Verizon Communications Beneish M-Score Historical Data
The historical data trend for Verizon Communications'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.
Verizon Communications Beneish M-Score Chart
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Verizon Communications Annual Data
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Dec15 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.93 |
-2.58 |
-2.65 |
-2.73 |
-2.69 |
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Verizon Communications Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Mar24 |
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Sep24 |
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Mar25 |
| Beneish M-Score |
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-2.65 |
-2.63 |
-2.65 |
-2.69 |
-2.70 |
Competitive Comparison of Verizon Communications's Beneish M-Score
For the Telecom Services subindustry, Verizon Communications'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.
Verizon Communications's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Verizon Communications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Verizon Communications's Beneish M-Score falls into.
Verizon Communications 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 Verizon Communications 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 * 1.0131 | + | 0.528 * 0.9941 | + | 0.404 * 1.0039 | + | 0.892 * 1.0093 | + | 0.115 * 0.9859 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0045 | + | 4.679 * -0.053596 | - | 0.327 * 0.9616 |
| = | -2.70 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $25,889 Mil.
Revenue was 33485 + 35681 + 33330 + 32796 = $135,292 Mil.
Gross Profit was 20429 + 20167 + 20090 + 20325 = $81,011 Mil.
Total Current Assets was $37,353 Mil.
Total Assets was $380,364 Mil.
Property, Plant and Equipment(Net PPE) was $132,098 Mil.
Depreciation, Depletion and Amortization(DDA) was $18,024 Mil.
Selling, General, & Admin. Expense(SGA) was $33,844 Mil.
Total Current Liabilities was $61,066 Mil.
Long-Term Debt & Capital Lease Obligation was $140,399 Mil.
Net Income was 4879 + 5005 + 3306 + 4593 = $17,783 Mil.
Non Operating Income was 64 + 713 + -49 + -169 = $559 Mil.
Cash Flow from Operations was 7782 + 10432 + 9911 + 9485 = $37,610 Mil.
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Total Receivables was $25,319 Mil.
Revenue was 32981 + 35130 + 33336 + 32596 = $134,043 Mil.
Gross Profit was 20109 + 19948 + 19899 + 19832 = $79,788 Mil.
Total Current Assets was $37,957 Mil.
Total Assets was $380,158 Mil.
Property, Plant and Equipment(Net PPE) was $132,214 Mil.
Depreciation, Depletion and Amortization(DDA) was $17,751 Mil.
Selling, General, & Admin. Expense(SGA) was $33,382 Mil.
Total Current Liabilities was $53,631 Mil.
Long-Term Debt & Capital Lease Obligation was $155,758 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) |
| = | (25889 / 135292) | / | (25319 / 134043) |
| = | 0.191356 | / | 0.188887 |
| | = | 1.0131 |
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) |
| = | (79788 / 134043) | / | (81011 / 135292) |
| = | 0.595242 | / | 0.598786 |
| | = | 0.9941 |
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 - (37353 + 132098) / 380364) | / | (1 - (37957 + 132214) / 380158) |
| = | 0.554503 | / | 0.552368 |
| | = | 1.0039 |
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 |
| = | 135292 | / | 134043 |
| | = | 1.0093 |
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)) |
| = | (17751 / (17751 + 132214)) | / | (18024 / (18024 + 132098)) |
| = | 0.118368 | / | 0.120062 |
| | = | 0.9859 |
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) |
| = | (33844 / 135292) | / | (33382 / 134043) |
| = | 0.250155 | / | 0.249039 |
| | = | 1.0045 |
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) |
| = | ((140399 + 61066) / 380364) | / | ((155758 + 53631) / 380158) |
| = | 0.529664 | / | 0.550795 |
| | = | 0.9616 |
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 |
| = | (17783 - 559 | - | 37610) | / | 380364 |
| | = | -0.053596 |
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.
Verizon Communications has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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