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Tegna Beneish M-Score

: -2.52 (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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tegna's Beneish M-Score or its related term are showing as below:

TGNA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.61   Med: -2.53   Max: -0.11
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Tegna was -0.11. The lowest was -3.61. And the median was -2.53.


Tegna Beneish M-Score Historical Data

The historical data trend for Tegna'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.

Tegna 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 -2.33 -2.48 -2.15 -2.67 -2.30

Tegna 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 -2.32 -2.30 -2.30 -2.50 -2.52

Competitive Comparison

For the Broadcasting subindustry, Tegna'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.

   

Tegna Beneish M-Score Distribution

For the Media - Diversified industry and Communication Services sector, Tegna's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tegna's Beneish M-Score falls into.



Tegna 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 Tegna 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 * 1.0551+0.528 * 1.0628+0.404 * 0.9737+0.892 * 0.9854+0.115 * 1.0121
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1019+4.679 * -0.0263-0.327 * 0.895
=-2.52

* 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 $624 Mil.
Revenue was 784.881 + 774.123 + 774.647 + 756.487 = $3,090 Mil.
Gross Profit was 364.646 + 362.673 + 367.449 + 356.736 = $1,452 Mil.
Total Current Assets was $885 Mil.
Total Assets was $6,965 Mil.
Property, Plant and Equipment(Net PPE) was $544 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $475 Mil.
Total Current Liabilities was $371 Mil.
Long-Term Debt & Capital Lease Obligation was $3,153 Mil.
Net Income was 131.605 + 133.986 + 129.509 + 128.396 = $523 Mil.
Non Operating Income was -1.996 + 13.566 + -1.599 + 0.192 = $10 Mil.
Cash Flow from Operations was 195.127 + 196.26 + 159.008 + 146.111 = $697 Mil.
Total Receivables was $600 Mil.
Revenue was 732.908 + 727.051 + 937.575 + 738.389 = $3,136 Mil.
Gross Profit was 335.79 + 332.359 + 538.208 + 359.204 = $1,566 Mil.
Total Current Assets was $698 Mil.
Total Assets was $6,843 Mil.
Property, Plant and Equipment(Net PPE) was $558 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General, & Admin. Expense(SGA) was $437 Mil.
Total Current Liabilities was $318 Mil.
Long-Term Debt & Capital Lease Obligation was $3,550 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)
=(623.626 / 3090.138) / (599.832 / 3135.923)
=0.2018117 / 0.19127766
=1.0551

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)
=(1565.561 / 3135.923) / (1451.504 / 3090.138)
=0.49923452 / 0.46972142
=1.0628

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 - (885.377 + 543.605) / 6965.478) / (1 - (698.418 + 558.407) / 6843.095)
=0.79484796 / 0.81633676
=0.9737

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
=3090.138 / 3135.923
=0.9854

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))
=(130.762 / (130.762 + 558.407)) / (125.423 / (125.423 + 543.605))
=0.18973866 / 0.18747048
=1.0121

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)
=(474.731 / 3090.138) / (437.222 / 3135.923)
=0.15362777 / 0.1394237
=1.1019

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)
=((3153.044 + 370.726) / 6965.478) / ((3550.325 + 317.812) / 6843.095)
=0.50589062 / 0.56526133
=0.895

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
=(523.496 - 10.163 - 696.506) / 6965.478
=-0.0263

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.

Tegna has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.


Tegna Business Description

Tegna logo
Traded in Other Exchanges
Address
8350 Broad Street, Suite 2000, Tysons, VA, USA, 22102-5151
Tegna Inc is a media company with a portfolio of broadcast stations and digital sites. The firm has around 64 television stations and 2 radio stations in approximately 51 U.S markets. The company owns multicast networks of True Crime Network and Quest. It generates key revenue from advertising and marketing services, subscription, political advertising, and other services.
Executives
Kim Soohyung 10 percent owner C/O STANDARD GENERAL L.P. 767 FIFTH AVENUE, 12TH FLOOR NEW YORK NY 10153
Standard General L.p. 10 percent owner 767 FIFTH AVENUE 12TH FLOOR NEW YORK NY 10153
Grimes Karen H. director TOLL BROTHERS, INC. 1140 VIRGINIA DRIVE FORT WASHINGTON PA 19034
Harrison Akinyale S. officer: SVP, General Counsel and Sec. C/O TEGNA INC. 7950 JONES BRANCH DRIVE MCLEAN VA 22107
Bianchini Gina L director 312 WALNUT STREET, SUITE 1800 CINCINNATI OH 45202
Epstein Stuart J. director C/O TEGNA INC. 7950 JONES BRANCH DRIVE MCLEAN VA 22107
Witmer Melinda director C/O TEGNA INC. 7950 JONES BRANCH DRIVE MCLEAN VA 22107
Trelstad Lynn B. officer: EVP and COO - Media Operations C/O TEGNA INC. 7950 JONES BRANCH DRIVE MCLEAN VA 22107
Nolop Bruce P director C/O E*TRADE FINANCIAL CORPORATE SERVICES 135 EAST 57TH STREET NEW YORK NY 10022
Mccune Scott K director C/O GANNETT CO., INC. 7950 JONES BRANCH DRIVE MCLEAN VA 22107
Shapiro Neal director GANNETT CO., INC. 7950 JONES BRANCH DRIVE MCLEAN VA 22107
Ness Susan director C/O ADELPHIA COMMUNICATIONS CORP 5619 DTC PARKWAY EDGEWOOD CO 80111
Elias Howard D director C/O EMC CORPORATION 176 SOUTH STREET HOPKINTON MA 01748
Greenthal Jill A director MARTHA STEWART LIVING OMNIMEDIA INC 11 WEST 42ND STREET 25TH FLOOR NEW YORK NY 10036
Mcgee Henry Wadsworth Iii director 1300 MORRIS DRIVE CHESTERBROOK PA 19087

Tegna Headlines

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