Altice USA Beneish M-Score Historical Data
The historical data trend for Altice USA'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.
Altice USA Beneish M-Score Chart
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Altice USA Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-2.86 |
-2.81 |
-2.89 |
-2.71 |
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Altice USA Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.89 |
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-2.71 |
Competitive Comparison of Altice USA's Beneish M-Score
For the Telecom Services subindustry, Altice USA'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.
Altice USA's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Altice USA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Altice USA's Beneish M-Score falls into.
Altice USA 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 Altice USA 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 * 1.0201 | + | 0.528 * 0.9937 | + | 0.404 * 1.0261 | + | 0.892 * 0.9574 | + | 0.115 * 1.1345 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.050565 | - | 0.327 * 0.9988 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $358 Mil.
Revenue was $9,237 Mil.
Gross Profit was $6,207 Mil.
Total Current Assets was $835 Mil.
Total Assets was $31,924 Mil.
Property, Plant and Equipment(Net PPE) was $8,373 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,644 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,308 Mil.
Long-Term Debt & Capital Lease Obligation was $24,980 Mil.
Net Income was $53 Mil.
Gross Profit was $-159 Mil.
Cash Flow from Operations was $1,826 Mil.
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Total Receivables was $367 Mil.
Revenue was $9,648 Mil.
Gross Profit was $6,442 Mil.
Total Current Assets was $2,568 Mil.
Total Assets was $33,665 Mil.
Property, Plant and Equipment(Net PPE) was $7,751 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,774 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $4,040 Mil.
Long-Term Debt & Capital Lease Obligation was $24,773 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) |
| = | (358.004 / 9237.064) | / | (366.564 / 9647.659) |
| = | 0.038757 | / | 0.037995 |
| | = | 1.0201 |
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) |
| = | (6442.021 / 9647.659) | / | (6207.222 / 9237.064) |
| = | 0.667729 | / | 0.671991 |
| | = | 0.9937 |
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 - (834.794 + 8373.302) / 31923.616) | / | (1 - (2568.445 + 7751.381) / 33664.966) |
| = | 0.711558 | / | 0.693455 |
| | = | 1.0261 |
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 |
| = | 9237.064 | / | 9647.659 |
| | = | 0.9574 |
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)) |
| = | (1773.673 / (1773.673 + 7751.381)) | / | (1644.297 / (1644.297 + 8373.302)) |
| = | 0.186211 | / | 0.164141 |
| | = | 1.1345 |
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) |
| = | (0 / 9237.064) | / | (0 / 9647.659) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((24980.201 + 2308.124) / 31923.616) | / | ((24772.893 + 4039.701) / 33664.966) |
| = | 0.854801 | / | 0.855863 |
| | = | 0.9988 |
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 |
| = | (53.198 - -158.982 | - | 1826.398) | / | 31923.616 |
| | = | -0.050565 |
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.
Altice USA has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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