Crown Castle Beneish M-Score Historical Data
The historical data trend for Crown Castle'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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Crown Castle Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-3.01 |
-2.30 |
-2.53 |
-2.84 |
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Crown Castle Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.34 |
-2.53 |
-2.53 |
-2.84 |
-2.95 |
Competitive Comparison
For the REIT - Specialty subindustry, Crown Castle'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.
Crown Castle Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Crown Castle's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crown Castle's Beneish M-Score falls into.
Crown Castle 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 Crown Castle 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 * 0.7469 | + | 0.528 * 0.9792 | + | 0.404 * 1.0106 | + | 0.892 * 0.9761 | + | 0.115 * 0.9642 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0017 | + | 4.679 * -0.041511 | - | 0.327 * 1.0348 |
| = | -2.95 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $503 Mil.
Revenue was 1641 + 1674 + 1667 + 1867 = $6,849 Mil.
Gross Profit was 1177 + 1221 + 1181 + 1345 = $4,924 Mil.
Total Current Assets was $977 Mil.
Total Assets was $38,231 Mil.
Property, Plant and Equipment(Net PPE) was $21,667 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,762 Mil.
Selling, General, & Admin. Expense(SGA) was $747 Mil.
Total Current Liabilities was $2,336 Mil.
Long-Term Debt & Capital Lease Obligation was $27,957 Mil.
Net Income was 311 + 363 + 265 + 455 = $1,394 Mil.
Non Operating Income was -15 + -18 + -80 + -25 = $-138 Mil.
Cash Flow from Operations was 599 + 868 + 533 + 1119 = $3,119 Mil.
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Total Receivables was $690 Mil.
Revenue was 1773 + 1764 + 1746 + 1734 = $7,017 Mil.
Gross Profit was 1254 + 1244 + 1222 + 1220 = $4,940 Mil.
Total Current Assets was $1,325 Mil.
Total Assets was $39,054 Mil.
Property, Plant and Equipment(Net PPE) was $21,974 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,718 Mil.
Selling, General, & Admin. Expense(SGA) was $764 Mil.
Total Current Liabilities was $2,535 Mil.
Long-Term Debt & Capital Lease Obligation was $27,369 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) |
| = | (503 / 6849) | / | (690 / 7017) |
| = | 0.073441 | / | 0.098333 |
| | = | 0.7469 |
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) |
| = | (4940 / 7017) | / | (4924 / 6849) |
| = | 0.704005 | / | 0.718937 |
| | = | 0.9792 |
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 - (977 + 21667) / 38231) | / | (1 - (1325 + 21974) / 39054) |
| = | 0.407706 | / | 0.403416 |
| | = | 1.0106 |
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 |
| = | 6849 | / | 7017 |
| | = | 0.9761 |
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)) |
| = | (1718 / (1718 + 21974)) | / | (1762 / (1762 + 21667)) |
| = | 0.072514 | / | 0.075206 |
| | = | 0.9642 |
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) |
| = | (747 / 6849) | / | (764 / 7017) |
| = | 0.109067 | / | 0.108878 |
| | = | 1.0017 |
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) |
| = | ((27957 + 2336) / 38231) | / | ((27369 + 2535) / 39054) |
| = | 0.792367 | / | 0.765709 |
| | = | 1.0348 |
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 |
| = | (1394 - -138 | - | 3119) | / | 38231 |
| | = | -0.041511 |
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.
Crown Castle has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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