 / 2256.107) | / | (847.513 / 2787.635) |
| = | 0.30664459 | / | 0.30402581 |
| | = | 1.0086 |
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 - (1159.472 + 4098.088) / 6389.346) | / | (1 - (991.233 + 3390.939) / 5349.467) |
| = | 0.17713644 | / | 0.18082082 |
| | = | 0.9796 |
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 |
| = | 2787.635 | / | 2256.107 |
| | = | 1.2356 |
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)) |
| = | (397.102 / (397.102 + 3390.939)) | / | (495.447 / (495.447 + 4098.088)) |
| = | 0.10483044 | / | 0.10785746 |
| | = | 0.9719 |
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) |
| = | (657.251 / 2787.635) | / | (512.316 / 2256.107) |
| = | 0.23577369 | / | 0.22707966 |
| | = | 1.0383 |
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) |
| = | ((2778.88 + 770.421) / 6389.346) | / | ((2116.446 + 708.437) / 5349.467) |
| = | 0.55550302 | / | 0.52806812 |
| | = | 1.052 |
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 |
| = | (-15.534 - 4.118 | - | 505.641) | / | 6389.346 |
| | = | -0.0822 |
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.
Viasat has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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