Vonage Holdings Beneish M-Score Historical Data
The historical data trend for Vonage Holdings'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.
Vonage Holdings Beneish M-Score Chart
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Vonage Holdings Annual Data
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Dec12 |
Dec13 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-3.10 |
-2.25 |
-2.56 |
-2.76 |
-2.80 |
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Vonage Holdings Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
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Mar19 |
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Mar21 |
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Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
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-2.86 |
-2.88 |
-2.88 |
-2.80 |
-2.83 |
Competitive Comparison of Vonage Holdings's Beneish M-Score
For the Telecom Services subindustry, Vonage Holdings'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.
Vonage Holdings's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Vonage Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vonage Holdings's Beneish M-Score falls into.
Vonage Holdings 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 Vonage Holdings 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 * 1.1694 | + | 0.528 * 1.0957 | + | 0.404 * 1.0084 | + | 0.892 * 1.1181 | + | 0.115 * 0.8974 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9459 | + | 4.679 * -0.140872 | - | 0.327 * 1.0175 |
| = | -2.83 |
* 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 $146 Mil.
Revenue was 358.828 + 366.305 + 358.341 + 351.469 = $1,435 Mil.
Gross Profit was 176.443 + 175.244 + 180.477 + 182.672 = $715 Mil.
Total Current Assets was $223 Mil.
Total Assets was $1,382 Mil.
Property, Plant and Equipment(Net PPE) was $52 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $642 Mil.
Total Current Liabilities was $297 Mil.
Long-Term Debt & Capital Lease Obligation was $505 Mil.
Net Income was -17.122 + -22.151 + -2.032 + 0.062 = $-41 Mil.
Non Operating Income was 0.511 + 1.119 + -0.1 + -0.288 = $1 Mil.
Cash Flow from Operations was 40.871 + 25.304 + 43.886 + 42.203 = $152 Mil.
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Total Receivables was $112 Mil.
Revenue was 332.9 + 323.295 + 316.649 + 310.533 = $1,283 Mil.
Gross Profit was 176.113 + 173.079 + 174.748 + 176.545 = $700 Mil.
Total Current Assets was $223 Mil.
Total Assets was $1,403 Mil.
Property, Plant and Equipment(Net PPE) was $66 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $607 Mil.
Total Current Liabilities was $257 Mil.
Long-Term Debt & Capital Lease Obligation was $543 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) |
| = | (145.895 / 1434.943) | / | (111.584 / 1283.377) |
| = | 0.101673 | / | 0.086946 |
| | = | 1.1694 |
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) |
| = | (700.485 / 1283.377) | / | (714.836 / 1434.943) |
| = | 0.545814 | / | 0.498163 |
| | = | 1.0957 |
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 - (223.213 + 52.376) / 1382.456) | / | (1 - (223.445 + 65.593) / 1402.741) |
| = | 0.800653 | / | 0.793948 |
| | = | 1.0084 |
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 |
| = | 1434.943 | / | 1283.377 |
| | = | 1.1181 |
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)) |
| = | (88.849 / (88.849 + 65.593)) | / | (93.558 / (93.558 + 52.376)) |
| = | 0.57529 | / | 0.641098 |
| | = | 0.8974 |
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) |
| = | (641.672 / 1434.943) | / | (606.704 / 1283.377) |
| = | 0.447176 | / | 0.47274 |
| | = | 0.9459 |
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) |
| = | ((505.16 + 296.99) / 1382.456) | / | ((543.293 + 256.622) / 1402.741) |
| = | 0.580235 | / | 0.570251 |
| | = | 1.0175 |
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 |
| = | (-41.243 - 1.242 | - | 152.264) | / | 1382.456 |
| | = | -0.140872 |
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.
Vonage Holdings has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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